Update news condotel
The Ministry of Construction has proposed not setting a time limit for condo ownership in the draft of the amended Housing Law, citing concerns over huge impact on society.
Construction works used for tourism accommodations built on commercial and service land, such as condotels and resort villas, will be granted ownership certificates if they meet requirements.
The massive development of resort real estate has led to an oversupply in the market.
Condotels, which were once seen as lucrative investments, are now causing headaches for Vietnamese investors.
Vietnam should complete a sturdy legal framework in order to allow non-nationals to buy tourist property in the country, according to international experts.
According to the Ministry of Construction (MOC), the purchase and sale of condotels must observe the laws on real estate because condotels are considered a kind of construction work.
The Ministry of Construction (MOC) reported a 46.7 percent decrease in the number of tourism and resort real estate projects in Q3 in comparison with Q2 this year.
The Hanoi People’s Committee has assigned the Department of Natural Resources and the Environment to set up a taskforce to inspect farmstay projects and deal with land law violations.
As many localities have granted licenses to a series of condotel projects that may pose high risks of disputes and lawsuits, the Government Inspectorate has proposed the prime minister stop licensing these new projects.
Local authorities have been asked to carefully consider the granting of new licenses to projects with condotels, following many problems that have been discovered.
Hanoi local authorities are seeking to strengthen management over the construction, investment and trade of condotels, officetels and resort villas.
With warnings from the Ministry of National Defence and Ministry of Public Security, the HCM City Real Estate Association (HOREA) believes that it is not the right time to allow foreigners to owns condotels and tourist villas.
After several years of witnessing the strong rise of condotels, Vietnam’s real estate market is now seeing a new trend in farmstays.
The Ministry of Public Security (MPS) does not want condotels converted into houses and does not want to grant ‘red books’ (land-use right certificates) to all apartments.
The Ministry of Public Security has proposed not granting ownership certificates to allow condotels, tourist villas and officetels to be turned into residential projects.
The Ministry of Construction (MOC) has asked to amend the 2014 Housing Law and Real Estate Business Law, allowing foreign institutions and individuals to buy tourism properties in Vietnam.
With the number of foreign travelers decreasing sharply and legal problems remaining unsettled, the condotel market is the 'darkest' part of the real estate market.
The Danang People's Court has brought complaints and denunciations of Empire Group and its Cocobay Danang to the attention of Danang Public Security Department.
Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.