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Property maintenance in Vietnam
In Vietnam, property maintenance costs cover the land tax and utility bills. The owners of investment properties also pay a management company fee and a rental income tax.
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Taxes in Vietnam
Taxes in Vietnam are lower in comparison with those of the US and Western Europe. In this Asian country, property buyers pay VAT and a registration fee, owners pay the land and rental income taxes and sellers pay a sale tax.
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Mortgages in Vietnam
As of December 2016, mortgage loans cannot be issued to foreign residents in Vietnam. The country’s authorities allowed foreign buyers to purchase homes and apartments in Vietnam on 1st July, 2015, and the local lending market is not yet developed.
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Property prices in Vietnam
After several years of decline due to the 2008−2009 crisis and the high inflation rates of 2010−2012, the market of property in Vietnam is becoming attractive for real estate investors. Internal demand for residential property is being reinforced by rapid urbanization, whilst demand from foreigners is being fostered by the liberalisation of property buying.
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Buying and registering property in Vietnam
Prior to 1st July, 2015, foreign nationals were only able to buy one leasehold apartment for their own use for 50 years and with no extension options. The rental of residential property in Vietnam, conveyance by inheritance and donation were prohibited. In addition, at least a year of working experience in Vietnam was required.
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