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| In the context of the real estate market gradually warming up at the beginning of the year, brokers, trading floors and investors have launched many business campaigns early so as not to miss the opportunity to reach a large number of potential customers. (Source: XD Newspaper) |
New supply in the market will soon improve
The latest data from Batdongsan.com.vn shows that compared to the beginning of 2023, the real estate market at the beginning of this year has shown more positive signs in terms of both interest and number of listings. This shows that the demand for real estate for sale nationwide in January 2024 increased by 66% compared to the same period in 2023, and the number of real estate listings for sale also increased by 52%.
Notably, in Hanoi and Ho Chi Minh City, land and project land have increased in interest more strongly than apartments. Specifically, in January 2024, the number of searches for land in Hanoi increased by 110%, and project land increased by 77% compared to the same period last year. Meanwhile, the number of searches for apartments in Hanoi increased by 71%. Similarly, in Ho Chi Minh City, the search demand increased by 71% - 73% for land and project land and increased by only 59% for apartments.
The above data partly reflects the desire of many people to own land, although the market is no longer experiencing a land fever like in early 2022. The report and index on real estate consumer sentiment (CSS) of Batdongsan.com.vn in the first half of 2024 also showed that up to 65% of respondents said they still planned to buy real estate in the next year; the proportion of purchases for investment accounted for 60% and land plots are still the type of property that future buyers are most interested in.
In the context of the real estate market gradually warming up at the beginning of the year, brokers, trading floors and investors have launched many business campaigns early to not miss the opportunity to reach a large number of potential customers.
Assessing the psychology and trends of real estate businesses, Mr. Dinh Minh Tuan, Director of batdongsan.com.vn, commented: Currently, many investors are determined to push their products early in 2024 because if they wait until 2025 when the Real Estate Business Law 2023 takes effect, collecting money will be more difficult and time-consuming because at that time, investors will only be allowed to collect deposits of no more than 5% of the selling price of houses and future construction works, and after completing all obligations for sale, they will be allowed to collect an additional 25%. Therefore, this expert predicts that new supply in the real estate market will soon improve in 2024.
According to Mr. Dinh Minh Tuan's research with more than 10 land businesses in Dong Nai, Binh Duong, Long An, businesses all shared that the number of land transactions increased at the beginning of this year. Most of them focused on plots of land with standard legal documents, priced under 2 billion VND, located within a 60km radius around Ho Chi Minh City.
In the Hanoi market, with segments that meet real needs such as buying, selling, and renting secondary apartments or retail space in the inner city, many real estate brokers have also started working right after the Tet holiday. The scarce supply while the demand still exists has made the transaction situation after Tet more vibrant in these segments.
When to invest?
According to a survey at the end of 2023 by the One Mount Real Estate Center for Market Research and Customer Insights, out of 63% of people with real estate needs in 2024, most of those with real estate needs are interested in apartments, land and residential land.
According to data just released by a real estate research unit, after the Tet holiday, interest in real estate has quickly increased again.
Previously, the number of real estate searches nationwide started to increase from the 2nd day of Tet and kept increasing quite strongly, reaching a 124% increase on the 10th day of Tet compared to 1 week before Tet.
Notably, in Hanoi and Ho Chi Minh City, land and project land have seen a stronger increase in interest than apartments.
A survey in Hoai Duc (Hanoi) shows that the demand for suburban land has increased in recent times compared to the first months of 2023. However, the number of successful transactions is not high, and there has not been much improvement.
Currently, customers are still mainly searching and surveying the market. The search demand of investors fluctuates with financial resources of around 2 billion VND.
Regarding the price of houses and land in the suburban alley, this is a real estate product serving the real housing needs. The value calculated by m2 is large, but the total value of the house is still much smaller compared to the adjacent house, villa because the area is small, only about 30-50m2, so the price of houses in the alley has increased over time.
