US Real Estate Broker Joined Vietnam Market

ERA Real Estate – a US real estate distributor has just participated in the Vietnam real estate market by joining hands with a company in Vietnam to sell high end projects.

Although ERA Real Estate has just announced to enter the Vietnam market in early July, they have silently opened 5 transaction offices and 1 commercial office in the central district of Ho Chi Minh City. This company now has more than 300 consultants that are trained and certified according to international standards.

This new giant does not hide their ambition that in the next 5 years, they will become the leading real estate distributor in Vietnam with a network of more than 50 transaction offices throughout the central provinces and own 5,000 professionally trained consultants throughout the country.

In order to adapt quickly to emerging market like Vietnam, this US broker joins hands with Eurocapital Group, a private investment group based in Vietnam since 2008, to establish ERA Vietnam. Eurocapital specializes in financial services and investment consulting, including real estate. Particularly in the period of 2015 – 2016, this company manages about 350 million USD transaction value.

Thanks to handshake with partners understanding Vietnam market, the US broker has accessed to the basket of luxury real estate of many large investors in the country. The residential projects, hotels and luxury resorts will be distributed by ERA Vietnam in the coming time are products of Sun Group, CEO Group, MIK, Sacomreal, Kien A and international partners such as Keppel Land, Sunwah Group.

In addition to Vietnam market, this broker also participates in high-end and luxury real estate distribution in Asia Pacific such as Singapore, Japan, Korea, Indonesia, Malaysia, Taiwan and Thailand. In Singapore, ERA is one of the largest brokerage firms with more than 6,000 employees. On average, every 3 real estate transactions in Singapore in 2016, there is 1 transaction made by ERA Real Estate.

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Why Foreigners Find it Difficult to Purchase Properties in Vietnam?

The policy to open up the real estate market allowing foreigners to enter Vietnam and make investment in Vietnam through purchasing property is expected to warm up the real estate market and boost up the economy.

Our real estate lawyers in Vietnam have always followed the changes in regulations to update clients. Officially, from July 1st, 2015 the amendment of Housing Law will come into effect. The new provisions about foreign ownership of houses in Vietnam are the highlights of the Housing Law 2014. In the Housing Law 2014, there is a separate chapter which states clearly about application subjects, requirements, rights and duties of foreigners who are allowed to buy houses in Vietnam. The application subjects have been extended compared to those in the old rules. The new regulations of Housing Law make the real estate market in Vietnam warm up.

When the Housing Law 2014 officially comes into effect, the decree which is expected to give guidance on implementation will be enacted. The regulation regarding buying houses by foreigners will be included in specific documents having detailed instructions. According to the lawmakers, the Housing Law 2014 will have tighter guidelines in matters of real estate purchased by foreigners.

However to date, there are not any legal documents enacted to give instructions about the new provisions and about the Housing Law 2014 in general. According to the Law on Promulgation of legal documents in 2008, the validity of legal documents is stated in the documents, but not fewer than 45 days from the day of enactment. This is a gap in Vietnam Law when the new Housing Law could not implement due to the lack of instructions and that the Resolution No. 19/2008 / QH12 about a pilot regulations on buying houses by foreign organizations and individuals has expired. Therefore, under the new rules, on July 1st, 2015 foreigners would not be able to buy houses in Vietnam yet. This delay creates a legal gap and brings about difficulties and confusion.

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