The condotel market is predicted to gradually recover in 2025, and many investors are currently scrambling to find affordable properties in anticipation of a new boom.
What initially seemed like a "battle" in the resort real estate segment between condotels and shophouses has been turned upside down by the emergence of "all-in-one" mega-cities.
Decree No. 10/ND-CP amending and supplementing a number of articles of the decrees guiding the implementation of the Land Law takes effect from today, May 20th.
Given the recent developments in the condotel market, many investors have recently been continuously offering discounted prices and cutting losses to attract buyers.
The Ministry of Construction has proposed adding regulations on transactions and business activities for types of real estate such as tourist apartment buildings (Condotel), office buildings combined with accommodation (Officetel), tourist villas, etc.
This information was provided by the Ho Chi Minh City Real Estate Association (HoREA) in a document offering suggestions for amending and supplementing several decrees and regulations in the Land Law.
The resurgence of COVID-19 has put many resort real estate investors in a precarious situation due to the lack of guests.
Following the "shock" of Cocobay Da Nang…, some real estate project developers have introduced policies allowing customers to independently manage and rent out their apartments.
According to the Ministry of Construction, in the second quarter of 2020, more than 6.000 new condotels were licensed and nearly 20.000 condotels were under construction.
Following a period of supply boom, the resort apartment (condotel) market is currently in a slump due to extremely low absorption rates and large inventories.
How to generate high levels of passive income while preserving investment capital is a question many people are asking after witnessing the devastating effects of COVID-19 on many lives.
With an investment of 550 million VND over 3 years, investors can own a premium condotel in the heart of Grand World Phu Quoc, the "city that never sleeps," with high profit potential.
The People's Committee of Ba Ria - Vung Tau province has directed relevant departments to provide guidance on the issuance of land use right certificates for tourist apartments and villas.
Following the official issuance of guidelines by the Ministry of Natural Resources and Environment for granting "birth certificates" to condotels, the market immediately heated up again.
This was the statement made by Ms. Pham Thi Thinh, Deputy Director of the Land Registration Department (Ministry of Natural Resources and Environment), regarding residential land that does not form a residential unit.
Many experts believe that issuing land ownership certificates ("red books") for condotels could encourage opportunistic investors, posing a risk of market collapse.
Many customers who bought homes at the Cocobay Da Nang project said that, despite having paid up to 95% of the apartment's value, the developer arbitrarily canceled the sales contract.
The Ministry of Natural Resources and Environment's guidance document on land use regulations and certification of ownership rights for non-residential construction projects, including condotels, is attracting considerable attention from experts.
According to a representative from the Ministry of Natural Resources and Environment, land ownership certificates will be issued for condotels when the buyer has all the necessary documents and meets the conditions for this type of property.
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The Ho Chi Minh City Real Estate Association (HoREA) has recently submitted a document proposing improvements to the legal framework for tourist townhouses.
On February 14, 2020, the Ministry of Natural Resources and Environment issued a document guiding the "issuance of birth certificates" for condotel properties, with certificate terms ranging from 50 to 70 years.
The increasing presence of foreign brands in this sector... indicates significant investment potential in the condotel segment in Vietnam.
Following the collapse of the Cocobay Da Nang project, the condotel market has left many investors bewildered, prompting experts to analyze the bottlenecks within this market.
According to Mr. Ha Quang Hung, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction), the Ministry will require localities to be transparent about information regarding condotel projects.
Responding to a question from a member of the People's Council, General Vu Xuan Vien highlighted the reality of middle-aged women using drugs in nightclubs, and the difficulties in managing foreigners at condotels.
The issue of condotel licensing and the demolition of the illegally constructed Muong Thanh building heated up the Da Nang City People's Council's discussion session on the morning of December 11th.
It's never too late to start saving and investing; keeping savings at home is not only unsafe but also loses value due to inflation.
Experts say that if a business selling condotel products has to hire an operating unit and promises a return of over 10%, it's problematic.
According to experts, converting condotels into apartments would violate the original planning and negatively impact the community.
According to HoREA, the real estate market has recently experienced a "boom" in investment and business in condotel projects, with many negative consequences, so it needs to be rectified for sustainable development.
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