The basket of houses in alleys is mainly concentrated in districts such as Dong Anh, Hoai Duc, Thanh Tri, Gia Lam... The price is mostly around 100 million VND/m2 for houses in alleys about 2.5-3m wide.
For investors, low interest rates for home buyers are an advantage for leverage. Although interest rates are down, experts advise against overusing them.
According to experts, you should only invest at this time when you have money available and find real estate at a good, cheap price. In the short term, the real estate market cannot recover immediately. The real estate market in 2024 is not the time to invest and surf, this is still the stage to consider buying for long-term investment, buying to live. Therefore, you should not use too much financial leverage and should only aim for projects with complete legal documents, easy sales policies and good interest rate incentives.
Da Nang auctions "golden" land worth thousands of billions of dong with 4 sides facing the road
The Land Fund Development Center under the Department of Natural Resources and Environment of Da Nang announced the auction of land plot coded A1-2-1 on the road from Han River Bridge to the sea on Pham Van Dong Street.
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| Current status of land near Han River Bridge put up for auction by Da Nang. (Source: Dan Tri) |
The total area of the land is nearly 10,000m2, the starting price is over 137 million VND/m2. The land use period is 50 years, the tenant pays the rent once. This land has 4 sides facing the road.
The city has completed site clearance and technical infrastructure. The land is intended to build a commercial center and offices for lease with a total estimated investment of nearly 2,000 billion VND from the winning bidder.
Da Nang sets a condition that participating units must pay in advance 20% of the total value of the land plot. In case 2 or more companies have cross-ownership with each other according to the provisions of the law on enterprises, only 1 company can participate in the auction.
Auction participants must also have a general report on the investment project in accordance with the functions and planning indicators, progress, and total expected investment of the project.
Must have documents and papers proving that the minimum equity to implement the project is not less than 20% of the total expected investment, commitment not to go bankrupt or be in the process of dissolution...
What procedures are required to convert garden land to residential land in 2024?
Converting garden land to residential land requires permission
According to Clause 2, Article 9 of the 2024 Land Law, agricultural land includes the following types of land: Land for growing annual crops, including rice land and land for growing other annual crops; Land for growing perennial crops; Forestry land, including special-use forest land, protective forest land, production forest land; Aquaculture land; Concentrated livestock land; Salt-making land; Other agricultural land.
Thus, according to Article 9 of the 2024 Land Law, the law does not classify garden land into any land group. However, based on the purpose of land use, garden land can be understood as land for growing annual crops or land for growing perennial crops (belonging to the agricultural land group).
At the same time, according to Article 121 of the 2024 Land Law, the conversion of agricultural land to non-agricultural land must be permitted by a competent state agency.
Procedures for converting garden land to residential land
* Steps to follow
Pursuant to Article 69 of Decree 43/2014/ND-CP, the conversion from garden land to residential land is carried out in the following steps:
Step 1. Prepare documents. Households and individuals need to prepare a set of documents, including: Application for permission to change land use purpose; Certificate (red book, pink book);
Step 2. Submit and receive documents:
Where to submit documents: Method 1: Submit documents at the One-Stop Department to forward to the Department of Natural Resources and Environment; Method 2: In places where the One-Stop Department has not been established, submit documents directly to the Department of Natural Resources and Environment.
Receiving documents: If the documents are complete, the receiving department will record them in the receipt book and give the applicant a receipt (the receipt clearly states the deadline for returning the results); If the documents are incomplete or invalid, within no more than 3 working days, the applicant must be notified and instructed to supplement and complete the documents according to regulations.
Step 3. Resolve requests: At this stage, people need to note the most important obligation is to pay land use fees.
Step 4. Return results
* Processing time: No more than 15 days from the date of receipt of valid documents; no more than 25 days for mountainous communes, islands, remote areas, areas with difficult socio-economic conditions.
Note: The above time does not include days off and holidays as prescribed by law; does not include the time to fulfill financial obligations of land users.
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