HoREA: The investor of condotel has no basis to ensure profit for investors

The Association of Ho Chi Minh City Real Estate (HoREA) said that from around 2014, the country has seen a fever of investment in developing a new type of tourism real estate product in Vietnam. , which is the project apartment hotels, villas, townhouses in the resort (condotel).

Ho Chi Minh City, condotel investors mainly borrow capital from banks and mobilize capital of secondary investors. After that, the investor sell condotel apartment for customers (secondary investors) in order to mobilize capital to carry out the project.

The investor of condotel has no basis to ensure profit for investors

To limit risks, HoREA recommends the Ministry of Construction to coordinate with the Ministry of Culture, Sports and Tourism to finalize the specific standards and standards for the type of condotel.

“The investor of the condotel project would like to issue a” red book “of the condotel apartment, after which the investor would apply for a” red book “for the investor being a secondary investor. The condotel apartment will be issued with a certificate of ownership of the apartment and a land use right for a definite term of the land use term of the project, upon expiry of the land use term. the law, “HoREA proposed.

The Association also recommends foreigners to buy condotel apartments for investment (under the Housing Law, foreigners can only buy houses in commercial residential projects outside the national defense to increase liquidity and add more investment capital to develop condotel apartment projects, creating conditions for the tourism industry to develop sustainably.

At the same time suggest that the Ministry of Construction take measures to require the investor condotel project to take responsibility; Recommend the Ministry of Natural Resources and Environment to grant a certificate of ownership of apartments and land use rights for a definite term of land use of the project to customers purchasing condotel apartments.

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