HoREA proposes unified legal framework for multi-functional real estate

The Ho Chi Minh City Real Estate Association (HoREA) is calling for a unified legal framework to regulate multi-functional real estate products in Vietnam. Currently, the market faces significant hurdles regarding condotels, tourism villas, officetels, and serviced apartments due to a lack of comprehensive regulations in existing and draft laws.

Statistics indicate that Vietnam has approximately 146,438 units categorized as apartments, villas, or townhouses intended for tourism accommodation. This includes roughly 150,000 condotels. Many projects developed between 2007 and 2020 are currently stalled or facing legal complications because of regulatory gaps or inconsistent local enforcement.

One major issue is the difficulty in issuing ownership certificates (pink books) to buyers. In Ho Chi Minh City, for example, thousands of officetel units were previously stuck in legal limbo. The lack of a synchronized legal corridor has led to market stagnation and risks for both developers and investors, as businesses often operate in a state of uncertainty regarding land use rights and property titles.