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Many people worry about losing their property if they only own an apartment for 50 years

Mr. Phuong, a resident of an apartment complex in District 8, Ho Chi Minh City, is worried that the expiration of the house ownership will be lost, not knowing where to go if the draft of 50-year apartment ownership becomes law.

Mr. Phuong said that by 2022, he and his family had moved into the apartment for more than 9 years, had contributed 95% of the value of the house and fully paid off the principal and interest to the bank (loan for purchase and installment) but had not yet completed the payment. been granted a house ownership certificate (pink book). He said that every year, residents struggle and petition many times about speeding up the issuance of pink books with the investor and the local government, but it has not been resolved.

According to the house purchase and sale contract signed with the investor, the buyer of the apartment has been owned for a long time, so for nearly ten years, even though there is no pink book, hundreds of households in this apartment building are still waiting patiently. Mr. Phuong shared, now that the Ministry of Construction has a draft to issue a pink book for a 50-70 year apartment, many people here are worried about losing their property when the home ownership period expires.

“I am over 50 years old, the apartment is a lifelong asset that I will leave to my children. If the draft becomes law, the apartment is limited in time to own, this property will depreciate over time. ownership limit, the house will be lost, my family knows where to go,” Phuong asked.

Real estate in the East of Ho Chi Minh City with apartment projects, townhouses, land plots, apartments... around Thu Thiem area, February 2022.  Photo: Quynh Tran

Real estate in the East of Ho Chi Minh City with apartment projects, townhouses, land plots, apartments… around Thu Thiem area, February 2022. Image: Quynh Tran

Living in Saigon Home apartment building, Binh Tan district, Mr. Hung, 35 years old, said that, for many days following the draft information on apartment ownership for 50-70 years, he also felt insecure about the future because everyone The residents of this apartment complex have been waiting for the pink book for many years, but in vain. Mr. Hung explained that in the past, apartments were owned for a long time, so he bought a house for the purpose of settling down, settling down and accumulating assets for a lifetime.

“If I knew that there was a draft of 50-year apartment ownership, I would not have to pay a one-time payment to buy an apartment. I would rather accept to rent, put capital to do other work. If the draft of 50-year apartment ownership becomes law , when I retire, the house has expired, me and my family will face an uncertain future”, Mr. Hung shared.

And Huyen, 37, from Hanoi, said she bought an apartment house in a project in Yen Hoa ward, Cau Giay district 7 years ago. The value of the house paid to the investor at that time was 3.3 billion.

“It’s the life savings of my parents-in-law, my parents and the money accumulated by both husband and wife after many years of working. We also have to borrow interest from the bank and pay off the debt for 6.7 years to pay off the debt. 10 years I get married, I have 6.7 years to repay the debt”, she said.

According to Huyen, when buying a house, businesses say this is a type of permanent ownership. The investor explained that if the building is old and broken later, the ownership is still guaranteed forever, even to the next generation. That’s why we decided to buy an apartment because we want it to be an asset for our children and grandchildren, so that the next generation won’t have to worry about houses anymore,” she said.

She acknowledged, if the ownership period is limited to 50-70 years, the apartment building from the position of an asset will become a liability, like a car. She said, if this policy comes true, the family will definitely consider selling the apartment at any price, even at a loss to be able to convert to land.

Survey of VnExpress shows that there are 2 groups of conflicting opinions on the draft of 50-70 year apartment ownership. The first group worries that the draft, if it becomes law, will cause them to lose their assets, their life will be precarious when the ownership period expires, and the property will gradually depreciate over time. The second group, which is a minority, is the case where buyers of apartments on commercial and service land, from the very beginning knew the 50-year useful life, and calmly accepted it.

Mrs. Ly, who bought an apartment with a 50-year ownership period, at a building near Nguyen Thai Binh market, District 1, Ho Chi Minh City, said that from the beginning, the property was determined not to be owned for a long time, so she did not worry. to the scenario of losing assets. “Because I know the apartment’s expiration time, I have calculated the depreciation in the process of using it every year from the time I bought the house. By the time it expires, if I can pay to renew it, it’s fine. The deadline will accept reality,” Ms. Lee said.

