Tourist apartments, tourist villas (also known as condotels) are a new type of real estate, which began to be formed and developed from 2015 up to now. The fact that this type was recognized will relieve the investors' mind. However, the issuance of the red book for this product is an issue that people are concerned about today. BR-VT newspaper had an interview with Mr. Le Ngoc Linh, Director of Department of Natural Resources and Environment about the above content.

* Reporter: Many people who want to buy a condotel often hesitate about its legitimacy. However, recently the Ministry of Natural Resources and Environment has issued a document guiding the issuance of a building ownership certificate (temporarily called a red book) to the condotel. Could you tell me more about this?

- Mr. Le Ngoc Linh: Previously, people often hesitated when spending tens of billion buying this property. The reason is that they are not sure whether their apartment is granted a red book or not. Recently, the Ministry of Natural Resources and Environment has sent a document to the Department of Natural Resources and Environment of provinces and cities directly under the Central Government to guide the land use regime and the certification of ownership of non-residential construction works. The document has the content of requiring localities  to issue red books for apartments based on the spirit of the Tourism Law, the Land Law, the Real Estate Business Law.

Accordingly, for the type of condotel, based on the Land Law, the lease term for organizations for commercial and service use is considered and decided on the basis of investment projects or applications asking for land lease but not more than 50 years. For projects with large investment capital but slow capital recovery, investment projects in geographical areas with difficult socio-economic conditions and areas with exceptionally difficult socio-economic conditions that need longer term, the lease term is not more than 70 years. It can be roughly said that the condotel is granted red book with a period of 50-70 years. After this period, if the land user wishes to continue using it, the State shall consider extending the land use.

Mermaid Seaside Tourist Apartment of Cat Linh Group that is located at 164 Tran Phu, Ward 5, Vung Tau city

* So, how are the issuance of the red book and the transfer of condotel real estate, sir?

- As I said, the project to build tourist apartments, tourist villas ... for the purpose of business services, the assigned land is land for commercial services, therefore,  the regime, the time of land use must comply with the provisions of the Land Law.

In order to be granted red book for condotel, the buyer must have all documents and conditions for this type. Specifically, the project must be built in accordance with the land use plan with a decision on land allocation, land lease, construction permit and completion documents.

Regarding the transfer of apartments and land, the Ministry of Natural Resources and Environment also gave clear instructions to localities. This is the case where the form of land use is for private use of the project owner. When transferring, the investor can transfer the ownership of the property while the land is rented to the investor from the state.

Currently, Department of Natural Resources and Environment is reviewing the approved condotel real estate investment projects and the implementation of land allocation and land lease of each project to determine the land use purpose, land use term according to provisions of the law on land.

If a project meets all the conditions for issuing a "red book" under the provisions of the land law and other relevant laws,  a certificate will be issued to the land user to ensure rights and legal interests of land users and owners of the properties on land.

* Thank you Sir!

Fusion Suite Vung Tau (No. 2 Truong Cong Dinh, Vung Tau City) is a condotel property

According to THANH HUY - Ba Ria - Vung Tau newspaper