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| Latest real estate: The lessee or buyer of social housing is not allowed to resell the house within a minimum period of 5 years from the date of full payment of the rent or purchase price. (Source: VNN) |
Hanoi has apartments exceeding 100 million VND/m2
After a period of "hot" growth, the apartment market tends to stagnate. However, many experts predict that this market is unlikely to decline deeply, even though search demand has decreased.
According to data from Batdongsan.com.vn , in the first 4 months of 2023, apartment prices in Hanoi and Ho Chi Minh City remained almost flat in all segments.
Compared to the same period last year, the asking price of apartments in Hanoi increased slightly by 2-4% in the low-end and mid-range segments, and decreased by 1% in the high-end segment. In Ho Chi Minh City, the asking price of low-end apartments did not change, the mid-range apartments increased by 2%, while the high-end apartments increased by 6%.
The report on the real estate market in the first quarter of this year by the Ministry of Construction shows that apartments continue to attract the attention of groups with real housing needs and medium and long-term investors. Apartment prices fluctuated down and up in many projects in Hanoi and Ho Chi Minh City.
In the real estate market, the number of new apartment projects opened for sale in the first quarter of this year is not much, mainly coming from the mid-range and high-end segments and concentrated in some large provinces and cities.
According to a survey, in Hanoi, although the apartment market is "flat", prices in this segment are still high after a period of "overheating".
Apartments in some apartment projects located in central districts such as Ba Dinh, Dong Da, Hai Ba Trung have an average price from 60 million VND to over 100 million VND/m2, depending on location. For example, Vinhomes Metropolis Ba Dinh apartment has an average price of 99 million VND/m2.
The prices of apartments in some apartment projects in Hoang Mai, Thanh Xuan, and Ha Dong districts also range from 38-60 million VND/m2. For example, The Zen Residence apartment in Hoang Mai district is currently priced at 41-53 million VND/m2.
Particularly, in Tay Ho district, the price of apartments in the West Lake Tay Ho area and Vo Chi Cong axis has recorded a floor area of up to hundreds of millions of VND/m2. For example, the Heritage West Lake project located on Lac Long Quan street (Tay Ho) has a price range of 100-140 million VND/m2.
In addition, on some real estate websites, a 3-bedroom apartment is being sold for more than 10 billion VND, with an area of nearly 100 square meters. Or an apartment located in the new urban area west of West Lake, with an area of 113 square meters, is also being sold for nearly 12 billion VND.
According to the explanation of real estate brokers in this area, the West Lake area is strongly attracting the wealthy class and especially foreigners to live and work.
In the current context, many people wonder if this is the right time to put money down to buy a house.
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn - recommends that buyers should carefully consider financial problems, consider their own capital, borrowing capacity and debt repayment capacity.
"For those who buy to live, buying a house at this time will immediately meet their needs and settling down can help homeowners have better cash flow. As for investors, they should calculate much more carefully because investment costs are related to capital recovery, so they need to grasp detailed information about the possibility of fluctuations in rental prices, selling prices, and rental yields," said Mr. Quoc Anh.
Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - said that the slow resolution of legal issues in projects has caused many projects to stagnate recently.
Demand may decline due to falling incomes, high interest rates and still-high home prices. Apartment prices are expected to remain flat due to buyers’ tentative psychology.
Along with that, the policy is not really open, making social housing not develop strongly, while many localities are facing difficulties in land valuation as well as selecting investors for housing projects, urban areas, etc. All these factors cause the real estate market to fall into a state of shortage of supply, lack of liquidity, and cash flow.
The Provincial People's Committee is allowed to regulate the area where land can be divided into plots for sale.
The Government has just issued Decree 35 amending and supplementing a number of articles of the Decrees under the State management of the Ministry of Construction with a series of new points. In particular, amending and supplementing a number of articles of Decree No. 11/2013 of the Government on urban development investment management.
Notably, Decree 35 of the Government allows the Provincial People's Committee to regulate the area to be divided into plots for sale when in accordance with relevant legal regulations without having to consult the Ministry of Construction.
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| A subdivided land plot in Bao Lam district, Lam Dong. (Source: Vietnamnet) |
Specifically, amend and supplement Clause 7, Article 4 in the direction that the Provincial People's Committee specifies the areas where land use rights can be transferred in the form of dividing land into plots and selling them to people to build their own houses according to the detailed planning of the approved project, meeting the legal regulations on land, housing, real estate business and regulations.
