Vietnamplus

Buyers of condotels, officetels and resort villas can have ownership certificates from May 20 under a new decree guiding the implementation of the Land Law.

This 1,000ha project features hundreds of entertainment and shopping facilities, as well as healthcare, sports, and meeting services, suitable for both short and long holidays, M.I.C.E tourism, and wellness tourism.

The Ministry of Public Security has proposed not granting ownership certificates to allow condotels, tourist villas and officetels to be turned into residential projects.

Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.

Experts believe the State's issuance of ownership certificates for non-residential real estate projects will solve existing difficulties in Vietnam’s real estate market.

Vietnam's real estate market will not be short of capital next year but will still face many challenges from policies and administrative procedures, experts said at the annual Vietnam Real Estate Forum.

Investment in condotels remains appealing despite defaults in profit commitments by property developers, but a clear legal framework is needed to protect investors’ rights, according to experts.

More than 1,500 people and 100 vehicles took part in a fire-fighting drill held on October 16 in the central city of Da Nang by the Ministry of Public Security, the Ministry of Defence and the municipal People’s Committee.

The capital city of Hanoi is working to build a greater number of accommodation establishments and call for more luxury projects to meet the increasing demands of tourists.

Due to the unclear regulations on condotels, the market in Da Nang slowed down in the first quarter, according to Colliers International Vietnam’s Quarterly Knowledge Report.

The hospitality market in Vietnam, which has been an attractive sector for investors over the past few years thanks to its consistent growth, is expected to continue to expand this year, partly due to global trends, according to Savills Hotels Asia Pacific.

The resort property sector, especially condotels (condominiums in hotels), have stalled in both supply and transactions, according to the Vietnam Association of Realtors (VARS).

The condotel (condo hotel) market is forecast to remain attractive to investors in 2018.

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.

The impressive growth of Vietnam’s tourism sector has given a boost to tourism and resort property market, according to experts.

The central coastal city of Da Nang has emerged as an attractive tourist destination for both domestic and foreign visitors in recent years, stimulating rapid growth of accommodation in the city.

Experts said the legality of coastal condotels should be clarified since the product had recently emerged an investment trend in Vietnam’s realty market.

The condotel market in the central city of Da Nang had the strongest growth in Quarter 3, according to property service group CBRE Vietnam.