Conditions for foreigners to own houses in Vietnam according to the 2023 Housing Law, Lam Dong is about to adjust the land price list, Thanh Hoa requires inspection of a trillion-dollar project on "golden land"... are the latest real estate news.
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| Latest real estate: Foreign individuals who are allowed to enter Vietnam and are not entitled to diplomatic or consular privileges and immunities under the law are allowed to own houses in Vietnam according to the regulations. (Photo: Linh An) |
Lam Dong is about to adjust land price list
The Department of Natural Resources and Environment (DONRE) of Lam Dong has just submitted to the Land Price Appraisal Council and the Department of Finance for appraisal the draft decision to adjust the land price list for the period 2020-2024, applicable from August 1, 2024 to before January 1, 2026.
The land price list for the 2020-2024 period was issued in January 2020, based on the land price framework under Decree No. 96/2019. However, the 2024 Land Law, effective from August 1, no longer stipulates the land price framework and adjustment coefficient (coefficient K).
In addition, many routes and road sections have not been updated in the price list, causing difficulties in determining financial obligations such as: Calculating land use conversion fees; calculating land allocation and land lease fees; determining compensation when reclaiming land; taxes, fees, etc.
Therefore, the price list for the 2020-2024 period must be adjusted to approach the market price to be applied from August 1, 2024 to before January 1, 2026, which is the time of first application of the land price list according to the 2024 Land Law.
According to the draft, the Department of Natural Resources and Environment of Lam Dong province submitted the adjusted land price list for Da Lat city, Bao Loc city and 10 districts. However, due to the lack of market fluctuations, most localities did not adjust land prices and K coefficients.
Specifically, Duc Trong and Lam Ha districts have added new roads and road sections to the adjusted land price list due to investment and upgrading. The land prices of these new roads and road sections are proposed based on market research and surveys.
In Don Duong district, due to the same area 2, land prices on some sections of the road are still low, so it is proposed to combine them. In Lam Ha district, a section of the road is proposed to have its land price adjusted due to recent investment and upgrading. In some other districts, there are adjustments to the plot numbers, map sheets, and corrections to match reality.
As for Da Lat City, the Department of Natural Resources and Environment of Lam Dong said that on August 12, the locality sent a report with documents related to the adjustment of land prices. However, the next day, the People's Committee of Da Lat City withdrew this report, citing the need to check and clarify some contents.
On August 22, the People's Committee of Da Lat City issued a document requesting an extension of the time for commenting on the draft while waiting for the opinion of the Standing Committee of the City Party Committee. To ensure the time to complete the draft of the adjusted land price list, the Department of Natural Resources and Environment submitted the report dated August 12 of the People's Committee of Da Lat City.
The Department requested the People's Committees of Da Lat City, Bao Loc City and 10 districts to prepare complete documents related to the land price adjustment plan to explain to the Lam Dong Land Price Appraisal Council.
On that basis, the Provincial Land Price Appraisal Council will appraise and give comments so that the Department of Natural Resources and Environment can complete the draft land price adjustment and carry out the next steps.
According to the draft adjustment of land price list for the period 2020-2024 of Lam Dong province, in Da Lat city, the highest agricultural land price is 1.2 million VND/m2, the highest rural residential land price is 4.83 million VND/m2. The highest residential land price in Da Lat city is 72.8 million VND/m2, belonging to Hoa Binh area (all roads, including the inner-city bus station area) and all Nguyen Thi Minh Khai streets.
Compared to the price list before adjustment, based on the highest price and not multiplied by coefficient K, agricultural land prices in Da Lat city are expected to increase 6 times, rural land prices increase 2.3 times, and urban land prices increase 1.3 times.
In Bao Loc City, the highest expected agricultural land price is 546 thousand VND/m2, the highest rural land price is 9.6 million VND/m2. Meanwhile, the highest expected urban land price is 35.1 million VND/m2 on Le Hong Phong Street, from after Kim Dong Street to the end of Tran Phu Street.
Compared to the pre-adjusted land price list, if considered based on the highest price and not multiplied by the coefficient K, agricultural land prices in Bao Loc City are expected to increase 4.3 times, rural land prices will increase more than 2 times and urban land prices will increase 1.8 times.
Previously, on August 23, Deputy Minister of Natural Resources and Environment Le Minh Ngan signed an official dispatch requesting provinces and centrally-run cities to adjust, amend and supplement the land price list.
Thanh Hoa requests inspection of trillion-dollar project on "golden land"
On August 26, Vice Chairman of Thanh Hoa Provincial People's Committee Le Duc Giang has just directed and assigned the Department of Natural Resources and Environment to coordinate with the Department of Construction, Department of Planning and Investment, Thanh Hoa City People's Committee and related units to inspect and verify the delay in implementing the project of the Eastern Urban Area of the North-South Avenue of Thanh Hoa City. The provincial leaders requested the above units to advise the provincial committee to direct and handle violations (if any) according to the provisions of law; report to the Provincial People's Committee before September 10.
Previously, in March 2012, the People's Committee of Thanh Hoa province approved the results of selecting investors to implement the project of the urban area east of the North-South Avenue of Thanh Hoa city, located in the administrative boundaries of Nam Ngan, Dong Tho and Ham Rong wards. The investors are a consortium of EITC Electronics, Information Technology and Telecommunications Company Limited and Fortune Investment Joint Stock Company.
