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Removing legal obstacles for resort real estate

Issuance of a certificate of ownership (also known as red bookpink book) for projects resort real estate what experts often call condotel is a persistent story in the market for many years. The delay in implementation has discouraged many investors and businesses. This is also the most interested content in the Talk “Legal bottlenecks and solutions to unlocking Vietnam’s tourism and resort real estate resources” organized by the Vietnam Real Estate Association on the afternoon of April 21.

A few years ago, in order to attract investors, there were cases of tourism and resort project products in some localities being granted a long-term ownership certificate with the name “Residential land without forming a unit”. living”, provided that the household registration is not allowed, residential areas and neighbors are not formed, only serving the purpose of service business, tourism and resort. However, the issuance of books has been suspended due to lack of clear provisions in current legislation.

Removing legal obstacles for resort real estate - Photo 1.

(Illustration image – Photo: Dan Tri)

It is the unfinished certificate issuance that has made many investors stand still. Opinions at the discussion said that there should be a solution to solve this problem.

“Issuing red books for real estate products of the type “Residential land without forming residential units” is only beneficial, not harmful such as boosting the local economy, increasing budget revenue; maintaining the prestige of the government. locality, reputation of enterprises and promoting investment attraction of enterprises in the locality…”, said Mr. Bui Van Doanh – Director of the Vietnam Real Estate Research Institute.

According to the Vietnam Real Estate Association, currently, many resort real estate projects in major tourist and resort centers such as Quang Ninh, Da Nang, Khanh Hoa, and Phu Quoc are having problems with licensing. certificate of ownership for the buyer.

With contributions to the tourism industry, resort real estate needs to be cared for and developed. Therefore, experts say, it is necessary to remove the bottlenecks that resort real estate is facing, especially legal issues.

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