The market shows signs of reversal, land prices increase after adjustment, compensation payment deadline for resettlement

The real estate market recorded positive signals, land prices in Ba Ria - Vung Tau increased after adjustment, regulations on compensation payment deadline, resettlement support... are the latest real estate news.

The market has shown signs of reversal, with interest in real estate increasing. (Photo: Linh An)

After a period of fluctuations, the real estate market shows signs of recovery.

After a long period of difficulties in the real estate market, according to Batdongsan.com.vn , the market has now shown signs of reversal, the supply and absorption rate of real estate for sale are also gradually improving.

Since the end of 2022, Batdongsan.com.vn has forecasted that the Vietnamese real estate market will reverse around the second to fourth quarter of 2024. Currently, data shows that the market has shown signs of reversal, with interest in real estate tending to increase.

Specifically, the level of interest in land in the third quarter of 2024 is expected to increase by 49% compared to the same period in 2023, private houses increased by 25%, apartments increased by 24%, villas increased by 22%. Participating in the survey of Batdongsan.com.vn, 72% of brokers commented that the fluctuations in the current real estate market are showing more positive signs.

Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn said: “The three revised laws related to real estate are being positively received by buyers, brokers, trading floors and real estate investors. The real estate market in 2024 is expected to increase transparency thanks to changes in the law. The supply of social housing is also likely to improve with new preferential and support policies.”

According to Batdongsan.com.vn, many newly opened projects in Hanoi and Ho Chi Minh City have quite high prices. In Hanoi, the average price ranges from 45 million VND/m2 to 90 million VND/m2. In Ho Chi Minh City, the average price ranges from 45 million VND/m2 to 130 million VND/m2. Responding to a survey by Batdongsan.com.vn, most brokers said that the absorption rate of newly opened projects ranges from average (30 - 60%) to very good (>80%).

The housing and land markets have also seen an upturn. According to real estate market data for the first 9 months of 2024 from Batdongsan.com.vn, the two types of housing and land have generally improved in terms of interest and transactions. However, this is still only a local improvement in some areas, especially in the northern provinces.

According to the price history tool of Batdongsan.com.vn, in the North, the price of private houses increased to 173 million VND/m2 in the third quarter of 2024 compared to 95 million VND/m2 in the first quarter of 2021. Meanwhile, the price of land in this area increased to 46 million VND/m2 in the third quarter of 2024 compared to 27 million VND/m2 in the first quarter of 2021. In the South, the price fluctuations of land and private houses were not too large. Specifically, the price of private houses increased to 106 million VND/m2 in the third quarter of 2024 compared to 94 million VND/m2 in the first quarter of 2021 and the price of land increased slightly to 17 million VND/m2 in the third quarter of 2024 compared to 13 million VND/m2 in the first quarter of 2021.

In other developments, the rental market is entering a growth cycle due to peak season factors and pressure from selling prices. In the first 9 months of 2024, selling prices have gradually increased to over VND50 million/m2, creating pressure on rental prices to increase accordingly, from VND10 million/unit/month at the end of 2023 to VND11 million/unit/month.

Dan Phuong District (Hanoi) suddenly stopped auctioning 26 land plots

National Auction Joint Stock Company No. 5, the unit assigned to organize the auction, has just announced the suspension of the Dan Phuong land auction for 26 land use rights in Trung Vo area, Tan Hoi commune.

The reason given was at the request of the Dan Phuong District Land Fund Development Center, to review the procedures and auction plans according to the new Land Law.

Regarding the continued implementation of the auction, the company said it will comply with the provisions of law and will be publicly announced after the decision and proposal of the Dan Phuong District Land Fund Development Center.

According to the plan, Dan Phuong district plans to organize an auction of the right to use the above 26 land plots on the morning of October 5 at the Hall - Dan Phuong District Cultural - Information and Sports Center.

The area of ​​the auctioned plots ranges from 75-102.2m2, with starting prices of over 13 million VND/m2. Participants must deposit between 196-267.9 million VND/plot, depending on the area.

Auction form by direct voting in many rounds and at least 6 mandatory rounds.

Notably, the price step is quite large with 12 million VND/m2 per step. This form is similar to the land auction in Hoai Duc that lasted for nearly 20 hours, from the morning of August 19 to the early morning of August 20, after 9 rounds (with 6 mandatory rounds) to end.

