Are you a foreigner who wants to settle in Vietnam? Should you choose condominiums or apartments. LSX Lawfirm will give you an article about: “The difference between condominiums and apartments in Vietnam”, as follows:
Legal grounds
Law on real estate trading 2014
What is the condominiums in Vietnam?
Accordingly, these are housing complexes consisting of many households living inside apartments, with a system of shared infrastructure facilities. Condominiums often appear in urban areas.
The interior of the apartments fully furnished or unfurnished and homeowners can choose to decorate their house according to the ideas of family members.
Apartments often appear in densely populated places such as big cities, towns or industrial zones. Condominiums are apartments in apartment complexes, also known as apartment buildings.
What is the apartment in Vietnam?
It means a house built on a separate residential land plot under the lawful use right of organizations, households and individuals, including villas, adjacent houses and independent houses.
Related artice: Procedures for foreigners to buy apartments in Vietnam
Foreigners buy apartments of Vietnamese individuals
The difference between condominiums and apartments in Vietnam
The big difference between a condominium and an apartment is that you usually own a condominium, while an apartment is a rented house. Apartment buildings a single owne owned (such as a property management company) and the buildings are used for rental purposes only. However, owners leased condominiums sometimes confusedly referred to as apartments.
Collectively, the only notable difference between these two concepts is ownership.
Related questions about the difference between condominiums and apartments in Vietnam
The purpose is to make a place to live for people whose houses and land have been cleared. People choose one of the following two cases:
Receive compensation and move to another place
Moving into a resettlement area (a type of apartment building with basic services)
This is a type of apartment for people with low income. People who have been working for a long time but do not have enough money to buy a house have to rent a house to live in. In general, you will have to show low income to get into this type of housing.
Social housing is only granted a certificate of house ownership, lease and transfer after 5 years of receiving the house.
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