A proposal by the Ministry of Construction to limit apartment ownership to fixed terms has divided officials and experts.
Some say term ownership will help bring down home prices in Vietnam and help spur housing upgrades and the building refurbishment. Others remain skeptical about whether the ownership model will work here.
Nguyen Manh Ha, director of the Construction Ministry’s Housing and Real Estate Market Management Department, said even though the term ownership model requires more study before it can be implemented in Vietnam, Ha said he believes it’s worth trying.
Properties tend to rise in value over the years, and home owners will have their accumulated wealth taken away if a term of 50 or 70 years is imposed, Liem said.
Reported by Bui Tran