The Hanoi market is no longer easy for small investors, Bac Giang decided to cancel more than 100 projects, Da Nang adjusted the planning of a super resort urban area project worth nearly 44,000 billion VND... are the latest real estate news.
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| As of the fourth quarter of 2024, there are almost no new projects on the real estate market with prices below VND60 million/m2, many projects for sale even have prices above VND100 million/m2 located in the suburbs such as Dong Anh. (Photo: Hai An) |
After price fever, will Hanoi real estate be 'narrow door' for small investors?
In the report on the performance of the real estate market in 2024, the Ministry of Construction said that the apartment segment in Hanoi and Ho Chi Minh City has increased compared to 2023. In particular, Hanoi leads in price increase rate.
The price hike has caused the low-end segment, which was previously under 30 million VND/m2, to now increase to under 45 million VND/m2. The mid-range segment, which was previously priced at 30-45 million VND/m2, has now increased to around 45-70 million VND/m2.
The high-end segment used to cost 50-70 million VND/m2, now it has increased to 70-100 million VND/m2. In fact, the criteria for each segment has increased by 28-44%.
CBRE data recorded that as of the fourth quarter of 2024, the selling price of primary apartments in Hanoi reached 72 million VND/m2, the highest level in the history of the capital's real estate market in many years.
It is noted that there are almost no new projects on the market with prices below 60 million VND/m2, many projects for sale even have prices above 100 million VND/m2 located in the suburbs such as Dong Anh.
Apartment prices have increased in both the primary and secondary markets, and old projects are no exception. According to CBRE, last year, secondary apartment prices in Hanoi increased by more than 26%. This is the highest level ever recorded, reaching an average of VND48 million/m2.
Not only apartments, land auctions in the suburbs of Hanoi are also a "hot spot" in the real estate market in 2024 when auctions in Thanh Oai and Hoai Duc districts... attracted a large number of registrations, auctions lasted all night with winning bids skyrocketing, dozens of times higher than the starting price.
Following the sharp increase in apartments and auctioned land, real estate in Hanoi from suburban areas to small alleys in the inner city are being advertised for sale at a sharp increase, making the dream of settling down for people even more difficult.
Ms. Do Thu Hang, Senior Director, Consulting and Research Department, Savills Hanoi, commented that the Hanoi real estate market as well as the national market in 2025 is expected to enter a new development cycle.
According to Ms. Hang, this cycle will move towards sustainable development thanks to strong support from the completion of the legal framework and strong macroeconomic growth factors. In particular, along with the laws on Real Estate Business, Land, Housing, Hanoi Capital Planning for the period 2021-2030, with a vision to 2050, it has created conditions for people and investors to see more clearly the orientation and shape of Hanoi's urban space development.
“In this new market cycle, the completion of the legal framework will create stronger competition, leading to a new purge of products and investors. If in the past, investors only needed capital and projects to be able to participate in the market, now, investors must build reputation, experience and financial potential to be able to develop projects,” the expert assessed.
Notably, experts pointed out that the difference in this market is the direct participation of foreign investors.
“Foreign investors will participate more deeply and widely in the market and diversify their investment segments. They have participated more deeply through investment cooperation activities and joining hands with large domestic investors to develop projects. Moreover, the financial potential from these cooperation deals will upgrade the existing market, narrowing the door to market participation for small investors,” Ms. Hang commented.
Assessing Hanoi apartments this year, Associate Professor Dr. Dinh Trong Thinh said that the price increase will slow down, the market tends to be more stable, no longer "hot" as in the past. Accordingly, the cash flow of buyers will tend to shift from areas with high price levels to areas with more competitive price levels and more room for growth.
Mr. Pham Duc Toan, CEO of EZ Property Investment and Real Estate Development JSC, believes that Hanoi apartments will not or will find it very difficult to reduce prices. However, according to him, apartments are only suitable for those who need to live, while investment will not be effective, and investors will even get stuck.
