Condotels’ legality to be clarified amid rising demand
The legality of condotels needs to be clarified to better manage this new type of property gaining popularity in Vietnam, a representative from the Ministry of Construction has said.
Condotels are a rising investment trend in the Vietnam property market. (Photo: vneconomy)
Hanoi (VNA) - The legality of condotels needs to beclarified to better manage this new type of property gaining popularity in Vietnam,a representative from the Ministry of Construction has said.
Pham Van Thuong, from the Housing and Real Estate MarketManagement Department, said at a conference held late last week by theVneconomy online newspaper that relevant ministries were developing regulationsabout condotel standards, ownership and financial management.
Experts said clarifying the legality of condotels was urgentlyneeded as this type of property is developing rapidly, but the absence ofregulations carries risks for ownership and profit sharing.
Condotels are operated as hotels with units being individuallyowned. Unit owners can rent out their apartments like any other hotel room.
According to Le Hoang Chau, President of the HCM CityReal Estate Association, regulations are needed to ensure transparency inprofit sharing in the long term and the rights of buyers, adding that profitsharing now relies mainly on developers’ guarantees, with yet a solid frameworkfor buyers’ benefits protection.
Nguyen Ngoc Thanh, Deputy President of the Vietnam Real EstateAssociation, said that condotels have great development potential in Vietnam astourism is one of the country’s spearhead industries.
Thanh said that it’s too early to worry about an excess ofcondotel supply over demand because the demand was still very high. “Whatshould be worried is the legality of condotels,” Thanh said.
Huong Tran Kieu Dung, deputychairwoman of developer FLC Group, said that condotel supply remained below themarket demand, given the increasing number of tourists. “Investing in condotelsis a trend for smart investors,” Dung said.
Dung proposed the legal framework for condotels be clarifiedsoon, adding that this would stimulate developers to invest more in this typeof property.-VNA
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Condotels are a rising investment trend in the Vietnam property market.
