condotel,officetel,legal framework,monre

The legal framework on granting a certificate for condotel and officetel projects has been clarified


The legal framework on granting a certificate for condotel and officetel projects has been clarified
Implementing Directive No.11/CT-TTg dated April 22, 2019 of the prime minister on solutions to promote the stable and healthy development of the real estate market, on February 14, the Ministry of Natural Resources and Environment issued specific guidelines on the land-use regime for a number of new types of real estate, including condotels, tourist apartments, tourist villas, or offices combined with accommodation.

Regarding the land use regime and land use term, as prescribed in Article 48 of the Law on Tourism 2017, tourist apartments and tourist villas are tourist accommodations, and the services at tourist apartments and tourist villas belonging to the type of tourist service business, and listed in the accommodation and catering service sectors specified in the List of Vietnam's economic system promulgated together with Decision No.27/2018/QD-TTg dated on July 6, 2018 of the prime minister.

According to Circular No.27/2018/TT-BTNMT dated December 14, 2018 of the Minister of Natural Resources and Environment provided regulations on statistics, land inventory, and mapping of land use status, the use of land for the purpose of providing services in commercial properties.

Products such as condotel, officetel, resort, or tourism villas will be issued with a property holding paper for a maximum period of 50 years which can go up to 70 years in extremely difficult areas.

The regime on the use of commercial and service property is prescribed in Article 153 of the Land Law. Accordingly, the land lease term for organisations for commercial use is considered and decided on the basis of each investment project or application for land rent, and shall be under 50 years.

As for projects with large investment capital but slow capital recovery, projects invested in geographical areas with difficult socio-economic conditions or areas with exceptionally difficult socio-economic conditions, the lease term shall be up to 70 years.

 

Upon the expiry of the land use term, if the user wishes to continue using the land, the state shall consider and extend the land use term.

Regarding the issuance of certificates for this type, the Ministry of Natural Resources and Environment stated that the certificate of ownership provided in Article 32 of Decree No.43/2014 and Decree No.01/2017 of the Land Law.

The Ministry of Natural Resources and Environment requests its departments in provinces to review approved investment projects and the implementation of land allocation and land lease for each project to determine land use purposes and land use term, according to the land law.

In case they are eligible for granting a certificate according to the provisions of land law and other relevant laws, the granting of a certificate to ensure the rights and interests of land users and owners. VIR

Minh Hai

Vietnam's condotel market faces challenges

Vietnam's condotel market faces challenges

Though investment in condotels is expected to benefit the economy and the real estate sector, the condotel market is facing major challenges, heard attendees at a forum on the legal corridor for the condotel segment.  

The short ‘honeymoon’ period of VN condotel market

The short ‘honeymoon’ period of VN condotel market

Cocobay's breaking its commitment of 12 percent profit has lowered the confidence of condotel investors.