Government takes out apartment ownership duration cap proposal

By Dat Nguyen June 19, 2023 | 06:36 pm PT

Minister of Construction Nguyen Thanh Nghi speaks to the National Assembly on June 19, 2023. Photo courtesy of the National Assembly

The government has scrapped a proposal to put a cap on apartment ownership duration, after many experts opposed it, saying that people’s rights might be violated.

Ministry of Construction Nguyen Thanh Nghi told the National Assembly on Monday that the proposal, which has received much feedback, had been removed from a draft law being reviewed by lawmakers.

The ministry had previously been considering an 80-100 year time limit on apartment ownership, which it said was needed to ensure safety for condo residents.

But the Standing Committee of the National Assembly opposed the ownership cap, saying that it would be a violation of people’s rights.

Other analysts have said that the ownership cap could make apartments less attractive and push land prices even higher, creating even more of an unbalance in supply and demand, which is a problem the nation is already dealing with on a significant scale.