The project is suitable for urban planning levels; has completed infrastructure investment for the entire project or according to approved investment phases; housing construction must ensure compliance with approved project content and progress.
The project is not located in an area with high requirements for landscape architecture management, the frontage of regional-level roads or higher and the main landscape roads in the urban area, the central area and around the works that are architectural highlights in the urban area.
Provincial People's Committees shall base on urban planning, urban development programs for each urban area, approved architectural management regulations and national technical standards on construction, infrastructure and urban planning to specify areas where land use rights can be transferred in the form of subdivision and sale of land plots to people for self-construction of houses.
According to previous regulations in Decree No. 11/2013, the Provincial People's Committee specifically regulates areas where land use rights that have been invested in infrastructure can be transferred to people to build their own houses according to the detailed planning of the approved project, after receiving written consent from the Ministry of Construction.
HCMC: 6 projects meet criteria for borrowing 120,000 billion VND credit package
The Department of Construction of Ho Chi Minh City has just sent a document reporting to the City People's Committee on the project investors (phase 1) registering to borrow a credit package of 120,000 billion VND according to Resolution No. 33/NQ-CP of the Government.
As of June 12, the Department of Construction has received 6 requests from investors in need of borrowing capital from the VND 120,000 billion credit package under Resolution No. 33/NQ-CP dated March 11, 2023 of the Government. Among them are 03 social housing project investors, 1 project investor for workers' rental and 2 projects investors for renovating and rebuilding old apartments.
Notably, there are 3 social housing projects registered to borrow the 120,000 billion VND credit package this time, specifically: Social Housing Project - Phase 2 of Nguyen Son Residential Area, Binh Hung Commune, Binh Chanh District (Block C) invested by Nguyen Son Real Estate Joint Stock Company. The project's construction land area is 22,302 m2; with 242 apartments (equivalent to 14,100 m2 floor area).
The social housing project at 324 Ly Thuong Kiet Street, Ward 14, District 10 is invested by Duc Manh Joint Stock Company. With a scale of up to 18,005 m2 of construction land area; 1,254 apartments (equivalent to 138,365 m2 of floor area).
The Long Truong Ward Housing Project, Thu Duc City is invested by Dien Phuc Thanh Construction and Housing Trading Company Limited. This is a project with a construction land area of 14,300 m2; 558 apartments (with 34,316 m2 floor area).
In this proposal, there is also a social housing project for workers to rent at the Industrial Park District 2, Thanh My Loi Ward, Thu Duc City, invested by ThuThiemGroup Joint Stock Company. With a construction land area of over 20,000 m2; 1,004 apartments (equivalent to nearly 94,000 m2 of floor space).
Notably, this time there are 2 apartment renovation and reconstruction projects registered for loans of more than 1,100 billion VND, including: New construction project of apartment building 350 Hoang Van Thu, Ward 4, Tan Binh District (invested by Duc Khai Tan Binh Joint Stock Company) and Saigon Central Residential Area project, at 23 Ly Tu Trong Street, Ben Nghe Ward, District 1 (invested by DOWNTOWN Real Estate Joint Stock Company).
During the review process, the Department of Construction assessed that all 6 projects mentioned above met the criteria and conditions according to the guidance of the Ministry of Construction, specifically: 3 social housing projects and 1 housing project for workers to rent had construction permits and 2 projects to rebuild old apartments had investment policy approval.
How long is it allowed to resell social housing?
Pursuant to Clause 4, Article 62 of the 2014 Housing Law, the lessee or buyer of social housing may not resell the house within a minimum period of 5 years from the date of full payment of the lease-purchase or house purchase price.
In case within 5 years from the date the buyer or lessee has fully paid for the purchase or lease purchase of the house and has a need to sell the house, it can only be sold to the social housing management unit or sold to a subject eligible to buy social housing if this unit does not buy at a maximum selling price equal to the selling price of the same type of social housing at the same location and time of sale and does not have to pay personal income tax.
According to the above regulations, one of the important conditions that social housing buyers need to remember when they want to resell social housing is that they can only resell social housing after at least 5 years from the time of completion of payment for the house purchase.
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