On April 3, 2023, the Government issued Decree No.10 on amending and supplementing several decrees guiding the implementation of the Land Law from May 20.
The ownership term of the condotel depends on the purpose of land use following current regulations but not exceeding 50 years of the ownership term for land allocated or leased by the State for commercial or service use.
Buyers may only own land and apartments during the remaining land use period, not for long-term use as residential land.
According to experts, the Government’s decree will remove legal bottlenecks for investors and buyers of condotels, officetels and resort villas.
Experts said that if legal problems in the condot♚el, officetels and resort villa market are resolved, it can r🎶estore nearly 239 frozen projects nationwide, with a total value of about 30 billion USD./.
