The Hanoi market has recorded a decrease in interest and number of listings, a shortage of social housing supply in two special urban areas, and individuals doing real estate business are not allowed to buy and sell more than 10 times a year... are the latest real estate news.
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| Latest real estate: In May 2024, the Hanoi apartment market was the only segment with growth, while most other segments and types decreased in interest. (Photo: Linh An) |
Number of apartment listings in Hanoi decreased by 9%
According to market data from Batdongsan.com.vn , in May 2024, the Hanoi apartment market was the only segment that grew, while most other segments and types of real estate decreased in interest. Specifically, the interest in the apartment segment in the buying and selling market in May increased by 9%, and the rental market increased by 6%.
Notably, in June, the Hanoi apartment market could no longer maintain the growth momentum as in May when the level of interest remained the same as the previous month and the number of listings decreased by 9% in the buying and selling market. In the rental segment, the Hanoi apartment market also recorded not-so-positive developments when the level of interest only increased slightly by 4% but the number of listings decreased slightly by 4%.
According to Batdongsan.com.vn , the decline of the Hanoi apartment market is part of the general decline of the Hanoi real estate market, with interest in the entire market decreasing by 9% and the number of listings decreasing by 6%. Almost all districts of Hanoi have decreased by 3 to 19%.
Not only apartments, but other segments and types also recorded a decrease in interest and the number of listings. Specifically, compared to the previous month, in the buying and selling market, interest in private houses in Hanoi decreased by 16%, the number of listings decreased by 3%; interest in land decreased by 16%, the number of listings remained the same, the similar figures in the Hanoi street-front house segment were 14% and 10%, respectively. The Hanoi villa market was no better when interest decreased by 11%, the number of listings decreased by 12%.
In the rental market, apartments and boarding houses are the only two segments that have seen an increase in interest with specific figures of 4% and 5%. However, the number of listings for these two segments has decreased, showing that supply in the past month was not abundant, with a specific decrease of 4%.
For private houses for rent, the interest level and the number of listings for private houses both decreased by 7%. For townhouses, the interest level decreased by 13%, the number of listings increased by 6%. The interest level for offices decreased by 9%, the number of listings decreased by 15%.
An actual survey conducted by Batdongsan.com.vn recorded that the price level of the Hanoi apartment market is slightly increasing or remaining the same compared to May 2025. Specifically, the selling price of apartments in the Hei Tower project increased slightly from 4.9 - 5.2 billion VND/apartment for 2-bedroom, 2-bathroom apartments to 4.950 - 5.3 billion VND/apartment.
The average price of 3-bedroom apartments is from 5.3 billion VND or more. At the Hapulico Complex project, the price of 2-bedroom, 2-bathroom apartments increased from 4.1 - 4.3 billion VND/apartment to 4.2 - 4.4 billion VND/apartment. The 3-bedroom apartments at the Bohemia Residence project are still being offered at 7 - 7.3 billion VND/apartment.
Industrial land rental prices in the North are expected to continue to increase.
The first half of 2024 continued to record positive developments in the industrial park real estate market. Import-export and production activities continued to show signs of recovery as total import-export turnover increased by 15.7% over the same period last year, reaching 368.53 billion USD.
CBRE's Q2 report said that for the industrial land market, industrial land prices in tier 1 markets in the North increased slightly by 0.3% compared to the previous quarter and 4.5% compared to the same period, reaching an average of 134 USD/m2/remaining term. The absorption area in the first 6 months of 2024 reached more than 220 hectares, helping the occupancy rate in the North maintain at 83%, up 0.4 percentage points compared to the same period last year. Electronics manufacturers continued to lead the Northern market with large transactions from Victory Giant or Foxconn in Bac Ninh.
For the ready-built warehouse market in the North, in the first half of 2024, there were approximately more than 225,000m2 of ready-built warehouses completed in tier 1 markets, of which the area of ready-built factories accounted for 95%. The absorption area of ready-built factories was also outstanding and more than 4 times higher than the absorption area of ready-built warehouses. By the end of the second quarter of 2024, the occupancy rate of ready-built factories reached 89%; meanwhile, warehouses in the North maintained an occupancy rate of 79%.
