Thousands of condotel units in central Da Nang city will be converted into residential apartments following a recent decision from local authorities.

Authorities permitted the Kim Long Nam JSC to change the land use purpose of the CT1, CT2, CT3, and CT7 towers in Son Tra district from commercial services to urban residential land to build apartment blocks on a total area of 3,988 sq m. These towers were designed with 30-50 floors each, housing thousands of condotel units.

Ownership certificates will be granted to buyers of condotels at the project with a term until March 30, 2056. This follows a government decree issued last month amending and supplementing several points in decrees guiding the implementation of the Land Law.

Before this amendment, condotels lacked legality and buyers could not get ownership certificates.

The government regulation on granting ownership certificates for condotel units is aimed at tackling the legal bottlenecks facing the real estate market.

As of the end of 2022, there were around 83,000 condotel units nationwide waiting for the granting of ownership certificates. With the boom in condotel units, this segment of the real estate market has been “frozen” due to the slowdown in the tourism market and legal bottlenecks.