Monday , August 8 2022

Construction ministry seeks to cap apartment ownership at 50-70 years

The Ministry of Construction is considering putting a cap on apartment ownership for 50-70 years to ensure resident safety.

This means that when the lifespan of an apartment building ends, apartment owners within that building would no longer own the asset, and the building will be destroyed to make room for new projects.

Apartment owners of the destroyed project have the right to relocate to the same area when a new building is constructed, meaning they have the right to buy a new apartment in the building.

The ministry said that apartment buildings are where many people live and therefore its quality deteriorates overtime and with that, safety conditions.

The duration depends on the approved design of construction, which means it could be 50-70 years, or even 80-90 years, if the project is of high quality.

The ministry said that it has consulted regulations in many countries.

China limits apartment ownership to 50-70 years. Thailand limits it to 30 years but allows extension. Singapore and the U.S. caps it at 99 years and allow extension with a fee.

When the building reaches its expiration date, the governments of these countries will terminate them to ensure safety and to modernize the urban look, the ministry said.

The proposal has been met with opposition from residents and experts who say that this could discourage people from buying apartments as most Vietnamese expect apartment ownership to last forever.

The construction ministry, however, said that this proposed policy will not urge people to buy less apartments and more ground-level houses.

Instead, it will bring down apartment prices and allow people with medium incomes to own apartments for a specific period of time.

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