Taking the right approach to the condotel legislation conundrum

Taking the right approach to the condotel legislation conundrum

The absence of legislation and clarity regarding condotel ownership has been a significant obstacle for property developers and the hospitality sector. In the last 7-10 years, there was a significant amount of investment in condotel products, mainly in resort areas alongside villas and hotels. These multi-segment developments have often been funded by the presale of villas and condotel units.
Condotel developing slows amid restrictions

Condotel developing slows amid restrictions 1

Recent decisions to impose stricter management on condotels and officetels are pushing developers and investors into a miserable situation, as the whole real estate market reels from the pandemic impacts.
Condotel market faces gloomy prospects

Condotel market faces gloomy prospects

The condotel market has faced a gloomy period due to low absorption rate while inventory has been on the rise, experts said.
Ministry proposes not allowing conversion of condotel into residential projects

Ministry proposes not allowing conversion of condotel into residential projects

The Ministry of Public Security has proposed not granting ownership certificates to allow condotels, tourist villas and officetels to be turned into residential projects.
More regulations needed to promote condotel market development

More regulations needed to promote condotel market development

Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.
Court highlights Empire Group and Cocobay Danang for investigation

Court highlights Empire Group and Cocobay Danang for investigation

Danang People's Court has brought complaints and denunciations of Empire Group and its Cocobay Danang to the attention of Danang Public Security Department.
HoREA points out deficiency in new legal framework for condotel

HoREA points out deficiency in new legal framework for condotel

The HoREA has lauded the MoNRE in bringing clarity to condotel and tourist villa regulations but pointed out that certain property types have been left out.
Brighter condotel future set for both investors and buyers

Brighter condotel future set for both investors and buyers

With new guidance on granting ownership being issued in Vietnam, condotel investors are seeing a light at the end of the tunnel after more than two years of uncertainty, with a strengthened market expected to appease both investors and buyers.  
New regulations the first step towards condotel resurgence

New regulations the first step towards condotel resurgence 1

Several years ago, a large wave of condotels was introduced to the market across Vietnam. According to the Ministry of Construction, since 2014 the coastal areas and islands such as Van Don, Halong, Danang, Nha Trang, Mui Ne, and Phu Quoc have all seen a boom in condotel supply.
Wading through current condotel entanglements

Wading through current condotel entanglements

The condotel market has been stagnant for the last two years and many developers are falling on hard times.
Clearer legal framework on certifying condotel and officetel projects

Clearer legal framework on certifying condotel and officetel projects

The MoNRE has just issued a document to guide land-use regimes and ownership certification of non-residential construction, including condotel and officetel.
Homebuyers gather at Empire Group headquarters to claim condotels

Homebuyers gather at Empire Group headquarters to claim condotels

Buyers of Cocobay Danang gathered at the headquarters of Empire Group, demanding the developer to either hand over units or terminates their contracts.
Cocobay calamity brings condotel pitfalls to fore

Cocobay calamity brings condotel pitfalls to fore

Condotel project Cocobay Danang – a tourism complex which features footballer Cristiano Ronaldo in its advertising – suffered a PR disaster last week as the developer reneged on its 12 per cent profit commitment, shedding doubt on the promises of other condotel schemes trying to attract second-home buyers with expectations of high profits. Ngoc Huong reports.
Fulfilling the potential of the risky condotel market

Fulfilling the potential of the risky condotel market

In light of the Cocobay Danang situation, in which contracts are not being honoured due to unrealistic expectations being placed on the condotel model, Mauro Gasparotti, director of Savills Hotels APAC, writes on his expectations of the condotel market in Vietnam, and what solutions could be found to ease the situation.
Legal stability required for condotel investment

Legal stability required for condotel investment

In recent years, the concept of the condotel has dominated the real estate market in Vietnam, and generated a wave of interest in this type of real estate investment. The term, a combination of condominium and hotel, is used to indicate a building that is owned like a condominium but operated like a hotel.
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