At a glance
- In Ho Chi Minh City, 158 projects are open to foreign owners with a combined quota of 15,841 apartments. Of these, 3,297 (21%) have sale contracts.
- Only 316 apartments have received a pink book (sổ hồng, the ownership certificate). That is 9.6% of contracted units, so the gap between contract and title is large.
- Foreigners may own up to 30% of the units in one apartment building, and up to 250 landed houses in an area the size of one ward (phường).
- Before buying, check whether the project is on the approved list, how much foreign quota remains, and whether the developer has a record of issuing pink books to foreigners.
The key question: how much have foreigners really bought?
The Ho Chi Minh City Department of Construction has published figures covering June 2025 to October 2026. They list 158 housing projects where foreign ownership is allowed. Across these projects, the total number of apartments that can be sold to foreigners is 15,841. Sale contracts have been signed for 3,297 of them, or 21% of the quota.
For a foreign buyer or expatriate, a second number matters more. Only 316 apartments have received a pink book (sổ hồng), the certificate of land-use rights and ownership of assets attached to land. That is 9.6% of the units sold. Roughly one in ten contracted units has reached the stage of a formal ownership certificate.
The numbers at a glance
| Item | Figure |
|---|---|
| Projects open to foreign ownership (HCMC) | 158 |
| Apartments allowed for sale to foreigners | 15,841 |
| Sale contracts signed | 3,297 (21% of quota) |
| Pink books issued | 316 (9.6% of units sold, across 21 projects) |
| Nationwide cumulative, end of September (Ministry of Construction) | 416 foreign organisations and 5,772 foreign individuals owning 6,188 homes |
The nationwide figures and the HCMC figures cover different periods and use different bases. It is safer not to add them together or compare them as ratios.
Where the sales are concentrated
Top three projects by units sold to foreigners
- Midtown (Phú Mỹ Hưng): 468 units
- Empire City (Thủ Thiêm): 218 units
- Celadon City (Tân Thắng): 187 units
Projects that have sold 100% of their foreign quota
City Garden, CapitaLand’s Vista, Empire City and the Maeda–Thiên Đức Z1 apartments have sold their entire foreign allocation. In such projects, a new foreign buyer may only be able to buy from an existing owner on the resale market. The source does not say whether or how such resales work, so this is [needs verification].
Where pink books have been issued
The 316 pink books are spread across 21 projects. City Garden accounts for 159, nearly half. Next are the Lô 3-15 apartment block in Thủ Thiêm (42), the high-rise cluster in Thảo Điền ward (27) and the Tân Thắng project (9). Seventeen projects by Phú Mỹ Hưng Development Company together account for 79.
The titles appear to be concentrated in older projects that have been occupied for some time. The source does not explain why pink books are delayed elsewhere [needs verification].
Ownership rules in brief
- Apartments: foreign organisations and individuals may own at most 30% of the units in a single apartment building.
- Landed houses: in an area with a population equivalent to one ward, foreigners may own no more than 250 houses.
The city says it keeps expanding the list of eligible projects to meet housing demand from international experts and engineers as it pushes ahead with its financial centre plans. The list may therefore keep growing.
What this means for foreign buyers
The legal route is open and the number of eligible projects is rising. On the city’s figures, 79% of the quota is still unsold. However, some popular projects have already sold out their foreign allocation, and few contracts have reached the pink book stage. The main takeaway is that conditions differ widely from one project to another.
For Korean nationals: the same rules apply as for other foreigners. No separate Korea-specific rules are mentioned in the sources.
What to check before buying
- Is the project on the approved list? Confirm that it appears on the Department of Construction’s list of projects open to foreign ownership.
- How much foreign quota is left? Check how much of the 30% building cap has already been used.
- Pink book record and timeline. See whether foreigners in the developer’s earlier projects have actually received pink books. Check what the contract says about the issue date and about remedies if it is delayed.
- Professional review. Have a local lawyer or other qualified adviser review the contract and ownership terms. This article is not legal advice.
Market backdrop: more supply, cautious demand
Other reports from the same week add some context on supply.
- Hanoi: Knight Frank forecasts about 35,000 new apartments launched in 2027. One Mount Group takes a more cautious view at about 28,000, in line with the 2021–2025 average. According to One Mount, postponed launches made up more than 40% of planned supply in the third quarter of this year. Developers appear to be testing demand before they formally launch.
- Thủ Thiêm, HCMC: the city has approved a starting price of about VND 18,253 billion for an auction of 3,790 apartments on five plots. They are in the former Bình Khánh resettlement area and were completed in 2015, but they stayed largely empty for years. The starting price rose sharply after the use was changed from resettlement housing to commercial housing. The previous four auctions all failed. The winning bidder would receive land for 50 years. The source does not say whether these units would be open to foreign buyers [needs verification].
As supply grows, SSI Research expects developers to compete harder and to step up sales support and promotions. Buyers may gain some room to negotiate. The sources alone do not show whether that means lower prices.
Bottom line
About 21% of Ho Chi Minh City’s foreign quota has been contracted, and only 316 units have pink books. The practical question is not whether foreigners can buy. It is which project, whether foreign quota remains, and whether a pink book will actually follow. Get all three confirmed in writing before you sign.
Frequently asked questions
What share of an apartment building can foreigners own?
Under current rules, up to 30% of the units in one apartment building. For landed houses, the limit is 250 houses in an area the size of one ward.
Have all foreign-contracted apartments in Ho Chi Minh City received pink books?
No. According to the city’s Department of Construction, 316 of 3,297 contracted apartments (9.6%) have been issued a pink book.
Are there projects that have sold out their foreign quota?
Yes. City Garden, CapitaLand’s Vista, Empire City and the Maeda–Thiên Đức Z1 apartments have sold 100% of their foreign allocation.
Sources
- Gần 3.300 căn hộ tại TP HCM đã bán cho người nước ngoài
- 35.000 căn chung cư có thể được mở bán tại Hà Nội năm sau
- Gần 3.800 căn hộ bỏ trống ở Thủ Thiêm có giá khởi điểm gần 18.300 tỷ đồng
This article summarises publicly available reports and is not legal, tax or investment advice. Check with the relevant authorities or a qualified adviser before making important decisions.