Survey of Hanoi apartment market, Hai Duong proposes to stop inspecting 10 projects, compensation conditions when the State reclaims residential land... are the latest real estate news.
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| The average selling price of primary apartments in the entire Hanoi market has increased significantly, from 40 million VND/m2 in early 2022 to about 72 million VND/m2 in the third quarter of 2024. Photo: Perspective of Ecolife Tay Ho project. (Source: Thu Do Invest) |
Hanoi apartment market grows continuously
The primary apartment market in the third quarter of 2024 continued to grow, with the supply of newly opened apartments reaching nearly 8,700 units, up 2% quarter-on-quarter and 208% year-on-year due to many new subdivisions and projects launched in the West and East.
OneHousing forecasts that in the fourth quarter of 2024, the supply of apartments in the East will exceed the West. Meanwhile, the primary price level in Hanoi has increased to 70 million VND/m2, of which the lowest unit price in the East is approximately 62 million VND/m2.
The average selling price of primary apartments in the entire Hanoi market has increased significantly, from VND 40 million/m2 in early 2022 to about VND 72 million/m2 in the third quarter of 2024. In particular, the average price of newly opened projects in this quarter reached about VND 72 million/m2 (excluding VAT and maintenance fees), because the supply of newly opened apartments in the quarter was mainly recorded as high-end and luxury segments, accounting for 100% of the market share.
Notably, in the third quarter of 2024, the Eastern area has the lowest primary price in the market, about 62 million VND/m2, about 8 million VND/m2 lower than the average of the whole market. This helps new high-rise projects in the Eastern area attract attention from both investors and home buyers.
In particular, primary selling prices in the Western districts and the inner city area are currently over VND75 million/m2 and VND93 million/m2, respectively, 1.2 times and 1.5 times higher than in the Eastern area due to the high-end supply being mainly concentrated in this area.
According to statistics, the number of primary transactions in the third quarter of 2024 reached about 8,900 units, an increase of 10% quarter-on-quarter and 160% year-on-year. This growth is mainly due to low bank interest rates and flexible payment policies from investors, attracting both home buyers and investors.
Most transactions were concentrated in newly opened subdivisions and projects at Vinhomes Ocean Park 1-2 and Vinhomes Smart City, two metropolises with sales increasing continuously for 7 quarters since the first quarter of 2023. With absorption rates of 92-100% in both mid-range, high-end and luxury segments, these two urban areas demonstrate the greatest attraction in the Hanoi high-rise market for all customer segments.
It is forecasted that in the fourth quarter of 2024, the Hanoi market will consume about 8,000 units, a slight decrease compared to the third quarter but still higher than the same period last year. The sales volume of Vinhomes Ocean Park 1-2 is expected to surpass Vinhomes Smart City due to the number of newly launched projects.
Secondary high-rise transactions reached more than 25,000 units in the first 9 months of 2024, continuing to concentrate mainly in urban areas with good primary sales such as Vinhomes Ocean Park and Vinhomes Smart City.
In the third quarter of 2024, the Hanoi apartment transfer market grew continuously for two quarters, reaching about 9,400 transactions. Most of this growth came from the 10 projects with the largest transaction volume, notably Vinhomes Ocean Park and Vinhomes Smart City, which attracted strong interest thanks to their full utility system and good construction quality.
It is forecasted that in the fourth quarter of 2024, the secondary transaction volume will continue to increase, estimated at about 10,000 units, with nearly half of the market share coming from the top 10 most traded projects in the first 9 months of 2024.
Hanoi is about to have nearly 6,000 low-cost apartments for sale.
According to the Hanoi Department of Construction, there will be nearly 6,000 apartments in 11 social housing projects expected to be completed in the 2024-2025 period.
The information was given by the Hanoi Department of Construction in a discussion at the forum "To restore the real estate market to health and development" recently organized by Hanoi Radio and Television.
The department said that the city currently has 69 social housing projects that have been and are being implemented. Of which, from 2021 to now, about 0.64 million square meters of social housing floor space has been completed, with more than 10,270 apartments in 8 fully completed projects and 3 partially completed projects.
About 0.345 million square meters of social housing floor space, 5,923 apartments in 11 projects are expected to be completed in the 2024-2025 period.
Thus, with 19 projects expected to be completed in the 2021-2025 period with about 0.952 million m2 of social housing floor space, about 15,440 units, reaching about 78.3% of the target in the city's social housing development plan (1.215 million m2 of floor space).
Entering the 2026-2030 period, the Hanoi Department of Construction said that there are 50 projects under implementation with about 3.21 million square meters of floor space, about 57,170 apartments.
According to information from the management agency, Hanoi is organizing the appraisal of investment policies to serve the bidding to select investors for 4/5 social housing areas (independent) concentrated in Dong Anh, Gia Lam, and Me Linh districts with a total land use scale of over 200 hectares, about more than 12,000 apartments.
