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| In the first half of 2024, the real estate market will continue to maintain positive signals from the end of 2023, but it will not be until the end of the third quarter of 2024 that the recovery will be clearly evident. (Source: cafef.vn) |
Will the real estate market recover clearly from the end of the third quarter?
Speaking at the 2024 Real Estate Market Forum held on the morning of January 5, a representative of the Market Research Team of the Vietnam Association of Realtors (VARS) said that 2023 is the year of the outbreak of the "disease" of difficulties in the Vietnamese real estate market, after a long "incubation" period and showing signs of "onset" since May 2022.
The signal has improved in the second half of the year, but overall, 2023 is a difficult year for the real estate market in general and brokerage activities in particular when thousands of real estate brokers lose their jobs and quit their jobs. Up to now, only about 20% of real estate brokers are still operating.
Regarding the general market situation, the supply in 2023 shows a shortage and poverty when the total supply in 2023 only reaches 55,329 products. Although this supply increases by 14% compared to 2022, it is only 32% compared to 2018, the time before the Covid-19 pandemic.
It is noteworthy that very few new projects are approved, while thousands of unfinished projects are "shelved" due to legal problems, and a large number of projects are stalled due to lack of capital, which is the cause of the above situation.
Assessing the 2024 market, VARS forecasts that in the first half of the year, the market will continue to maintain good signals from the end of 2023, but it will not be until the end of the third quarter of 2024 that the recovery will be clearly demonstrated.
The market is recovering, so in 2024, the real estate industry will welcome the return of about 30-40% of brokers. Along with that, large-scale sales programs and massive media campaigns will take place more frequently and continuously.
Mr. Nguyen Van Dinh - Chairman of VARS commented that 2024 will have many intertwined opportunities and challenges. In particular, positive movements in both total supply and total demand are recorded thanks to planning information. The participation of investors in the "race" to develop affordable housing and social housing will also gradually narrow the gap between supply and demand.
Vinhomes is about to build a billion-dollar super city in Hai Phong
The new urban area of Duong Kinh, Kien Thuy, invested by Vinhomes with a total investment capital of more than 23,000 billion VND (nearly 1 billion USD), will bring to the market about 5,000 townhouses and 1,300 villas.
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| Overall perspective of the new urban area project Duong Kinh, Kien Thuy. (Source: EIA Report) |
The above information was stated by Vinhomes JSC (stock code: VHM) in the environmental impact assessment (EIA) report that is being consulted.
Previously, in July 2022, Hai Phong City People's Committee approved the 1/2000 scale Zoning Plan for the New Urban Area in Duong Kinh District and Kien Thuy District.
In July 2023, Hai Phong City People's Committee decided to approve Vinhomes as the investor of this project.
By mid-November, the project was approved by Hai Phong City for detailed planning at a scale of 1/500.
The project has a total investment capital of more than VND23,000 billion (nearly USD1 billion), including project implementation costs of more than VND21,600 billion and estimated site clearance compensation costs of more than VND1,600 billion.
The expected implementation progress is 5 years from the date of land allocation decision.
The project has a land use scale of about 240 hectares, of which the area in Duong Kinh district is about 107 hectares, Kien Thuy district is 133 hectares. The expected population size is 48,000 people.
Regarding the housing product structure, it is planned to be built on an area of 69.4 hectares. Of which, 13.9 hectares will be used to build high-end social housing (apartments of about 10 floors), 36.6 hectares will be used to build about 5,000 townhouses, and 18.8 hectares will be used to build about 1,300 villas.
In addition, Vinhomes also plans to invest in 1 high school, 2 middle schools, 5 kindergartens and other commercial and service facilities at the project.
The project implementation schedule is expected to be 6 years, from July 2023 to July 2029. The project is expected to be tested and start handing over houses from 2026.
Ministry of Natural Resources and Environment requests review and issuance of certificates for condotels
The Ministry of Natural Resources and Environment (TN-MT) has just sent an official dispatch to the People's Committees of provinces and centrally-run cities on solutions to remove obstacles, support and promote the real estate market.
The document of the Ministry of Natural Resources and Environment clearly stated that, according to the reflection of some localities and on the mass media, there are still many cases of tourist apartments (condotels), tourist villas, office apartments combined with accommodation, commercial services (officetels) ... that have not been granted certificates of land use rights, house ownership rights and other assets attached to land (red books).
