In order to protect residents, the Ministry of Construction is thinking about capping apartment ownership for 50 to 70 years.

As a result, when an apartment building reaches the end of its useful life, the apartment owners therein would no longer own the asset, and the building would be demolished to make way for new endeavors.

Apartment owners of the demolished building have the right to move back to the same location when a new building is built, which entitles them to purchase a new apartment in the rebuilt building.

The ministry claimed that because apartment complexes are where many people reside, with time, their quality and safety standards decrease.

The time frame will rely on the approved construction design, therefore if the project is of great quality, it might even take 80–90 years.

According to the ministry, it has reviewed laws in numerous nations.

In China, you can only own an apartment for 50 to 70 years. Thailand sets a 30-year maximum but permits extensions. It is limited to 99 years in Singapore and the US, although extensions are possible for a charge.

According to the ministry, these nations’ governments will demolish the structures whenever they have reached the end of their useful lives in order to protect public safety and update urban design.

Residents and experts who argue that this could deter people from buying apartments because the majority of Vietnamese people believe that apartment ownership will remain forever are opposed to the proposal.

However, the construction ministry claimed that this planned policy would not encourage individuals to purchase more single-story homes instead of apartments.

Instead, it will lower rent costs and make flats more affordable for those with average salaries for a set length of time.

Source: VnExpress