How to get an apartment in Vietnam?
Vietnam's real estate market, including apartment, has stabilized following the most difficult period. However, it needs to make a lot of changes to the laws in order to meet the 90 million people's demand for housing. Real estate dispute lawyers in Vietnam will update the proposal of an expert in issue of definite ownership apartment.
As in many other nations, such as England, the right to own a home lasts 999 years, but in Vietnam, the government has only given out two types of land: permanent assignment and definite assignment.
When the first method was used, permanent land assignments were made to residential land, and almost all apartments that came with the term "permanent" were bought on the market.
In the second, lands were allotted, and investors continued developing the projects within 50 years. This kind of project existed in some apartment buildings in Ha Noi and Ho Chi Minh City. After that, the investors went through the steps to change the apartment's definite ownership to permanent ownership. Thusly, really, the cost of apartment will decrease if the form of definite ownership is applied.
Regulating the apartment's definite ownership for 50 to 70 years will benefit reconstruction and improvement in the event of depreciation or usage expiration.
It is important to engage reliable law firm in Vietnam specializing in real estate transaction for buying an apartment in Vietnam to avoid potential disputes and protect their best interest for seller and safeguard investment for buyer.
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