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| Resort real estate prices continue to decline in the second quarter of 2023. (Illustration photo - Source: Novaworld) |
Resort real estate prices tend to decrease
The recent real estate market report of the Ministry of Construction shows that in the second quarter of this year, the new supply of hotels and resorts nationwide was almost only supplemented by a number of projects that have been opened and put into operation such as: Tu Lan Lodge resort (Hoa Binh), 5-star The Anam Mui Ne resort (Phan Thiet), 4-star Grand Mercure hotel (Hanoi), 4-star The Tray Do Son Hotel (Hai Phong)...
Also in the second quarter, there was a newly licensed resort tourism project, the Thematic Tourist Area and Resort on the top of Ba Den Mountain, the national tourist area of Ba Den Mountain in Tay Ninh province.
The Ministry of Construction said that resort real estate prices continued to decline in the second quarter. However, the decrease was not as much as at the end of last year because capital costs are still high, but market liquidity is quiet, with almost no transactions recorded.
For the townhouse and shophouse segment, the primary selling price of this segment has not fluctuated compared to the previous quarter and the same period last year. It is still fluctuating between 6.1-16.3 billion VND/townhouse and shophouse depending on the area of each house and each area.
Specifically, the Kim Long City project (Lien Chieu, Da Nang) has a selling price of about 96 million VND/m2; The Tropicana project, Novaworld Ho Tram (Xuyen Moc, Ba Ria Vung Tau) has a selling price of about 69 million VND/m2...
The condotel segment is also experiencing stagnant liquidity. Most projects have no transactions and by the end of the second quarter there were about 700 units in inventory.
The primary price of condotels tends to decrease by 3-6% compared to the same period last year. Most of the transactions are focused on projects that have been handed over, with complete legal documents, with selling prices ranging from 1.5-5 billion VND/unit depending on the area of each unit and each area.
Specifically, the selling price of condotels in some projects such as: The Sang Residence (Da Nang) has a selling price of about 49 million VND/m2; Vinpearl Beach Front Condotel (Nha Trang, Khanh Hoa) has a selling price of about 30 million VND/m2; Flamingo Bien Hai Tien project (Thanh Hoa) has a selling price of about 47 million VND/m2...
According to the latest report of DKRA on the real estate market, the supply of new resort villas has continued to decrease since the end of the second quarter. Many projects have continuously postponed their sales launch date due to the number of orders not being as expected. Last July, only 1 new project opened for sale, equivalent to 40 units, down 88% compared to the same period last year.
Besides, market demand is still very low when only 1 villa was successfully traded, down 99% compared to the same period last year.
In the primary market, selling prices have not fluctuated much compared to last month. Continuing previous campaigns, many investors still apply interest rate support programs and quick discount incentives of up to 40-50% to stimulate buyers.
DKRA experts assessed that in the difficult context of the market, the relatively high offering price along with the cautious psychology of investors has caused liquidity to become stagnant. In addition, legal factors, interest rates and the slow recovery of the tourism industry are also the reasons why the resort market continues to be gloomy.
Binh Dinh is about to auction 110 land lots
In September, 110 plots of land in Phu Cat district, Hoai Nhon town and Quy Nhon city, Binh Dinh province will be auctioned. The highest starting price is over 6.6 billion VND/plot.
Kieu Viet Joint Stock Auction Company announces the auction of the right to use 45 residential land lots, which are assets managed by the Binh Dinh Provincial Land Fund Development Center.
Auctioned land lots in the resettlement area serving the coastal road project (DT.639) from Lai Giang bridge to Thien Chanh bridge, in Hoai Huong ward, Hoai Nhon town.
The area of the plots ranges from 102.5 to 267.5 m2. The starting land price according to the approved market price is adjusted from over 9.8 million VND to over 15.3 million VND/m2; equivalent to over 1 billion VND to nearly 3 billion VND/plot.
The auction will be held at 9:00 a.m. on September 15, at the hall of the People's Committee of Hoai Huong Ward, Hoai Nhon Town, Binh Dinh.
Meanwhile, 45 land lots in Phu Cat district will be auctioned and prices announced by Dong Duong Joint Stock Auction Company in coordination with Phu Cat District Land Fund Development and Investment Project Management Board on the afternoon of September 11.
Specifically, 45 auctioned land lots in the residential planning area of Tho stream improvement combined with traffic roads and residential area of Ngo May town. The land lots are urban residential land with long-term use.
Plot area from 191 - 679.3 m2. Starting price from over 1.1 billion VND to over 6.6 billion VND/plot.
The auction took place at the hall of the People's Committee of Ngo May town.
On the morning of September 11, the Property Auction Service Center will also organize an auction of land use rights for 20 residential lots in Residential Area 7-8, Nhon Phu Ward, Quy Nhon City.
The area of the plots ranges from 294 to 411 m2. The starting price according to the approved market price ranges from 11.4 million VND to over 13.6 million VND/m2. The starting price of each plot ranges from over 3.3 billion VND to over 5.6 billion VND/plot.
The auction was held at the Property Auction Service Center hall.
All 110 lots are organized in the form of auction combining indirect voting and direct voting at the auction. The method of bidding up, auctioning each lot separately.
Can Tho Department of Construction "blows the whistle" on 2 unqualified projects
The Department of Construction of Can Tho City has just issued Official Letter No. 2450/SXD-QLN on rectifying real estate business activities and capital mobilization when not qualified. That is the Hung Thanh Ward Residential Area project (Lot 5C) - Hong Loan Real Estate Trading Construction Joint Stock Company and the Dai Ngan New Urban Area project - Dai Ngan Trading and Service Company Limited.
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| Hung Thanh Ward Residential Area (Lot 5C) is under construction and does not meet the conditions for selling houses. (Source: BXD) |
According to Report No. 18/BC.DN.2023 dated June 20, 2023 of Dai Ngan Trading and Service Company Limited on Dai Ngan New Urban Area project; Report No. 110/BC-HL dated June 22, 2023 of Hong Loan Real Estate Trading Construction Joint Stock Company on Hung Thanh Ward Residential Area project (lot 5C), it is found that the project has a situation of capital mobilization through forms such as: Capital contracts, memorandum contracts, land exchange for resettlement plots... and trading and transferring real estate plots that do not meet the conditions.
To conduct real estate business in accordance with legal regulations, Can Tho Department of Construction requests Dai Ngan Trading and Service Company Limited and Hong Loan Real Estate Trading Construction Joint Stock Company: Real estate business of real estate investment and trading enterprises must comply with the provisions of the 2014 Housing Law and the 2014 Real Estate Business Law.
On May 23, 2019, the Department of Construction issued Notice No. 1247/TB-SXD guiding a number of current legal regulations on investment and trading in real estate, which are land and housing in Can Tho city. Accordingly, for real estate trading in current projects, according to legal regulations, it is divided into 2 types: Real estate is land that must have a certificate of land use rights according to the provisions of the law on land and real estate is housing that must have a notice of eligibility to sell future housing.
Organize a review of real estate business activities for the above projects. In case of conducting transactions without meeting the conditions, they must stop and self-correct the consequences, ensuring that the project's real estate is not put up for sale or capital mobilization without meeting the conditions. If there are illegal transactions causing consequences, the investor must take full responsibility according to current laws.
At the same time, Can Tho Department of Construction requests investors to implement the above contents. In the coming time, if investors have a written request and meet the prescribed conditions, the Department of Construction will have a notice confirming the conditions for selling future housing to be put into business.
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