Review: Many restrictions for foreign property buyers across Asia Pacific

While Japan, South Korea and New Zealand have zero restrictions against foreign ownership of residential property, other countries across Asia Pacific have a full spectrum of restrictions for both resident and non-resident foreigners.

Here is a regional snapshot.

Thailand

• Foreign buyers can buy freehold for up to 49% of a single development, if exceeded, the tenure will be leasehold.
• Foreigners can buy land as a leasehold, whereas the improvements (residence) can be freehold.

Cambodia

• Foreigners are allowed to own apartments and condominium units above the ground floor.
• Land can be held by foreigners on long (renewable) leases.

India

• A foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was a resident in India.

Vietnam

• Non-resident purchasers who do not meet other criteria set out in Decree 51 are unable to purchase apartments or condominiums.
• Foreigners are not allowed to own land (red book).

• Foreigners can buy property without restriction but must pay a 15% additional buyer’s stamp duty.

Malaysia

• No restrictions but subject to a general pricing threshold of RM500,000 and above per unit.

Singapore

• Foreigners can buy private condominiums freely although they are subject to 15% additional buyer’s stamp duty.
• Sentosa Cove is the only place in Singapore where non-PR foreigners may buy a landed home.

Indonesia

• A foreign national who is not resident or considered to benefit national development is unable to buy residential property in Indonesia.

China

• Non-resident foreigners are not permitted to buy property in mainland China.

Australia

• Foreigners can purchase dwellings that add to the housing stock. This includes ‘new dwellings’: off-the-plan properties under construction or yet to be built, or vacant land for development. Foreigners cannot buy established dwellings as investment properties or as homes.

Japan, South Korea and New Zealand

• No restrictions.

 

Source: BTINVEST