The rental price of ready-built factories reached USD 4.9/m2/month, up 1.9% YoY and ready-built warehouses reached USD 4.6/m2/month, down 1.0% YoY. The electronics, semiconductor, furniture, and logistics industries were the leading tenants of ready-built warehouses/factories in the North in the first half of this year.
CBRE forecasts that in the next 3 years, industrial land rental prices are expected to increase by 5-8%/year in the North. Meanwhile, rental prices of ready-built warehouses/factories are forecast to increase slightly by 1-4%/year.
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| On average, Hanoi and Ho Chi Minh City lack over 50,000 housing units each year. (Photo: Ke Toai) |
Scarcity of social housing supply in 2 special urban areas
According to the Vietnam Association of Realtors (VARS), currently, in two special cities, Hanoi and Ho Chi Minh City, the supply of social housing is still scarce.
VARS cited that the number of social housing registered in the 2024 housing development target of these two cities is still very low compared to the actual demand. From the middle of the first quarter of 2024, at the Conference to deploy the Project "Investing in the construction of at least one million social housing apartments for low-income people and industrial park workers in the period of 2021-2030", Minister of Construction Nguyen Thanh Nghi pointed out that in 2024, Hanoi only registered about 1,181 apartments, Ho Chi Minh City more than 3,700 apartments.
Meanwhile, VARS research data shows that, on average, Hanoi and Ho Chi Minh City lack over 50,000 housing units each year. Thus, even if the development plans of these two cities are implemented to the maximum, the supply of social housing still cannot meet the urgent housing needs of these two special urban areas.
Therefore, VARS believes that, in order to develop the social housing segment, especially in the two special urban areas, in addition to promptly approving the 140 trillion VND Credit Package (with 4 other private joint stock commercial banks also registering to participate with 5,000 billion VND/bank) adjusted in a more preferential direction, the State management agency needs to closely monitor and ensure full preparation of conditions to implement the new regulations.
Specifically, the Housing Law 2023 and Decree No. 100/2024/N-CP detailing a number of articles of the Housing Law on the development and management of social housing will simultaneously take effect from August 1. This is a synchronous legal corridor, facilitating the continued promotion of the completion of social housing projects that have been started in cities with great housing demand such as Hanoi and Ho Chi Minh City.
At the same time, to ensure good implementation of policy goals and avoid taking advantage of policies and negative practices, it is necessary to publicize and make transparent the purchase and sale of social housing; closely monitor and ensure the right subjects buy, rent, and rent-purchase social housing.
In the two special urban areas, to have land funds for social housing development, there needs to be further intervention from the State management agency. The planning of land funds for social housing construction must ensure that it meets the huge demand of the city.
In addition, to promote growth and ensure social security, there should be more preferential policies for investors developing affordable commercial housing - VARS proposed.
Individuals doing real estate business are not allowed to buy and sell more than 10 times a year.
From August 1, individuals doing small-scale real estate business are not allowed to transact more than 10 times a year and under 300 billion VND per contract.
The above provisions are stated in Decree No. 96/2024/ND-CP (Decree 96) detailing a number of articles of the Law on Real Estate Business.
The Decree clearly stipulates the requirements for individuals doing small-scale real estate business. Accordingly, individuals doing small-scale real estate business are not required to prepare an investment project.
The number of transactions is limited to less than 10 times a year and each contract does not exceed 300 billion VND. In case of one transaction per year, the value is not counted.
According to the 2023 Real Estate Business Law, individuals doing small-scale real estate business do not have to establish a business, but must declare and pay taxes.
Similarly, organizations that sell or lease houses, construction works or part of the construction floor area not for business purposes are also limited in the number of sales and must also declare and pay taxes.
Thus, the new regulation has specifically limited the number of transactions and contract value in this case. This is a new point compared to before because the old regulation did not specify the conditions for individuals to do small-scale real estate business.
Many experts believe that clearly defining criteria for individuals doing small-scale real estate business will limit speculation and "surfing" the market.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-chung-cu-ha-noi-mat-phong-do-gioi-hanh-giao-dich-trong-nam-doi-voi-ca-nhan-kinh-doanh-dia-oc-281497.html
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