AIAIG Overseas Real Estate Investment Weekly Report｜2025 Week 47 (Part 1): Latest Real Estate Policies and Overseas Home Buying Information in Southeast Asia, Japan, and Dubai - AIAIG - AIAIG

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2025年11月23日

AIAIG Overseas Real Estate Investment Weekly Report｜2025 Week 47 (Part 1): Latest Real Estate Policies and Overseas Home Buying Information in Southeast Asia, Japan, and Dubai

Covering the period from November 17 to November 23, 2025, the latest real estate policies, regulatory trends, and updates on overseas home buying rules in Southeast Asia, Japan, and Dubai: Key highlights include details and tax interpretations of Vietnam's new draft on real estate price and transaction controls, follow-up actions by Japan's Takashi Cabinet regarding foreigner policies and land regulation, consultations on real estate law revisions in Dubai and DIFC, and ongoing policy signals from countries like Malaysia and Indonesia on foreign investment in property and housing market governance.

This issue is the AIAIG Overseas Real Estate Investment Weekly Report for Week 47 of 2025 (Part 1: Policy Focus), with the statistical period from November 17 to November 23, 2025.

In the past week, there were not many concentrated additions of "hard policies" highly relevant to overseas real estate investment, but several drafts and regulations released in early November have entered a more detailed market interpretation phase:

  • In Vietnam, the "Resolution on Real Estate Price and Transaction Management (Draft)" regarding curbing housing prices, tightening second-home loans, and mandating affordable housing construction continues to develop, combined with the latest 2025 property tax system analysis, reshaping the cost structure for foreign and local homebuyers.
  • In Japan, following the first ministerial meeting on "foreigner policies" by the Takachi Cabinet, various media and think tanks have interpreted land regulation, homestay, and tourism management, with the focus remaining on "regional classification and usage regulation" rather than simple purchase bans.
  • In Dubai and DIFC (Dubai International Financial Center), the public consultation period for the revision of the "Real Estate Law and Its Implementation Rules" is still ongoing in November, with details such as lease registration penalties and caveat cancellation fee adjustments being compiled into operational guidelines by law firms and institutions.

This weekly report will systematically organize the latest policy developments and market interpretations around the above focal points this week, and supplement the ongoing housing governance policies in countries like Malaysia and Indonesia in 2025, discussing their long-term impacts on overseas homebuyers.

After the Ministry of Construction of Vietnam announced the "Government Resolution on Strengthening Market Regulation and Stabilizing Real Estate Prices (Draft)" in early November, several law firms and research institutions released more detailed interpretation reports this week. The draft is set to take effect from the date of signing, with a provisional validity period until March 1, 2027. Its core remains using the three-pronged approach of "transparent price information + credit leverage management + affordable housing construction" to put the brakes on the overheated housing prices in first- and second-tier cities over the past few years.

Compared to the general media reports earlier, this week's professional interpretations focus more on the implementation level:

  • The official real estate transaction center will be integrated with the existing real estate registration system, becoming the "sole entry point" for contract filing, price declaration, and tax calculation, further reducing the room for developers and intermediaries to bypass the filing system through "dual contracts."
  • The maximum loan-to-value ratios for second and third homes (50% and 30% of the contract price, respectively) will not only apply to local residents but also to a significant portion of foreign borrowing and local bank combination schemes, making the "high leverage, multiple properties" model significantly less attractive.
  • The requirements for "affordable commercial housing" construction are explicitly linked to land transfer and planning approval—failure to meet a certain proportion of construction will make it difficult to obtain land or full development rights, and large-scale integrated community projects will be forced to take on more responsibilities for "price-suppressing housing."

This means that the structure of new projects in Vietnam will increasingly tilt towards rigid demand and mid-range housing, while high-end investment projects will either reduce in volume or shift towards clearer rental and operational logic.

Question

What are the key impacts of Vietnam's 2025 property tax system on holding and transactions?

AIAIGAnswer

The 2025 property tax system interpretation report released this week provides a clearer cost framework for investors looking to hold and rent properties in Vietnam:\n\n 1) Holding aspect:\n • A nationwide "property tax based on market value" has not yet been imposed on residential properties themselves, but land use taxes and related fees still need to be paid according to the nature and use of the land plot.\n • Agricultural land use tax continues to be exempt until 2030, reinforcing the tax orientation in "land transfer + urban expansion," making land costs in urban fringes and suburban development more flexible.\n\n 2) Transaction aspect:\n • When individuals transfer property, they need to pay about 2% personal income tax (based on the transfer price), and in some cases, it can be levied on the difference.\n • Developers bear higher tax burdens in areas such as value-added tax and corporate income tax, leading them to prefer passing on costs by increasing product premiums.\n\n 3) Rental aspect:\n • For individual landlords, if rental income exceeds a certain threshold, they will need to pay a simplified comprehensive tax (usually including personal income tax + value-added tax), with a combined tax rate of around 10%, depending on local implementation details.\n\nOverall, Vietnam's tax system design is relatively friendly to "long-term holding + stable renting," while the tax burden and compliance costs for high-frequency speculation and short-term flipping are relatively heavier.

Question

Have the basic rules for foreigners buying property in Vietnam changed this week?

AIAIGAnswer

As of November 23, 2025, the core rules for foreign buyers purchasing property in Vietnam have not undergone substantial changes this week: foreign buyers still cannot obtain land use rights themselves and can only purchase commercial housing in eligible projects; the cap on foreign ownership in a single apartment project is about 30%, and there are also limits on the number of independent houses with renewable 50-year property rights.\n\nThe real changes are more in "regulatory intensity and execution precision": as drafts advance, future contract filing, home purchase eligibility verification, and tax declaration processes will become stricter, with less room for information opacity and non-compliant operations.

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AIAIG Overseas Real Estate Investment Weekly Report｜2025 Week 47 (Part 1): Latest Real Estate Policies and Overseas Home Buying Information in Southeast Asia, Japan, and Dubai

1. Vietnam: Follow-up Interpretation of the Draft on Housing Price and Transaction Controls + Details of the 2025 Property Tax System

II. Japan: How Does the Takachi Cabinet's "Foreigner Policy" Discussion Affect Land and Real Estate?

III. Dubai and DIFC: Real Estate Law Amendment Consultation and 2025 Regulatory Framework Refinement

IV. Malaysia, Indonesia, and Other Countries: Policy Divergence Between Foreign Investment and Local Rigid Demand

V. Global Perspective: EU Housing Affordability Plan and "Anti-Short-Term Rental" Discussion Continues

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AIAIG Overseas Real Estate Investment Weekly Report | 2025 Week 47 (Part 2): Global Housing Price Trends, Rental Yield, and Investment Strategy Analysis