Are apartments in the world owned for a term or forever?

The housing system of Singapore Housing is divided into 2 types: affordable housing (Public housing) and private housing (Private housing). Private houses are townhouses, villas and luxury apartments. Affordable housing built by the Housing & Development Board (HDB). These are quality condominiums with affordable prices to offer to residents.

Currently, about 85% of Singaporeans live in apartments built by HDB, of which 94% people own these apartments, only about 6% are rented.

In the early stages of the development of this type of house, the Singapore government regulated the ownership of apartments for only 30 – 50 years. Then, when the quality of the works improved, the state extended this period to 99 years.

Are apartments in the world owned for a term or forever?  - first

Each country has different regulations on the duration of apartment ownership. (Photo: FSB)

The purchase of a home can be paid in installments, just like a rental. However, Singapore law stipulates that homebuyers with a fixed term have the right to use it as collateral.

In China, The constitution does not grant permanent title to land or apartments. Instead, depending on the purpose of use, the state controls it by stipulating the purpose and duration of land use (from 40 to 70 years).

In big cities and inner-city areas, almost people can only live in apartments. New projects also only build apartments according to the plan, very rarely build villas or individual houses. If people want to live in separate houses, people have to move to suburban areas, hundreds of kilometers from the center.

In Hong Kong, with the exception of St. John’s Church, every piece of land in the city is owned by the government and is rental property.

The Hong Kong government recognizes definite ownership rights, real estate The old one can be automatically renewed on an annual fee basis. This practice gives the government as a grantor control over how the land is developed and used through covenants, conditions imposed on tenants in a contract with clear terms. .

Previously, people who bought land to build houses could own for 75-99 years. But since 1997, the term of grant to the lessee is 50 years from the date of grant.

In Indiathe lease starts from the date of land allocation and is subject to certain terms and conditions set forth by the government regarding the duration of the lease, the obligations of the lessor and the lessee, the terms of termination, settlement dispute…

Investors can build and sell residential or commercial projects. Buyers are only allowed to own these properties for a period of 99 years. However, after the lease term ends, the owner may seek to extend the term of use through a lease extension. Lease terms for new contracts can be up to 999 years.

Meanwhile, Western countries sell apartments and many other types of real estate under the form of ownership for a limited time and have to pay an additional fee when extending the ownership period.

In America, about 85% of real estate is sold in the form of a term. The maximum use time can be up to 99 years.

Although the percentage of home users with a term is not as high as in the US, in Older brother, the buyer has a home life of up to 999 years. However, British law clearly states that a limited-term home buyer can only own the house, while a permanent home buyer has full control over the land on which the house is located.

In addition, when the expiration date, if there is a need, the buyer can apply for an extension. However, in addition to the extra cost due to market price Escalation, the buyer will have to pay an additional home improvement fee. Therefore, British people accept to buy new houses and relocate, instead of paying more.

In the revised 2013 Housing Law drafted by the Ministry of Construction, two options are proposed for the term of the apartment building. The first option specifies the term of ownership of the apartment building, which is determined based on the useful life of the building in accordance with the law on construction. Accordingly, the apartment building is specified in terms of ownership period based on the use term of the building (50 years, 70 years). At the end of this use period, if there is a conclusion of inspection by a competent agency that the apartment building is no longer usable, the ownership of the apartment building will be terminated and the owners will demolish and rebuild the apartment building. live.

Option 2 stipulates the term of apartment ownership according to the provisions of the land law. In this option, the apartment building does not have a term of ownership, but it is stable and long-term according to the law on land.

Facing mixed opinions, recently the Ministry of Construction emphasized that the proposal on the apartment ownership term is based on many bases and references the experience of many countries around the world.

The Ministry of Construction also confirmed that this is just an initial policy proposal (of a policy nature). After being approved by the National Assembly and included in the Law-making Program, the Ministry of Construction will draft specific content to collect opinions from experts, scientists, people, and surely the National Assembly will also consider, discuss carefully, evaluate the overall impact of this policy before making a decision.

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