- According to Forbes, Vietnam's GDP per capita has had the most spectacular rise of all nations
- The Metropole Thu Thiem
- Binh Duong built a bridge of 570 billion VND to connect with Ho Chi Minh City
- The MarQ: Handshake of real estate legends
- Shophouse Eco Green Saigon: a fantastic investment till the end of 2022
- VMI JSC creates a playground for small-capital investors
- VCCI opposes the proposal to restrict apartment ownership term
- Chairman of Vingroup - founded a real estate investment and management firm with a charter capital of 18,000 billion VND
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.
Mua bán, Cho Thuê, Quản lý, Thiết kế & cung cấp nội thất căn hộ chung cư.
PURCHASING, LEASING, MANAGEMENT, FURNISHING APARTMENT
☎ Hotline: (+84) 986 888 100
"Overall, Vietnam's GDP per capita has shown the most impressive growth among all countries in the world. This trend reflects the dynamism of Vietnam's economy and its outstanding development in recent years," said a new article published in Forbes Magazine (USA). Vietnam's GDP per capita increased from 1,650.63 USD in 2006 to 3,373.08 USD in 2021...
The year 2018 & 2019 witnessed a substantial transformation of SonKim Land with The Metropole Thu Thiem project with a scale of 7.6 hectares located in the core area of Thu Thiem New Urban, the hottest spot of the real estate market in Ho Chi Minh City. Right from the launch of the first phase at the end of 2018, The Metropole Thu Thiem was impressed with its prime location and excellent connection between the central area of District 1 and the main districts of Saigon. Still, it also brought a unique modern urban model.
The Binh Goi bridge construction project, with a total investment of 570 billion VND, will connect Thuan An city (Binh Duong) with District 12 (HCMC). The work is part of Project Component 5 of Ring 3 of Ho Chi Minh City, expected to start construction in 2023....
The MarQ, a rare luxury apartment product in District 1, Ho Chi Minh City, brings together four legendary names in the real estate industry: The investor Hongkong Land with a century-long history; P&T design unit with a 1.5-century history; Coteccons construction unit with a market-leading capacity; Savills, a 5-star guarantee operator...