Specifically, there are 2 social housing areas in Tien Duong commune (Dong Anh district); a concentrated social housing area in Co Bi commune (Gia Lam district) and a concentrated social housing area in Dai Mach commune (Dong Anh district), Tien Phong commune (Me Linh district).
The supply of social housing in Hanoi in the coming time will also be supplemented by converting student housing in the new urban area of Phap Van - Tu Hiep into social housing for rent.
According to the Department of Construction, the City People's Committee is currently assigning the Department to prepare a project proposal for investment, submit for approval in 2024, and is expected to complete the renovation and upgrading of buildings A2 and A3 in 2026, and complete the investment and construction of building A4 no later than 2027.
In addition, the city has assigned the Department of Planning and Architecture to coordinate with the People's Committees of districts, towns, and the Hanoi Industrial and Export Processing Zones Management Board to review and supplement about 15 land funds to create large-scale, independent social housing areas with synchronous infrastructure (about 2,000 social housing apartments/area). In which, it is proposed to select 2-3 areas located near industrial zones to invest in building social housing for rent using public investment capital according to the policy of the Politburo in Directive No. 34 in 2024.
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| 3 buildings in the student housing area of Phap Van - Tu Hiep (Hanoi) have been converted into social housing for rent. (Source: Vietnamnet) |
10 projects in Hai Duong proposed to stop inspection
The People's Committee of Hai Duong province recently requested the Ministry of Natural Resources and Environment to stop inspecting 10 residential and urban projects in the province according to Decision No. 4270 of 2023 of this ministry.
The cause is due to the recent storm No. 3 (Yagi) which caused great consequences and damage to Hai Duong. The locality is currently overcoming the consequences of the storm.
Along with that, on September 17, the Government issued Resolution No. 143/NQ-CP on key tasks and solutions to urgently overcome the consequences of storm No. 3, quickly stabilize the people's situation to promote production and business recovery, actively promote economic growth, and control inflation well.
It includes the following content: "The Government Inspectorate, ministries and branches temporarily suspend inspection and examination activities in localities so that localities can focus on overcoming the consequences of natural disasters and floods."
The list of 10 residential and urban projects proposed to stop inspection includes: New residential area west of Thanh Ha town; new residential area Dong Phan village in Tan An commune; new residential area north of Huong river (Thanh Ha); commercial residential area and Cong Hoa market (Chi Linh city); commercial residential area Cam Phuc commune (Cam Giang); new residential area Dong Khe in Hong Phong commune and new residential area Thuong Duong village, Nam Trung commune (Nam Sach); new residential area Binh Dan commune (Kim Thanh); new residential area Phu village, Thai Hoc commune, Thuan Dong village, Binh Minh commune and Luoc Vac craft village residential area project (Binh Giang).
Conditions for land compensation when the State reclaims residential land
What conditions must be met to receive land compensation when the State reclaims residential land? Please read the article below to understand the current regulations.
Article 98 of the 2024 Land Law (effective from August 2024) stipulates land compensation when the State reclaims residential land as follows:
1. Households, individuals, people of Vietnamese origin residing abroad, economic organizations that are using residential land, owning houses attached to land use rights in Vietnam when the State recovers land, if they meet the conditions for compensation prescribed in Article 95 of this Law, shall be compensated with residential land or houses or money or land with a different purpose than the type of recovered land.
2. Economic organizations, people of Vietnamese origin residing abroad, and economic organizations with foreign investment capital that are using land to implement housing construction investment projects when the State reclaims land, if they meet the conditions for compensation prescribed in Article 95 of this Law, shall be compensated in money or in land.
3. The Government shall detail this Article.
Clause 2, Article 95 of the 2024 Land Law stipulates: The cases specified in Clause 1 of this Article shall be compensated for land when one of the following conditions is met:
a) Have a Certificate of land use rights or a Certificate of house ownership and land use rights or a Certificate of land use rights, house ownership and other assets attached to land or a Certificate of land use rights, ownership of assets attached to land;
b) There is a land allocation decision or land lease decision or decision allowing change of land use purpose from a competent state agency;
c) Have one of the documents on land use rights as a basis for granting a Certificate of land use rights and ownership of assets attached to land as prescribed in Article 137 of this Law;
d) Receive transfer of land use rights in accordance with the provisions of law from a person with legal land use rights but has not completed land registration procedures;
d) Land use as agreed in the mortgage contract to settle debt; document recognizing the results of the land use rights auction in which the auction winner has fulfilled financial obligations as prescribed by law.
3. The Government shall prescribe other cases of land compensation and conditions for land compensation.
Thus, to be compensated for land when the State reclaims residential land, the above conditions must be met.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-chenh-lech-gia-chung-cu-giua-dong-va-tay-ha-noi-de-nghi-dung-thanh-tra-10-du-an-dieu-kien-boi-thuong-khi-thu-hoi-dat-294253.html
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