- The modern living space at Westgate Apartments has been handed over
- The real estate market has shown signs of "thawing"
- Critical projects with a total value of up to hundreds of trillions in the Hanoi sprint
- In the first 4 months of the year, traffic infrastructure was arranged at VND 22,000 billion
- The Prime Minister asked ministries and branches to join forces to remove difficulties in the real estate market
- 81,000 apartments in 355 commercial housing in Ho Chi Minh will be issued Pink Books in 2023
- National Reunification - International Labor Day and Hung Kings Commemoration Holiday Annoumcement
- VIProperty opens new office at Eco Green Saigon project.
VCCI opposes the proposal to restrict apartment ownership term
According to the Vietnam Chamber of Commerce and Industry (VCCI), limiting the length of apartment ownership would infringe on people's ownership rights.
The Ministry of Construction stated that it aims to limit ownership to 50–70 years to correspond with the lifespans of flats while proposing changes to the Housing Law. However, VCCI contends that the length of unit owners should be constant and has identified four issues that may arise if the plan is approved.
The first is its impact on the housing market. According to VCCI, the ownership limit will impact consumers who won't want to purchase such units, making it challenging for businesses to sell them. Additionally, it would encourage individuals to buy townhomes and villas rather than flats. Only applying this modification to new apartments will enable individuals to purchase older residences, driving up the cost of those residences significantly.
Second, restricting apartment ownership interferes with people's ownership rights. According to the law, property ownership rights are protected and guaranteed by the state in the constitution and by the civil code. Although limiting apartment ownership ensures public safety, the state may also achieve this goal via other means. Hence this approach is inappropriate.
Thirdly, VCCI acknowledges that there are still alternative options available to the state for renovating and repairing old and dilapidated apartments without imposing ownership restrictions. When an ancient apartment building decays and becomes unsafe for the residents, the authorities may ask for its rehabilitation and destruction.
Last but not least, restricting apartment ownership would make it more difficult for apartment owners to manage their properties. The owner will need to approach the authorities to provide them with a certification of ownership extension when the apartment ownership expires but is still eligible for continuing use. This will result in several administrative processes and cause great aggravation for individuals.
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Westgate is a modern apartment complex located in the administrative center of Binh Chanh (Tan Tuc, Binh Chanh, Ho Chi Minh City), developed by An Gia as the investor and Ricons as the main construction contractor. The project is developed on a 3.1-hectare land plot, consisting of 4 residential towers with 20 floors each, offering approximately 2,000 apartments, shophouses, villas, and more...
The signs of "thawing" in the real estate market have started to emerge as a series of projects begin to kick off, boosting investor confidence. The capital market, corporate bonds, and project legalities have been continuously addressed by the government since mid-2022. In the first quarter, the State Bank and many commercial banks began announcing lowered deposit interest rates. Additionally, the 120 trillion VND package for social housing buyers has officially come into effect.
Many critical projects in Hanoi City are being accelerated to be completed this year and in 2024. Specifically, the investment project to build cultural and social works in Hanoi, with an investment of more than 1,300 billion VND, with a scale of nearly 40,000 m2, is expected to be completed in 2024.
The Ministry of Transport has disbursed nearly VND 22 trillion of public investment capital for transport infrastructure projects in the year's first four months. This figure is higher than the national average, reaching 23.2% of the plan assigned by the Prime Minister in 2023