Amidst soaring housing prices in Hanoi , far exceeding the reach of many young families, apartments with 50-year leases are being seen as a more affordable option compared to long-term ownership projects. However, concerns remain regarding the ownership period and the future of the property after several decades. Many also worry about the risk of losing their home completely upon expiration of the lease term.
After months of searching for an affordable apartment near the center of Hanoi for convenience in work and her children's schooling, Ms. Tran Thi Lien decided to consider a 50-year leasehold apartment – where the price is only about two-thirds of that of a long-term ownership apartment. However, when she was informed that the apartment she was considering only had about 30 years of remaining use rights, many concerns immediately arose.
"On sales websites and through brokers, they say that the lease can be extended after 50 years. But many sources claim that the state will reclaim the property after 50 years. Given this conflicting information, I feel very confused. Another concern is how those who own apartments with a 50-year lease will register permanent residency for their families and family members," Ms. Lien shared.
Apartments with a 50-year lease are more affordable and accessible, but buyers still need to carefully consider the legal aspects and their rights when the lease expires.
In the minds of many Vietnamese families, land and houses are not just places to live; they are also lifelong assets. Therefore, any changes related to ownership duration or usage value cause people anxiety. However, according to experts, with a clear understanding of the legal aspects, buyers can still feel secure.
Lawyer Nguyen Thanh Ha - Chairman of SB Law Firm, said: "You have the right to gift, buy, or exchange that house. But you must pay attention to the remaining term of the project. For example, if the house has been used for 20 years, there are only 30 years left. When you borrow from the bank, the bank will only value it for 30 years."
"The State management agency has clearly stipulated and stated in these documents the validity period. If the validity period expires, the certificate will lose its legal effect. However, we can still apply for an extension," said Ms. Pham Thi Mien, Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute.
In the context of increasingly limited land resources, 50-year leasehold apartment projects are contributing to solving the housing problem in major cities. Therefore, many believe that a stricter and clearer legal framework is needed so that people can feel secure when choosing this type of housing.
"For example, the State says this land is no longer suitable for building apartment buildings, but for a recreational area instead. They clearly refuse to extend the rights of the affected residents. Now, regarding resettlement, will the residents be able to move directly to the new apartments? The financial and housing mechanisms for the residents must also be clearly stipulated in the law," said Lawyer Nguyen Thanh Ha, Chairman of SB Law Firm.
According to experts, it's important to consider construction quality, the developer's reputation, and the project's location, rather than focusing solely on the 50-year lease. With reasonable pricing, this could be a suitable option for those needing immediate housing but not wanting to pay excessively high prices for long-term ownership projects. In reality, given the current lifespan of apartment buildings, 50 years is quite long, and many long-term projects require major renovations after 40-50 years of use.
Source: https://vtv.vn/duoc-va-mat-khi-mua-chung-cu-co-thoi-han-so-huu-50-nam-100251213130959833.htm
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