Real estate in Vietnam has passed the most difficult period and stabilized. But to satisfy the house demand of 90 million people, it’s need to have many changes in laws. ANT Lawyers will update the proposal of an expert in issue of definite ownership apartment.
As many other countries such as in England, the term to own an apartment of 999 years, but in Vietnam, only land has been assigned by the Government in 2 forms: permanent assignment and definite assignment.
In first method, permanent land assignment fell into residential land, and almost apartments were purchased in market with the “permanent” term.
In the second, lands were assigned within 50 years, the investors continued developing the projects. Some apartment projects in Ho Chi Minh city and Ha Noi belonged to this type. After the investors conducted procedures to transfer definite ownership apartment to permanent ownership apartment. Therefore, actually, the price of apartment will decrease if the form of definite ownership is applied.
Regulating the definite ownership of 50 -70 years for apartment will take advantages in reconstruction and improvement in case of degrading, usage expiry.