Facing controversial views on the proposal to stipulate the 50-70 year apartment use term, yesterday the Ministry of Construction had more explanations. The ministry said this new proposal is based on experiences from many countries around the world, meeting urban embellishment work and in line with civil law. This will also have an impact on the selling price of houses (the selling price will be lower than with long-term ownership), thereby creating conditions for people with average financial resources to buy houses; meet for those who have a need to own a certain term…

In addition, the Ministry of Construction said that the case that has to be demolished for rebuilding will be handled according to the policy of renovation, demolition and rebuilding of the apartment building, the person who owns the house has the right to be resettled at the location. old without having to move elsewhere…

However, experts still say that it is necessary to be very cautious when bringing the 50-70 year ownership limit into the law instead of long-term ownership as before, because it can create a huge psychological shock. . According to Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), at present, legislators should not apply the term of apartment ownership.

Mr. Chau analyzed, Vietnamese people have a long-term custom of owning houses before the real estate market was formed according to the current market mechanism. Depending on their financial ability, people with a lot of money can buy houses and land (landscape houses such as townhouses, villas), and a little money also accumulate to buy apartments (high-rise buildings). The purpose of buying a house is to stabilize the life of yourself and your family, both accumulate assets and own long-term, even inherit for your children. Therefore, the limitation of apartment ownership period will cause the whole apartment market to suffer a decline shock.

Mr. Chau suggested that the apartment use time should be limited only when the building is seriously degraded. At that time, the apartment building is no longer safe to use, the provincial housing management agency must organize the quality inspection of this work and at the same time ensure the ownership of the apartment, other construction areas and the right to use the land of apartment house owners according to the provisions of the law on land and the law on housing. Specifically, if the apartment building has to be demolished and rebuilt, the old owners must have the right to choose whether to resettle or receive compensation at market prices, so that they can settle down and ensure their lives.

“Every building has a lifespan and will be degraded over time. It is impossible to believe that houses and construction works have a useful life, but proposed regulations on the term of apartment ownership are as follows: inappropriate”, Mr. Chau emphasized.

Exchange with VnExpressDang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that the proposal of 50-70 year apartment ownership should not be proposed, although this conversion is likely to facilitate the renovation of old apartments. . “Apartment is being owned for a long time, now converting into a house with a fixed term will have a lot of problems that need to be solved, not just a sentence or two,” he said.

For example, will all apartments (old and new) have to be moved in the short term or only moved from the time of the decision? Or in old apartments, it will be transferred from the time the owner buys it or stays at the time the license is issued. These things, he said, should be very clearly defined.

In addition, Mr. Vo also said that if the proposal to limit the ownership period is aimed at renovating the old apartment, it is “not to the extent” that such regulations are required. Firstly, apartments – ie houses – in the Vietnamese opinion are stable assets, which descendants will inherit. Therefore, this is a big problem that, if handled carelessly, will turn people’s lives upside down, becoming a difficult social problem to solve. Secondly, with the old apartment building, he thinks that it is only necessary to make a plan to publicly handle the benefits that investors and residents can achieve (if 70% consensus is reached), then it will be considered approved.

“This is the way many countries are doing, why doesn’t Vietnam apply it but wait for the budget to renovate it. I’m making it difficult for myself and then offering solutions like the one proposed above is not appropriate,” he said. speak.

Mr. Vo also said that the proposal of apartment ownership period is only really appropriate if Vietnam makes it from 1998 – the time when residential land is defined as indefinite in the Law amending and supplementing a number of articles of the Land Law. band. “If you want to do it, you have to do it from the beginning, but you can’t have long-term regulations before, but now you want to be short-term,” he commented.

Vu Le – Duc Minh

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