Thang said there is foreign interest in Vietnam’s housing market, but it often fades due to the complicated rules and excessive paperwork.

“Expats do not have a clear understanding of the legal procedures here, while some administrative agencies are not used to dealing with foreign buyers,” he said.

Official estimates vary greatly. The Ministry of Construction was widely quoted by local media last August as saying that 750 foreigners had bought houses in Vietnam since a new housing law came into effect two years before. That’s six times more than before, the ministry said in a statement, claiming that the new procedures were “really clear and open.”

The 2015 Housing Law allows foreign investment funds, foreigners with valid visas and international firms operating in Vietnam and overseas to buy unlimited residential properties with leaseholds of 50 years.

Before that they had been only eligible to buy one apartment providing they were either married to a Vietnamese national, held a managerial position or had contributed to the country.

However, earlier this week, Ho Chi Minh City’s Department of Construction said only 15 foreigners had bought houses in Vietnam since the new law came into effect.

While the data remains strikingly conflicting, industry insiders have taken the ministry’s statement with a grain of salt.

Sitting in his office overlooking Hanoi’s skyscraper-dotted West Lake, Thang’s own estimate stands in the hundreds, and that’s counting since 2009 when Vietnam first opened its real estate market to foreigners. With 80,000 expats and more than four million overseas Vietnamese, that’s virtually an untapped gold mine.

“The expat community living and working in Vietnam is large, while the number of overseas Vietnamese is huge,” he said. “Many of them have money and want to own houses in the country, but only a small number are able to do it.”

The shortage of publicized projects that foreigners are eligible to buy is one of the biggest obstacles, according to industry insiders.

According to the Housing Law, developers can sell a maximum of 30 percent of units in an apartment building to foreigners and a maximum of 250 houses in a ward. Areas considered sensitive to national defense and security are off-limits to foreign buyers.

Given the restrictions, authorities are required to publicize housing projects eligible for sale to foreigners, but in practice, they don’t.

Another barrier facing foreigners and overseas Vietnamese is the lack of property title insurance, a standard document issued in many countries, said economist Nguyen Tri Hieu, who is an overseas Vietnamese.

Because of this, Hieu, who returned home eight years ago after living in the U.S. for 30 years, has been unable to buy a house.

“Unlike Vietnamese people who buy houses with their savings, expats often need bank loans,” he said. “However, foreign banks will only offer a mortgage if their customers can provide property title insurance, which is unavailable in Vietnam, so they are unable to access credit.”

Hieu said many overseas Vietnamese want to buy houses in their home country. “Many old people buy houses so they can spend the rest of their lives in their homeland, while young people want to invest in the lucrative property sector.”