Step up efforts to remove obstacles for condotels

Accordingly, the issuance of pink books is divided into 2 processes. Process No. 1 is for project investors, including 5 steps, processing time within 30 working days from the date of receiving full valid documents. Process No. 2 is for customers, including 9 steps, processing time within 15 working days from the date of receiving full valid documents. After receiving the documents, the Department of Natural Resources and Environment coordinates with the Departments of Finance, Construction, Planning and Investment to inspect and carry out the steps to issue pink books.

Although there are procedures, according to the reporter's investigation, many projects still have not had customers granted pink books. The leader of the Khanh Hoa Provincial Land Registration Office said that currently only Vega City Nha Trang project (now Libera Nha Trang) has been granted pink books. "To be granted a pink book, the project must go through many appraisal steps. Many projects may be facing difficulties and therefore do not meet the conditions for granting books" - the leader of this office explained.

At the recently held Forum "Unblocking the flow of tourism and resort real estate", the Vietnam Real Estate Brokers Association informed that the entire market had 726 tourism and resort real estate products successfully traded in 2023. The transaction volume has not recovered as expected due to some projects facing legal problems.

Khanh Hoa province is strongly developing resort real estate.

Deputy Minister of Construction Nguyen Van Sinh said that real estate in general and officetel and condotel in particular face difficulties due to legal issues, land valuation, site clearance, and issuance of pink books... In addition, adjusting planning to ensure consistency between planning levels still takes a lot of time.

According to Deputy Minister Nguyen Van Sinh, the Prime Minister has given many strong and focused instructions to remove obstacles in implementing real estate projects in many localities, contributing to increasing supply for the market. The Government's submission to the National Assembly for approval of amendments to important real estate-related bills also helps to remove obstacles in the market.

Recently, the Government also assigned the Ministry of Justice to be authorized, on behalf of the Government, to sign a report to the National Assembly Standing Committee to include the 2023 Housing Law project, the 2023 Real Estate Business Law and the 2024 Land Law in the National Assembly's Law and Ordinance Development Program in 2024, to be implemented from July 2024, 6 months earlier than expected.

According to Mr. Hoang Hai, Director of the Department of Housing and Real Estate Market Management - Ministry of Construction, if the guiding documents are soon passed with stricter and clearer regulations, it will help remove obstacles for condotels and officetels. "In the coming time, resort real estate will have potential because the market will recover under the impact of new laws. This is a good sign for localities that are developing tourism" - Mr. Hai assessed.

Large inventory

According to the Vietnam Real Estate Brokers Association, in the first quarter of 2024, the entire market recorded 9,970 tourism real estate products for sale, of which more than 97% were inventory from previously opened projects. Only 5 projects were completely newly opened for sale, supplying 326 products to the market, down 60% compared to the same period last year. It is forecasted that the supply of tourism and resort real estate in 2024 could improve by about 20% compared to 2023.

Source: https://nld.com.vn/day-manh-go-vuong-cho-condotel-196240522210027607.htm