The second home market has received a boost from laws allowing the foreign ownership of property in Vietnam. When two long-awaited pieces of legislation – the Law on Housing and the Law on Real Estate Business – came into effect on July 1 industry insiders anticipated their impact would be significant as they mark an important step towards opening up Vietnam’s real estate market to overseas investment. Three months have now passed and the two new laws have indeed made a big mark on real estate in general and the second home market in particular, according to Mr. Nguyen Duc Quynh, Executive Assistant Manager at Furama Resort Danang, the name behind Furama Villas. “We have received a lot of attention from both overseas Vietnamese and foreigners since the day the new laws came into effect,” he told VET. Foreign interest Since July 1 Furama has sold 15 of its villas, bringing its yearly total to 23. Mr. Quynh feels quite surprised at the way people have reacted to the change. “It has opened up the market to all real estate investors and potential homeowners in Vietnam,” he said. At Flamingo Dai Lai Resort in the northern province of Vinh Phuc,…
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