The market has recovered but has not been able to break through, the rate of land and residential land consumption with full legal documents has increased by more than 30%, documents proving the subjects are eligible to own houses in Vietnam... are the latest real estate news.
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| The real estate market recorded positive signs in the third quarter of 2024. (Photo: Hai An) |
Recovered but not able to break out
In the seminar 'Identifying the Real Estate Market at the End of 2024 and the Beginning of 2025' held on October 10, Mr. Vo Hong Thang, Deputy General Director of DKRA Vietnam Company, commented that the real estate market recorded positive signs in the third quarter of this year. Accordingly, 18,000 products have been launched on the market, and consumption output has also increased significantly in the affordable housing segment.
In particular, in Ho Chi Minh City, apartments priced under VND60 million/m2 and land in neighboring provinces such as Binh Duong with prices of about VND30 million/m2 are attracting much attention. The secondary apartment segment is also bustling, with transaction prices increasing by 5-9% compared to the same period last year.
Notably, Mr. Thang said, the land market provided more than 9,000 products in the third quarter, an increase of 17% over the same period in 2023. He also predicted, “Land with clear legal status and residential land in urban areas with existing residents will continue to be scarce, with the consumption rate increasing by more than 30%.”
However, these positive figures do not hide all the difficulties. The Deputy General Director of DKRA Vietnam Company admitted that the resort real estate market still faces many obstacles due to the failure of previous profit commitments, combined with the impact of the Covid-19 pandemic and legal disputes. "This segment needs more time to recover and stabilize," said Mr. Thang.
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, emphasized that the Ho Chi Minh City real estate market has escaped the most difficult bottom, but still faces many challenges.
In the first nine months of 2024, the market grew by about 6-7%, showing a clear recovery. However, housing supply remains very limited, with only nine new projects approved in the first eight months of the year, most of which are small. "The scale of the projects is very small, the largest is only 5 hectares," Chau added.
A prominent issue is the sharp increase in housing prices, making it difficult for many people to access housing. According to Mr. Chau, "Housing prices have increased by 15-20% due to the law of supply and demand, while supply is scarce." He also suggested that there should be a better support mechanism for workers through a survey and adjustment of regulations on boarding houses in the Housing Law.
Dong Nai reclaims land to build a commercial center worth over 6,000 billion VND
On October 9, the People's Committee of Bien Hoa City (Dong Nai) announced that it had just issued a decision to reclaim more than 13,600 square meters of land managed by Hiep Hoa Ward to build a commercial center.
The People's Committee of Hiep Hoa Ward is assigned to widely announce this decision to the people and related organizations; maintain the current status of the land until the competent authority decides to allocate land to implement the project.
Bien Hoa City Land Registration Office is responsible for updating and correcting land records according to regulations.
Previously, last September, the People's Committee of Dong Nai province issued a decision approving the detailed urban planning project at a scale of 1/500 for the commercial center in Hiep Hoa ward, Bien Hoa city.
The total investment for this project is about 6,000 billion VND. The project covers an area of nearly 12 hectares, of which about 10 hectares are for the construction of a commercial center, and the construction area of 3 surrounding traffic routes is more than 1.5 hectares.
The shopping center has a maximum scale of 8 floors, height not exceeding 40m with 1 basement, modern design, in harmony with the environment.
This is also a comprehensive commercial service center including: food and beverage services, children's play area and rental of counters, shelves, and sales space that have been fully invested; rental and sub-lease of premises, warehouses, halls and other items.
In addition, exercise the right to import, export, wholesale and retail distribution of goods according to regulations.
Ninh Binh: Strengthening management and control of real estate price fluctuations
The People's Committee of Ninh Binh province has just issued a document assigning departments, branches, sectors, and People's Committees of districts and cities to strengthen management and control of real estate price fluctuations.
