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A red book is in the works for Vietnamese condotels

Finance Markets / Latest Activity

Vietnam

May 02 2017

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Al Gerard de la Cruz

The Ministry of Construction has responded to the Vietnam Real Estate Association’s request for guidelines on condotels, which make an increasingly popular asset class in the country.

One of the ministry’s recommendations to the group is the issuance of a red book for properties classified as condotels. The red book holds the certificate of right to land use and ownership of land-attached assets in Vietnam.

The ministry has charged the Ministry of Natural Resources and Environment to lead the research into the proposal. Deputy Prime Minister Trinh Dinh Dung also received the construction ministry’s report on the request.

Under the proposal, the Ministry of Construction will coordinate with pertinent agencies to submit detailed regulations on the transfer of contracts between condotels. The ministry proposed amending Article 59 of the Law on Real Estate Business to facilitate such transfer.

In conjunction with the Ministry of Finance, the construction minister also proposed the collection of land-use fees, applicable to mixed developments, from condotels.

The minister also wrote recommendations on the real estate group’s requested clarifications on such aspects as the duration of ownership and foreign ownership.

The condotel, a type of property with a serviced residential component, has been going from strength to strength in Vietnam. More than 12,000 condotel units went on the Vietnamese market last year, data from the G5 Property Trading Floor Alliance showed.

SOURCE: Property Report

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