Want to buy a lemon? Foreigners can own homes in VietNam starting July

VietNam will allow foreigners to buy houses for the first time with only one requirement, they must enter VietNam legally. (Is there any other way?)

They will be able to own the property for a maximum of 50 years and have identical rights to lease, transfer or sell the property as Vietnamese citizens. The new law will extend the rules that currently apply to apartments, according to the amended Housing Law which will take effect on 2015 July 1.

The law passed with 77.46% approval in the National Assembly last Tuesday. 372 deputies voted for foreign home ownership, while 28 other voted against it and 4 others abstained from voting.

Foreign entities who have invested in housing projects in VietNam, foreign-invested enterprises; branch and representative offices of foreign companies in VietNam, foreign investment funds; and foreign bank branches will all be entitled to purchase real estate under the law.

According to the amended law, foreign individuals and entities will only be allowed to buy, receive, or inherit apartments and houses in commercial projects and not in areas that limit or ban foreigners.

They are able to buy a maximum of 30% of apartments in a block and 250 houses in a given ward.

Individual foreigners may extend their home ownership after 50 years, according to their need. The government provide further details about the extension process in the future.

They may lease properties for any “purposes that is not banned by law” but must also inform the provincial house management agency before leasing the property and will also be subject to the nation's property taxes.

So, if you want to buy a property that has minimal fuel efficiency, poor wiring and plumbing that gurgles when you flush the toilet, insufficient power outlets and gets as hot as hell with no windows on three sides - you are in the right place.