Ba Ria - Vung Tau adjusts land prices

On the afternoon of September 19, the People's Committee of Ba Ria - Vung Tau province announced Decision No. 26/2024 on adjusting the price list of land types periodically every 5 years (2021 - 2024) in the province.

Ba Ria - Vung Tau issues adjusted land price list for roads in rural areas and roads in urban areas. (Photo: Dinh Nam)

The land price list for the period 2020 - 2024 applied in Ba Ria - Vung Tau province was issued in December 2019. After that, the Provincial People's Committee decided to amend and supplement it in December 2022 and July 2024, respectively.

According to the new decision, the People's Committee of Ba Ria - Vung Tau province added the content of the land price list for the period 2020 - 2024 as the basis for "determining land locations for compensation and site clearance".

Specifically, the determination of road type, area, and land location for compensation, support, and resettlement when the State acquires land is carried out according to the provisions of this decision.

In addition, the new decision of the People's Committee of Ba Ria - Vung Tau province also issued an adjusted land price list for roads in rural areas and roads in urban areas.

According to Mr. Phan Van Manh - Deputy Director of the Department of Natural Resources and Environment of Ba Ria - Vung Tau province, the decision to adjust the land price list applies to 12 land use cases according to the 2024 Land Law. The adjusted land price includes the adjustment coefficient.

Regarding residential land on urban routes, the highest adjusted price is 78 million VND/m2 for plots of land in position 1 on routes in Vung Tau City such as Thuy Van, Ba Cu, Do Chieu (section from Ly Thuong Kiet to Le Lai), Hoang Hoa Tham (section from Thuy Van to Vo Thi Sau), Nguyen Van Troi...

Compared to the adjustment in July 2024, the price of new residential land on the above-mentioned routes increased by 16%. For example, residential land at location 1 Do Chieu Street (from Ly Thuong Kiet to Le Lai) previously cost 65 million VND/m2, but now it has increased to 78 million VND/m2.

The lowest price for residential land on urban roads in Vung Tau City is 5.7 million VND/m2. This price is for residential land at position 4 on Nguyen Cong Tru Street, the entrance to Nguyen Gia Thieu Secondary School, Ward 12.

For residential land on rural roads, the highest adjusted land price in Vung Tau City is 7.7 million VND/m2. This price is for residential land located at 1 Truong Sa Street, from Go Gang Bridge, Ward 12 to Long Son House.

The lowest price for rural land is 913,000 VND/m2. This is the price of land plots located at position 4 on internal asphalt roads with widths of 12 - 16m belonging to the Long Son resettlement area technical infrastructure phase 1.

How long does it take to pay compensation, support and resettlement?

Many people wonder, when the 2024 Land Law comes into effect, how long will it take to receive compensation and support after the land recovery decision is made?

According to regulations, people whose land is recovered are obliged to return the land to the organization that carries out the task of site clearance and resettlement. If they are entitled to compensation for land and assets attached to the land, they are entitled to compensation according to regulations.

Accordingly, when eligible for compensation, the agencies and organizations responsible for compensation must make payments within the prescribed time limit, specifically at Point a, Clause 3, Article 94 of the 2024 Land Law, which stipulates the time limit for payment of compensation, support, and resettlement as follows:

Within 30 days from the effective date of the decision approving the compensation, support and resettlement plan, the agency, unit or organization implementing the compensation must pay compensation and support to the person whose land is recovered and the property owner.

Thus, the agencies/organizations/units responsible for compensation must make compensation within 30 days from the date of decision approving the plan.

In case the payment is made after the 30-day period, the agency/organization/unit must pay an additional amount equal to the late payment amount calculated on the late payment amount and the late payment period (based on Point b, Clause 3, Article 94 of the 2024 Land Law).

Referring to Clause 2, Article 59 of the Law on Tax Administration 2019, the additional payment amount is calculated based on late payment as follows:

The additional payment rate for 1 day = 0.03% x Late tax amount.

The time for calculating late payment is calculated continuously from the day following the date of late payment to the day immediately preceding the date of compensation, support and resettlement payment.

Source: https://baoquocte.vn/bat-dong-san-moi-nhat-thi-truong-xuat-hien-dau-hieu-dao-chieu-gia-dat-tang-sau-dieu-chinh-thoi-han-chi-tra-tien-boi-thuong-tai-dinh-cu-287076.html