For investors, experts note that it is necessary to carefully consider and evaluate areas that have established high price levels, and can expand to areas with good economic growth potential and strong industrial development, because this is where large profit margins can be achieved.
Bac Giang cancels more than 100 urban and residential area projects
Bac Giang decided to cancel 102 urban and residential area projects that need to attract investment that have been approved but have not yet had their investment policies decided.
The decision has just been signed and issued by Vice Chairman of Bac Giang Provincial People's Committee, Mr. Phan The Tuan.
These 102 projects have had decisions approving the list of urban and residential area projects needing investment attraction in 3 decisions of the Provincial People's Committee and 24 decisions of the Provincial People's Committee Chairman but have not yet had their investment policy decided.
Previously, at the end of December 2024, Deputy Director of the Department of Construction of Bac Giang Nguyen Ngoc Son signed a document to submit to the Provincial People's Committee and the Chairman of the Provincial People's Committee to consider canceling the list of 102 urban and residential area projects that need to attract investment in the area so that the implementation of urban and residential area projects in the province can be carried out in accordance with regulations.
The reason why the Bac Giang Department of Construction proposed to cancel 102 urban and residential area projects is because according to current regulations, the investment procedures for urban and residential area construction have changed. Therefore, it is necessary to cancel the list of approved projects but the investment policy has not been approved.
In addition, the Department of Construction of Bac Giang province proposed that the Provincial People's Committee assign the People's Committees of districts, towns and cities to annually review and make a list of projects requiring land recovery, projects converting rice-growing land to other purposes, report to the Provincial People's Committee for consideration, and submit to the Provincial People's Council for approval in accordance with the provisions of law.
In the list of 102 canceled projects, there are many projects located in districts, cities, and towns: Luc Nam, Tan Yen, Hiep Hoa, Lang Giang, Yen The, Luc Ngan, Bac Giang, Viet Yen... with decisions approving the list from 2020-2024.
It is worth mentioning Nham Bien Ecological Urban Area, Nham Bien Town, Yen Dung District, which has a decision approving the list in 2020 with a scale of 45.3 hectares. There is also a decision in 2020, in the list of canceled projects, there is Quang Chau New Urban Area, Viet Yen District (30 hectares), Quyet Tien - Thanh Cong New Residential Area, Tien Phong Commune, Yen Dung District (19.6 hectares)...
Or some large-scale projects such as the high-class, smart ecological and service urban area in the south of Bac Giang city (280.2 hectares), Ninh Son urban area, Ninh Son commune and Quang Minh commune, Viet Yen district (nearly 144 hectares), Bac Giang mixed-use urban area and international market (296 hectares)...
Da Nang adjusts planning for super project worth nearly 44,000 billion VND
On February 6, the People's Committee of Lien Chieu District (Da Nang City) announced the decision to approve the adjustment of the detailed planning 1/500 of the Lang Van tourism complex and resort urban area project.
According to the approved information, the land for planning research belongs to Hoa Hiep Bac ward, Lien Chieu district. The area before planning adjustment is more than 1,067 hectares, after adjustment the area is more than 512 hectares.
The adjusted area is reduced by about 555.7 hectares compared to the original plan. Of which, 63.3 hectares of natural forest land are removed from the project. In addition, 6.4 hectares of natural sandbank land; 6.6 hectares of land overlapping with Lien Chieu port; 2.7 hectares of land for archaeological exploration and excavation and 476.7 hectares of sea surface are also removed from the project.
The project's population is about 19,000 people (of which the official population is nearly 18,000 people and the temporary population is about 1,000 people).
The project is formed as an international-class eco-tourism and resort complex; a smart urban area, housing and commercial services, with a full range of social and technical infrastructure systems in harmony with the terrain and natural landscape.
Previously, in November 2024, the Prime Minister issued a decision approving the adjustment of the investment policy for the Lang Van resort and entertainment complex project.
