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Tuesday, October 4, 2022

Ownership certification proposed for condotels, officetels

The Saigon Times

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HCMC – The Ministry of Natural Resources and Environment has proposed granting ownership certificates for condotels, officetels and other lodging properties built on commercial land.

The proposal was included in a draft Government decree amending and supplementing some decrees guiding the execution of the Land Law which is being consulted with ministries, agencies and enterprises, the local media reported.

At a meeting held to give feedback on the draft decree on April 20, Hoang Thi Van Anh, head of the Legal Department under the General Department of Land Administration, said regulations on the issuance of ownership certificates for condotels and officetels had been added.

Owners of hotels, condotels, officetels and other properties meant for lodging and tourism will be granted with the ownership certificates in line with the Laws on Construction and Real Estate Business.

Localities will verify the legality of projects before issuing certificates. With the certificates, owners can transfer these properties, as similarly done with other housing properties.

According to the Ministry of Natural Resources and Environment, the proposal to issue the ownership certificates for condotels and officetels will help remove bottlenecks faced by localities and enterprises and ensure that investors will benefit.

Lawyer Nguyen Duc Manh from Bizlink Law Firm said clear criteria for condotels and officetels should be worked out.

According to the general director of Viet An Hoa Real Estate Investment JSC, Tran Khanh Quang, the issuance of such ownership certificates would help redefine the coastal tourism property market, open up more opportunities for investors in small and medium hospitality real estate projects, and bolster prices of condotels and officetels.

The shortage of specific regulations has discouraged many provinces from granting ownership certificates for condotels and officetels over the past years.

Some provinces have not issued ownership certificates for tourism properties, while some others have issued certificates but not in line with the law.

If the regulations on the issuance of ownership certificates for condotels and officetels come out, legal obstacles faced by hundreds of tourism real estate projects in Quang Ninh, Danang, Nha Trang and Phu Quoc could be removed.

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