Hanoi – 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.
Owners of condotel apartments who fully satisfy the conditions
under the land law, construction law and the law on real estate business shall
be granted a certificate of ownership of land-attached construction facilities
according to the commercial or service land area purpose.
On April 3, 2023, the Government issued Decree No. 10/2023/ND-CP
on amending and supplementing several decrees guiding the implementation of the
Land Law from May 20.
The land use term shall comply with provisions of Clause 3 Article
126 and Clause 1 Article 128 of the Land Law. Owners of construction facilities
shall take responsibility before the law for fully satisfying conditions
prescribed by the construction law and the law on real estate business.
The ownership term of the condotel depends on the purpose of land
use following current regulations but not exceeding 50 years of the ownership
term for land allocated or leased by the State for commercial or service
Buyers may only own land and apartments during the remaining land
use period, not for long-term use as residential land.
The Ministry of Natural Resources and Environment has urged
localities to grant ownership certificates to the buyers of condotels,
officetels and resort villas, according to the Official Dispatch No
3382/BTNMT-DD that the ministry has recently sent to the people’s committees of
The ministry has also asked the localities to create conditions on
information technology infrastructure to carry out online administrative
procedures for granting this certificate.
According to experts, Decree No. 10/2023/ND-CP will remove legal
bottlenecks for investors and buyers of condotels, officetels and resort
Pham Duc Toan, General Director of EZ Real Estate Investment and
Development Joint Stock Company (EZ Property), said that the market had
expected the new decree for a long time. When it comes into effect, it will
open a way of continuing development for many unfinished projects.
The Government’s new decree has created a legal corridor for
buyers, making them feel safe in property ownership and value. It will create a
new investment wave in the tourist real estate market.
For condotels, officetels and resort villas, transactions in the
secondary market are also simplified further. Buyers and sellers only need
notary offices to complete the transaction procedures. Before the
decree, besides working at the notary offices, the buyer also completed
procedures with the investor and paid a fee to the investor, Toan said.
Owners will also be protected under the Real Estate Business and
Housing Law for operation management.
Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate
Association, said that many investors expect Decree No.10/ND-CP and it creates
a breakthrough in the synchronisation of the legal system.
With this new policy, the unfinished projects in major tourist and
resort centres, such as Da Nang, Nha Trang and Phu Quoc, will benefit from
removing legal obstacles, Dinh said.
Experts said that if legal problems in the condotel, officetels
and resort villa market are resolved, it can restore nearly 239 frozen
projects nationwide, with a total value of about 682 trillion VND (30 billion
According to the experts, it is necessary to study and issue
regulations to ensure secondary investors’ rights and interests when they
invest in resort real estate projects. It makes the investors feel safe when
they invest a lot of capital in resort real estate.
For many years, resort real estate development has been seen as a
way to develop tourism infrastructure to achieve the goals of the Vietnam
Tourism Development Strategy.
According to this strategy, Vietnam targets to become an
attractive tourist destination by 2030 and in the world’s top 30 countries
in terms of tourism competitiveness.
The General Statistics Office reported that Vietnam’s tourism
industry recorded a strong recovery with a year-on-year increase of 19 times in
foreign tourists to 3.7 million in the first four months of 2023.
The number of domestic tourists during the period was estimated at
Total revenue from tourists was estimated at 196.6 trillion VND (8.3
The strong growth of the tourism industry in the first four months
will revive the resort real estate market after two years of losses due to the
COVID-19 pandemic and return on rental income will bring confidence to