HoREA points out deficiency in new legal framework for condotel
HoREA points out deficiency in new legal framework for condotel
The Ho Chi Minh City Real Estate Association (HoREA) has lauded the Ministry of Natural Resource and Environment in bringing a measure of clarity to condotel and tourist villa regulations but pointed out that certain property types have been left out of the scope of the new framework.
Regulations have been updated around condotel properties
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Recently, the Ministry of Natural Resource and Environment (MoNRE) has issued documents guiding the handling of certificates of land use rights for tourist apartments and tourist villas (condotels). This certificate is considered much like a “red book” for condotels.
The Ho Chi Minh City Real Estate Association (HoREA), however, pointed out a “gap” in the guidelines. HoREA chairman Le Hoang Chau said that the instructions of the MoNRE depend largely on the Law on Tourism and guidelines by the Ministry of Culture, Sports and Tourism from last October – and has little mention of shoptels or boutique apartments, leaving an important emerging area unchecked.
Article 48 of the Law on Tourism also mentions eight types of tourist accommodations, including condotels and tourist villas, but not shoptels.
In addition, the Ministry of Construction has issued a new definition for condotels, describing them as “condominiums located in an apartment building complex”. However, condotels are built separately from apartment complexes.
Therefore, the HoREA suggested the MoNRE to provide further guidance on the granting of land use right certificates for shoptel. The HoREA also proposed the Ministry of Construction to complete the construction standards for apartment buildings, with a new definition for condotels.
At the same time, the HoREA also proposed calculating the areas in private and shared ownership with the investor in the way it is calculated for ordinary apartments as a basis for issuing the "red book" for condotels.
Finally, the association proposed the Ministry of Culture, Sports and Tourism to consider adding shoptels to Article 48 of the Law on Tourism to unify the management of all tourism property typest.
