Responding to question of delegate Ly Tiet Hanh from Binh Dinh province, Mr Ha said MoC was in charge of amending standards and regulations in relation to condotels and officetels; and also issueing regulations for management and operation of these housing products.
This process would be completed this year, said the minister. He added the Ministry of Natural Resources and Environment would provide guidance on land use for condotel or condotel constructions incorporating housing.
A condotel project in coastal city Nha Trang.
Officetels and condotels have been built in Vietnam since 2005. Lots of local developers have invested in these new types of real estate products, eventhought there is no specific legal framework for them.
The Prime Minister Nguyen Xuan Phuc recently issued Directive 11 on solutions to promote a stable and healthy local real estate market, of which a legal system for condotels, officetels and resort villas is needed by the third quarter of this year.
As of now, specific regulations on condotels and officetels are not available in the current Laws on Land, Real Estate, Housing and Investment.
Since 2014, a lot of condotel products have been developed, mainly concentrated in coastal areas across Vietnam. Between 2019-2020, an average of 20,000 condotel apartments are expected to be sold each year.
Condotels or resort villas are classified as tourist accommodation that is managed according to tourism regulations controlled by the Ministry of Culture, Sports and Tourism, said Nguyen Trong Ninh, Head of the Department for Housing and Market Management, under MoC.
Thus, individuals and organizations selling and buying condotels and villas must have business licences from the Vietnam National Administration of Tourism.