Accordingly, the Ninh Binh Provincial People's Committee assigned the Department of Construction to preside over and coordinate with departments, branches, sectors, People's Committees of districts, cities and related units to inspect and review real estate business activities of enterprises, investors, real estate trading floors, real estate brokers in the province; control the purchase and resale of real estate that has been transferred many times, especially in areas and projects with unusual price increases; inspect, examine, and take measures to correct acts of price inflation, price manipulation, speculation, and handle violations of land law, real estate business law and related laws (if any) according to authority. In case of exceeding authority, advise and propose to competent authorities a handling plan in accordance with current regulations.
Organize inspections, grasp the situation, clarify the causes of price fluctuations of each type of real estate such as individual houses and residential land in the area in the recent period. Proactively handle according to authority or advise and propose to competent authorities regulatory measures to ensure the market develops stably, healthily and sustainably.
Implement management and control of real estate price increases to ensure compliance with actual conditions of the areas in the area, avoiding negative impacts on local real estate investment and business activities to ensure housing for all citizens.
At the same time, strengthen the strict management of housing construction by people in land use right business projects with technical infrastructure in the form of dividing plots and selling land according to the provisions of law, avoiding the situation where people leave land empty, carry out speculative acts, buy and sell by hand, "inflate prices" causing disturbances in real estate market information.
Along with that, the organization publicly announces information about the real estate market; announces information to agencies, organizations, and people to clearly understand the housing development program and plan; infrastructure development investment; approved real estate projects; project investors eligible to mobilize capital according to regulations to ensure transparency of market information, prevent fraud, deception, and scams in real estate business; land use planning and plans; mergers, establishment, and upgrading of local administrative units.
In addition, the Ninh Binh Provincial People's Committee assigned the Department of Natural Resources and Environment to preside over and coordinate with the Department of Justice, Department of Finance, Department of Construction, Department of Planning and Investment, People's Committees of districts, cities and relevant agencies and units to review the organization of land use rights auctions in the area to ensure compliance with the law, publicity and transparency; promptly detect and strictly handle according to regulations violations of legal regulations in land use rights auctions under their authority or advise and propose competent authorities to consider handling according to regulations to prevent acts of taking advantage of land use rights auctions for profit, causing market disruption.
Documents proving the subject is eligible to own a house in Vietnam
What are the regulations on documents proving who is eligible to own a house in Vietnam?
According to Clause 1 and Clause 2, Article 3 of Decree No. 95/2024/ND-CP detailing a number of articles of the Housing Law (effective from August 1, 2024), the regulations on documents proving subjects and conditions for owning houses in Vietnam are as follows:
1. Documents proving that the subject is an organization that owns housing in Vietnam are stipulated as follows:
a) For domestic organizations, there must be a Certificate of Business Registration or a Certificate of Investment Registration or documents proving the establishment of the organization issued by a competent authority in accordance with the provisions of law;
b) For foreign organizations investing in housing construction projects in Vietnam, they must have an Investment Registration Certificate in accordance with the provisions of the law on investment;
c) For foreign organizations not subject to the provisions of Point b, Clause 1 of this Article, they must have an Investment Certificate or Investment Registration Certificate or documents issued by a competent authority of Vietnam permitting their operation or establishment in Vietnam that are still valid at the time of signing the housing transaction (hereinafter referred to as the Investment Registration Certificate).
2. Documents proving that the subject is an individual who owns a house in Vietnam are stipulated as follows:
a) For individuals who are Vietnamese citizens, they must have an identity card or passport or other valuable documents proving Vietnamese nationality;
b) For people of Vietnamese origin residing abroad, they must have a foreign passport or valid international travel documents according to the law on entry and exit and documents confirming their Vietnamese origin according to the law on nationality;
c) For foreign individuals, they must have a foreign passport and a written commitment that they are not entitled to diplomatic or consular privileges and immunities.
Thus, from August 1, 2024, documents proving that subjects are eligible to own houses in Vietnam include the documents according to the regulations cited above.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-thi-truong-tphcm-thoat-vung-day-dong-nai-thu-hoi-13600-m2-dat-giay-to-chung-minh-doi-tuong-duoc-so-huu-nha-289756.html
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