2004
DOI: 10.1111/j.0967-0750.2004.00179.x
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A market without the ‘right’ property rights

Abstract: While Vietnam's reforms provided some of the weakest legal private property rights amongst the transition countries, cities like Ho Chi Minh City have booming domestic real estate markets. Interestingly, while most properties in 2001 did not have legal title, those on the market did advertise a variety of property rights claims. Employing a hedonic price model to analyse the pattern of prices at which sellers offer properties in Ho Chi Minh City, this study examines how this market values property rights. The … Show more

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Cited by 96 publications
(77 citation statements)
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References 45 publications
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“…To facilitate the provision of residential land and thereby housing by the provision of legal titles, a new land law was enacted in 1993, creating a legal platform as a foundation for a real estate market where assets could be transacted, rented, transferred, inherited, and mortgaged. Local authorities required those who had been involved in various illegal transactions to submit to a notarization process and issued LURCs (Land Use Rights Certificates) to certify land and BOLURCs (Building Ownership and Land Use Rights Certificates) to certify both the building and land [30]. Thus, the process of creating legal titles resulted in a more transparent land and housing market with huge potential.…”
Section: Predominantly Self-built Housing Production and Urban Challementioning
confidence: 99%
“…To facilitate the provision of residential land and thereby housing by the provision of legal titles, a new land law was enacted in 1993, creating a legal platform as a foundation for a real estate market where assets could be transacted, rented, transferred, inherited, and mortgaged. Local authorities required those who had been involved in various illegal transactions to submit to a notarization process and issued LURCs (Land Use Rights Certificates) to certify land and BOLURCs (Building Ownership and Land Use Rights Certificates) to certify both the building and land [30]. Thus, the process of creating legal titles resulted in a more transparent land and housing market with huge potential.…”
Section: Predominantly Self-built Housing Production and Urban Challementioning
confidence: 99%
“…As a result of the 1993 Land Law, provinces were obligated to grant longterm leases on land in the province to current holders. The leases called LURCs were for periods as long as ninety years and could be exchanged, sublet, and used as collateral on bank loans (Do and (Haare 2008) and, as a result, titled land is significantly more valuable than land without a LURC (Kim 2004).…”
Section: Disaggregating Institutions That Influence Formalizationmentioning
confidence: 99%
“…Property rights over land for real estate development now clearer defined (Zhu, 2011 Non-existent formal real estate market (Kim, 2004) Many failed foreign projects due to the Asian financial crisis (Dapice et al, 2009). …”
Section: Property Rights Evolutionmentioning
confidence: 99%