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What is a condominium?

Posted by invest_admin on May 11, 2020
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The most popular real estate in Vietnam among foreigners is a condominium. Not a familiar word for everyone so we will tell you what it is.

The definition in Wikipedia is a political territory (state or border area) in or over which multiple sovereign powers formally agree to share equal dominium (in the sense of sovereignty) and exercise their rights jointly, without dividing it into “national” zones.

In fact, in an accessible sense and specifically in Vietnam, it is a modern apartment building, including swimming pools, restaurants, parking, gym and other pleasant bonuses for a comfortable stay.

APEC Mandala Muine
APEC Mandala Muine

According to the law on real estate in Vietnam, foreigners can purchase and register an unlimited number of condominiums, but subject to no more than 30% of the total number in the building.

The property in the condominium is divided into individual (apartments) and common (infrastructure). Buying apartments you also get a share in the common property proportional to the area purchased. And since the entire infrastructure must be maintained, the owners are responsible for its maintenance and usually it is about 1-2% per year of the cost.

A condominium is the most profitable investment in real estate because they are very popular due to the developed infrastructure. Condominiums are easier to rent even there are purchase programs with guaranteed profits of up to 12%.

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