This affects the legitimate rights and interests of the parties involved, affecting the development of the real estate market.
Therefore, the Ministry of Natural Resources and Environment requests the People's Committees of provinces and centrally-run cities to strengthen the direction of relevant agencies to review, synthesize, and fully count the number of construction works belonging to real estate projects such as condotels, tourist villas, office apartments combined with accommodation, commercial services... that have not been granted certificates.
At the same time, direct the organization to issue certificates for the above types of apartments in accordance with regulations. Synthesize and classify projects that have not been fully implemented, or have not been properly implemented according to the provisions of the law on investment, construction, real estate business and land law.
In particular, clarify the responsibilities and settlement authority of each local agency to direct the implementation in accordance with legal regulations. In cases where it is unclear or beyond authority, report to relevant ministries and branches for consideration and settlement.
In addition, localities synthesize and classify projects with problems in implementation according to the provisions of the law on investment, construction, real estate business and land law. In which, clearly state the reasons for the problems, responsibilities, and authority to resolve of each ministry and branch and propose solutions to remove the above difficulties and problems.
Previously, in April 2023, Decree No. 10/2023/ND-CP issued by the Government was considered good news for the resort real estate market.
Accordingly, hotel apartments, resort apartments (condotel), officetel, resort villas and other works serving accommodation and tourism on commercial and service land, if qualified, will be granted certificates of land use rights, house ownership rights and other assets attached to the land (red books).
In May 2023, the Ministry of Natural Resources and Environment also sent an official dispatch to the People's Committees of provinces and cities requesting them to review and issue documents under their authority to organize the implementation of Decree No. 10/2023.
In particular, the Ministry requires localities to promote the issuance of red books for condotels, tourist villas, officetels, commercial services... However, the resort real estate market is still not very prosperous.
Lao Cai auctions 112 plots of land, starting from 1 million VND/m2
In January, 112 plots of land in Bao Yen, Bao Thang and Bat Xat districts, Lao Cai province will be auctioned for land use rights. The highest starting price is 21.6 million VND/m2.
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| Lao Cai auctions 112 plots of land, starting at 1 million VND/m2. (Source: Lao Cai Province) |
DVL Joint Stock Auction Company - Lao Cai Branch will organize an auction of the right to use 59 land plots, assets of the Bao Yen District Land Fund Development Center, on the afternoon of January 19.
The 59 auctioned plots are rural and urban residential plots, located in Vinh Yen, Xuan Hoa, Bao Ha communes, Bao Yen district.
The land plots range in area from 90-335.2 m2. The starting price is from 1-21.6 million VND/m2; equivalent to 200 million to over 4.5 billion VND/plot.
Auction participants must deposit an amount equal to 20% of the starting price of each plot of land.
Auction method: indirect voting by post, ascending bid method. Price announcement location: old Bao Yen District People's Committee hall.
In Bao Thang district , on the morning of January 12, Hoa Binh Joint Stock Auction Company will organize an auction of the right to use 43 land plots, which are assets of the Bao Thang District Land Fund Development Center.
The auctioned land plots are rural and urban residential land; with long-term use. 43 land plots belong to the Ben Pha residential area technical infrastructure project, Gia Phu commune; on provincial road look 161 in the residential area technical infrastructure area of Phu Long residential group, Pho Lu town and road PH1, at the residential area technical infrastructure of Phu Hai village 1, 2, 3, Phu Nhuan commune, Bao Thang district.
Plots of land area from 124.8-200 m2. Starting price from 1.7-4.5 million VND/m2.
Auction method is by indirect voting; ascending price method. Minimum price step is 1% of starting price of each plot.
Auction location at the 5th floor hall of Bao Thang District One-Stop Shop.
In Bat Xat district , DVL Joint Stock Auction Company - Lao Cai Branch will organize an auction of the right to use 10 land plots, which are assets of the Bat Xat District Land Fund Development Center, on the morning of January 5.
The auctioned plots are rural residential land with long-term use. The plots are located on TL 156 and T8 roads, Trinh Tuong commune.
The land plots range in size from 100-136.4 m2. The starting price is 3.5 million VND/m2; equivalent to 350-477.4 million VND/plot.
Auction method: indirect postal ballot, ascending bid method. Price announcement location: Bat Xat District Land Fund Development Center.
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