## Perfecting the Standards: HoREA’s Proposals for a Sustainable Condotel Market in Vietnam
Refining Regulations
The Ho Chi Minh City Real Estate Association (HoREA) has submitted a proposal to the Prime Minister and the Ministry of Construction, suggesting solutions for the transparent and sustainable development of the condotel (apartment hotel) market, with the aim of boosting the tourism industry.
The past years have seen an explosive growth in condotel projects. |
HoREA recommends that the Ministry of Construction collaborate with the Ministry of Culture, Sports, and Tourism to refine construction standards and regulations for condotels, aligning them with international standards for hotel rooms, hotel suites, and villas in tourist areas.
Addressing Ownership Concerns
HoREA also suggests that the Ministry of Construction work with the Ministry of Natural Resources and Environment to support local authorities in issuing pink books (ownership certificates) for condotels, with a maximum duration of 50 years, to investors and buyers.
For condotel projects that originated from residential land converted for commercial and tourism purposes, or areas previously designated as commercial land but now rezoned as residential, HoREA proposes issuing pink books to investors and buyers once the condotel project is converted into a commercial housing project, and investors and buyers have fulfilled their financial obligations to the state.
Involving Foreign Investors
HoREA recommends that the Ministry of Construction propose to the Prime Minister a policy allowing foreign individuals to purchase or lease-purchase condotels in projects outside of defense and security zones.
The Condotel Boom
Since 2014, Vietnam has witnessed a surge in investment in a new type of tourism real estate, including condotels, villas, and townhouses in tourist areas.
This trend is particularly prominent in coastal and island areas such as Van Don, Ha Long, Do Son, Sam Son, Cua Lo, Danang, Quy Nhon, Nha Trang, Mui Ne, Vung Tau, and Phu Quoc, as well as in Lam Dong and Dong Nai. Among these, Nha Trang, Danang, and Phu Quoc are the hottest markets.
According to statistics from 16 provinces and cities, there are 77 large-scale tourism projects (over 50 hectares) with a total area of 18,019 hectares. These projects offer 16,537 hotel rooms, 12,056 condotel units, and 11,174 resort villas. In addition, there are more than 120 medium and small-scale tourism projects with an area of less than 50 hectares each.
HoREA proposes issuing pink books with a maximum duration of 50 years to investors and buyers of condotels. |
From 2015 to September 2017, 71 condotel and officetel projects were licensed nationwide, totaling 25,639 units. Of these, there were 15,010 condotel units (4,114 in Hanoi, 208 in Ho Chi Minh City, 4,565 in Danang, and 5,823 in other provinces) and 10,629 officetel units (3,726 in Hanoi, 6,424 in Ho Chi Minh City, and 479 in other provinces).
Mr. Le Hoang Chau, Chairman of HoREA, points out the current imbalance between the number of condotel units (56%) and hotel rooms (44%) in Vietnam, emphasizing the need for sustainable development strategies.
The explosive growth of condotel projects has increased accommodation options and services for tourists, transforming the tourism landscape in many localities. However, it has also led to an investment imbalance, with a significant amount of credit and secondary investment flowing into tourism and high-end residential real estate.
Condotel developers have reaped substantial profits, as condotel prices are comparable to those of mid-range and high-end apartments. Meanwhile, their financial obligations, such as land rent payments to the state, are not commensurate with the benefits they enjoy.
Mr. Chau also highlights the challenges facing the condotel market, including concerns over business efficiency, liquidity, developers’ ability to fulfill profit commitments, and the issuance of pink books to buyers.
Duy Quang
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