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Official Gazette

Thursday, August 17, 2017

Property rules for condotels needed

Updated: 08:32’ - 05/07/2017
The Ministry of Construction (MoC) has proposed the Government to assign the Ministry of Natural Resources and Environment to study amendments to the land law, especially regulations on classification and mechanism for use of mixed land areas (that are used for both residential and trading or service purposes) and grant of certificates of land use rights and ownership of houses and other land-attached assets for condotels.

Condotels have strongly been developed in a number of coastal localities__Photo: Internet

President of the G5 Property Trading Floor Alliance Nguyen Quoc Khanh said that in 2016 alone, 12,000 condotels, condominiums operated as hotels, were put up for sale in Da Nang city, central coastal Nha Trang city and Phu Quoc island in southern Kien Giang province.

Although condotels have strongly been developed in a number of coastal localities, there have neither validity nor technical standards for construction of condotels.

At present, the construction of coastal condotels is subject to the national technical regulations on houses and public works provided in the MoC’s Circular 5 dated October 30, 2015.

In the meantime, almost all buyers of condotels have not been granted land use rights and house ownership certificates because of unclear mechanisms.

Regarding the rights of buyers of condotels, the Vietnam National Real Estate Association (VNREA) has proposed the MoC to revise laws and relevant legal documents on condotels.

Accordingly, organizations or individuals buying coastal condotels not through transfer of part or whole of real estate projects may be granted land use rights and condotel ownership certificates.

The VNREA also proposed adding the type of residential land without the construction of private houses to Clause 2, Article 10 of the Land Law on non-agricultural land and Article 55 of the Land Law on land allocation with land use levy collection for convalescence realty projects planned on residential land areas without the construction of private houses.- (VLLF)
 

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