The project's goal is to form a complex including commercial service facilities, eco-tourism development combined with low-density housing, associated with nature conservation.
The total investment capital of the project is nearly 44,000 billion VND. The project progress is 5 years from the date of approval of the investment policy adjustment. In which, phase 1 completes investment preparation procedures from the first year to the second year; phase 2 implements investment, acceptance and puts into use from the second year to the end of the fifth year (2027-2029).
Things to know about transferring land use rights when not paying land use fees
According to the 2024 Land Law, to transfer the name of the Certificate of land use rights, house ownership rights and other assets attached to land (also known as red book) or other transactions related to land use rights, the land user must fulfill financial obligations.
Can I transfer the red book if I owe land use fees?
Clause 5, Article 45 of the 2024 Land Law stipulates the conditions for exercising land use rights in cases where land users owe land use fees as follows:
In case the land user is allowed to delay the performance of financial obligations or is allowed to owe financial obligations, he/she must complete the financial obligations before exercising the rights to convert, transfer, lease, sublease, donate land use rights, mortgage, or contribute capital using land use rights.
Thus, in case of land use fee debt, the land can only be transferred, donated… when the full amount of debt is paid. To quickly change the name, please see and follow the instructions for the documents and procedures for changing the name on the Certificate.
Conditions for transfer of land use rights
The 2024 Land Law clearly stipulates the conditions for exercising land users' rights such as transfer rights, specifically:
Conditions of the transferor (seller)
Pursuant to Clause 1, Article 45 of the 2024 Land Law, land users are allowed to transfer or donate their land use rights to others when the following conditions are met:
Land users are entitled to exercise the rights to convert, transfer, lease, sublease, inherit, donate land use rights; mortgage, and contribute capital using land use rights when meeting all of the following conditions:
a) Have a Certificate of land use rights or a Certificate of house ownership and land use rights or a Certificate of land use rights, house ownership and other assets attached to land or a Certificate of land use rights, ownership of assets attached to land, except for cases of inheritance of land use rights, conversion of agricultural land when consolidating land, exchanging plots, donating land use rights to the State, residential communities and cases specified in Clause 7, Article 124 and Point a, Clause 4, Article 127 of this Law;
b) Land is not in dispute or the dispute has been resolved by a competent state agency, a court judgment or decision, an arbitration decision or award that has come into legal effect;
c) Land use rights are not subject to seizure or other measures to ensure enforcement of judgments according to the provisions of the law on civil judgment enforcement;
d) During the land use period;
d) Land use rights are not subject to temporary emergency measures as prescribed by law.
Conditions for the transferee (buyer)
According to Clause 8, Article 45 of the 2024 Land Law, the following cases are not allowed to receive transfer or donation of land use rights:
Cases where land use rights cannot be transferred or donated are stipulated as follows:
a) Economic organizations are not allowed to receive transfers of land use rights for protective forests and special-use forests from individuals, except in cases where land use purposes are changed according to land use planning and plans approved by competent authorities;
b) Individuals who do not live in protective forests or special-use forests are not allowed to receive transfers or gifts of land use rights for residential land and other land in protective forests, strictly protected zones, or ecological restoration zones in those special-use forests;
c) Organizations, individuals, residential communities, religious organizations, affiliated religious organizations, people of Vietnamese origin residing abroad, and economic organizations with foreign investment capital that are not permitted by law to receive transfers or gifts of land use rights.
Accordingly, even if the transferor meets the conditions, the transfer or donation will not be legal if the transferee does not meet the conditions. In other words, if the transferee falls into one of the cases prohibited from receiving transfers or donations, the transferor cannot change the name.
Source: https://baoquocte.vn/bat-dong-san-nha-dau-tu-co-the-mac-ket-voi-chung-cu-sau-sot-gia-ly-do-bac-giang-huy-102-du-an-dieu-kien-chuyen-nhuong-quyen-su-dung-dat-303564.html
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