Hoi An
Hoi An is a small city of around 90,000 inhabitants on the coast of the South China Sea close to the centre of Vietnam in Quang Nam province. Its maritime history stretches back to when it served as the main harbour town for the Champa people who once inhabited the area.
It developed to become a key trading centre for the Vietnamese in the 16th and 17th Centuries. Even then, it proved a draw for expatriates with natives of China, Japan India and Holland all opting to settle there.
Today, it has developed into a popular stop off point for tourists and backpackers hitting the well-worn Southeast Asian trail. Hoi An’s old town, which is a unique blend of native and foreign designs, was declared a UNESCO World Heritage site in 1999.
Living in Hoi An
Today, Hoi An is still a small city, but it attracts a fair number of tourists and is well established place on the backpacker trail. Many visit for the numerous art and craft shops and well-known tailors. The city’s river front area is becoming a focal point for both residents and visitors and Several Internet caf?s, bars and restaurants have opened over recent years. Across the city the facilities and infrastructure are improving rapidly in order to keep pace with its ever-increasing tourist numbers, something overseas residents can equally enjoy. Prices, particularly in the more tourist-oriented areas are higher than elsewhere in the region but still relatively affordable. The city’s ex-pat community is small. However, Hoi An is increasingly drawing the attention of overseas investors looking for somewhere a bit different, so this may not be the case for much longer.
Buying Property in Hoi An
Tourism figures in Hoi An, much like the rest of Vietnam, have been spiralling upwards over recent years. In the first two months of the year, Hoi An received 90,000 tourists which was an increase of a massive 40 per cent on the same period last year. The profile of those coming to visit is also changing, with some 80 per cent of this year’s travellers being non-Vietnamese.
More on buying property in Hoi An.
Condos in Hoi An
At present foreigners are not permitted to own condominiums in Vietnam, but from 1 January 2009 this restriction will be halted and both overseas Vietnamese and foreigners will be allowed to buy into condominium developments once they meet certain conditions. The law states that foreign organisations and individuals are allowed to buy and own an apartment in a commercial housing development project and that foreign individuals can own an apartment for 50 years and extend ownership once for another 70 years. More on buying condos in Hoi An.
Houses and land in Hoi An
Vietnamese laws now do not permit foreign individuals and organisations to buy houses in Vietnam. Under the Vietnamese Business Law and Housing Law, foreign entities can only rent land, build houses to sell or lease the houses. However, Prime Minister Nguyen Tan Dung has just instructed the Ministry of Construction to prepare the necessary documents on an experimental project, which would permit foreigners to buy houses and possess land in Vietnam, and to submit them to the National Assembly’s Standing Committee for opinions. If the project is approved, foreigners will be permitted to buy and possess a house in Vietnam for a maximum possession time of 70 years, according to the Ministry of Constructions project.
More on buying houses and land in Hoi An.
Renovating in Hoi An property
There is massive interest in Hoi An at present, largely due to the exponential growth in tourists visiting the fascinating city. However, much of the development currently under way is targeting tourists specifically rather than long-term residential ex-pats.
he reason for that is legal restrictions on house, land and even, at the time of writing, condominiums.
The legal framework covering overseas property investment is however, under consideration by the Vietnam government and if they relax the laws, which many are expecting them too, then Hoi An should be one of the first locations investors look to.
Top tips for Hoi An property
Hoi An Property buyers guide
Guide to buying condos in Hoi An
Guide to buying houses and land in Hoi An