The project area is 54 hectares, with a total investment of over 1,200 billion VND. Up to now, the investor is still sluggishly implementing the project, and has not completed the infrastructure part of the project.
On the same day, August 26, Vice Chairman of Thanh Hoa Provincial People's Committee Mai Xuan Liem signed a document to extend the investment and construction of the Urban Area project east of North-South Avenue, Thanh Hoa City.
Specifically, for the area (53.74ha) assigned to the investor, the completion time of the construction items is no later than April 2025.
For the remaining area (about 1.1ha) that has not been cleared, the time to complete the clearance is no later than June 30, 2025 and the construction items must be completed no later than March 31, 2026.
The document emphasizes that “this is the final extension.”
According to the investor representative, the reason for the delay is that the project was heavily affected by the Covid-19 pandemic. After the pandemic, material prices increased, the economic recession, the real estate market was sluggish, etc., so the investor could not complete the project on schedule according to regulations.
Binh Duong: Will publicize land transfer areas for individuals to build their own houses
Binh Duong Provincial People's Committee is seeking opinions on the draft Regulation on areas where land use rights with technical infrastructure can be transferred to individuals to build their own houses in the area.
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| Binh Duong will announce areas where land with infrastructure can be transferred to individuals to build their own houses. (Illustration photo - Source: XD Newspaper) |
Accordingly, the province will announce areas where land use rights with technical infrastructure are transferred to individuals to build their own houses in the area. Real estate projects must not be located in the following areas: Real estate projects not located in wards and communes of Thu Dau Mot city, Thuan An, Di An, Tan Uyen, Ben Cat; Projects not subject to land use rights auction for investment in housing construction projects according to the provisions of the Land Law.
For areas in the province where land use rights with technical infrastructure are transferred to individuals for self-construction of houses, before transferring land use rights, the project investor must send a written notice to the State management agency for real estate business at the provincial level where the project is located and the State management agency must respond in writing to the investor about the land with technical infrastructure in the real estate project that is eligible for transfer.
For real estate projects for which the Provincial People's Committee has issued a document approving or permitting the investor to transfer the right to use land with technical infrastructure in the form of dividing land into plots and selling them to individuals for self-construction of houses in accordance with the provisions of law before the effective date of the Law on Real Estate Business No. 29/2023/QH15, they shall continue to be implemented in accordance with the document of the Provincial People's Committee but must ensure compliance with the provisions in Article 28, Article 29, Clause 1, Clause 2, Clause 3, Clause 4, Clause 5, Clause 7 and Clause 8 of Article 31, Article 32 of the Law on Real Estate Business and Article 9 of Decree No. 96/2024/ND-CP.
A real estate project that has met the requirements for a real estate investment project for business purposes as prescribed in Law No. 66/2014/QH13 before the effective date of the Law on Real Estate Business shall not have to meet the requirements for a real estate project as prescribed in Article 11 of the Law on Real Estate Business; in case a real estate project carries out adjustment procedures after the effective date of the Law on Real Estate Business, it must meet the requirements for a real estate project as prescribed in the Law on Real Estate Business.
Conditions for foreigners to own houses in Vietnam according to the Housing Law 2023
Clause 1, Article 17 of the 2023 Housing Law (effective from August 1, 2024) stipulates foreign organizations and individuals who are allowed to own houses and forms of house ownership in Vietnam.
Regulations on foreign organizations and individuals allowed to own houses and forms of house ownership in Vietnam are as follows:
Foreign organizations and individuals are allowed to own houses in Vietnam, including: Economic organizations with foreign investment capital investing in housing construction projects in Vietnam according to the provisions of this Law and other relevant legal provisions.
Foreign-invested economic organizations, branches, representative offices of foreign enterprises, foreign investment funds and foreign bank branches operating in Vietnam (hereinafter referred to as foreign organizations); Foreign individuals permitted to enter Vietnam.
Article 18 of the 2023 Housing Law stipulates the conditions for foreign organizations and individuals to own houses in Vietnam as follows:
For economic organizations with foreign investment capital specified in Point a, Clause 1, Article 17 of this Law, they must be investors in housing construction investment projects according to the provisions of this Law and the law on real estate business.
For foreign organizations specified in Point b, Clause 1, Article 17 of this Law, they must have an Investment Certificate or Investment Registration Certificate or documents related to the permission to operate or establish in Vietnam that are still valid at the time of signing the housing transaction (hereinafter referred to as the investment certificate) issued by a competent State agency of Vietnam in accordance with the provisions of law.
Foreign individuals specified in Point c, Clause 1, Article 17 of this Law must not be in a case of enjoying diplomatic or consular privileges and immunities as prescribed by law.
Thus, foreign individuals who are allowed to enter Vietnam and are not entitled to diplomatic or consular privileges and immunities as prescribed by law are allowed to own houses in Vietnam according to the above regulations.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-gia-dat-da-lat-sau-dieu-chinh-yeu-cau-kiem-tra-du-an-nghin-ty-dieu-kien-nguoi-nuoc-ngoai-so-huu-nha-tai-viet-nam-284021.html
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