The Prime Minister will chair a conference on social housing development at the end of January; Hanoi apartment prices increased by 50% after 1 year; is tax payable on additional land area compared to the red book?... are the latest real estate news.
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Hanoi leads the country in apartment price increase rate . Photo: Perspective of Ecolife Tay Ho project, Hanoi. (Source: Thu Do Invest) |
Prime Minister to chair conference on social housing development
The Ministry of Construction has just submitted a document to the Prime Minister proposing to organize a Conference to promote the healthy and sustainable development of social housing and the real estate market. The Conference is expected to take place at the end of January 2025, chaired by the Prime Minister, with the participation of Deputy Prime Minister Tran Hong Ha, Ministers of Construction, Natural Resources and Environment, Finance, State Bank and leaders of many ministries, branches and committees of the National Assembly.
The conference is expected to have the direct participation of 200 delegates who are experts, representatives of the Vietnam Real Estate Association, Ho Chi Minh City Real Estate Association and many large real estate enterprises across the country such as Vingroup, Sungroup, Novaland, Hung Thinh Land, Becamex IDC Binh Duong, CEO Group, Him Lam, Capital House, Capitaland, Viglacera, HUD, Ecopark...
As planned, the conference will be held directly at the Government Office and online to the People's Committees of 63 provinces and cities across the country.
Assessing the real estate market in 2024, the Ministry of Construction said that many localities have actively promoted administrative procedure reform in planning, investment, construction, supporting the creation of real estate supply nationwide.
In total, 59 commercial housing projects were completed nationwide with a scale of about 16,720 units and 28 social housing projects were completed with a scale of 20,284 units.
In addition, there are 67 projects investing in infrastructure construction and transferring land use rights with a scale of about 6,667 lots and land for sale on the market.
In terms of transaction volume, the total transaction volume of apartments and individual houses in 2024 is about 137,386 units, equal to 102.2% compared to 2023.
Meanwhile, the total land transaction volume is about 446,899 lots/plots, equal to 138.1% compared to 2023.
Particularly in the field of social housing development, the implementation of the investment project to build at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period has had initial results.
There have been 645 social housing projects implemented nationwide with a scale of 581,218 units. In 2024, 28 projects with a scale of 20,284 units were completed, an increase of 46% compared to 2023.
In addition, 23 projects with a scale of 25,399 apartments have been licensed and started construction, 113 projects have been approved for investment policy, with a construction scale of 142,450 apartments.
Localities have planned 1,309 locations and arranged land funds of about 9,756 hectares to develop social housing.
For the 120,000 billion VND preferential credit program for developing social housing, workers' housing, and renovating and rebuilding apartment buildings, banks have committed to providing loans of over 4,000 billion VND, with loan turnover reaching 2,360 billion VND.
In one year, Hanoi apartments skyrocketed by 50%
Assessing the real estate market in 2024, the Ministry of Construction said that real estate prices in the market continue to increase, but the rate of price increase for each type at each time, each location, each area in each locality is different. In particular, Hanoi leads in price increase rate.
The price increase recorded in the low-end segment, previously under 30 million VND/m2, has now increased to under 45 million VND/m2.
The mid-range segment, previously priced at 30-45 million VND/m2, has now increased to around 45-70 million VND/m2.
The high-end segment, previously priced at 50-70 million VND/m2, has now increased to 70-100 million VND/m2.
In the super luxury segment, there have appeared a few projects with selling prices from 200 million VND/m2.
According to the Ministry of Construction, in 2024, apartment prices in some major cities increased much higher than in 2023.
In Hanoi, apartment prices increased by 40-50% compared to 2023 prices, with some projects increasing even higher.
Some apartment projects in Hanoi have a sharp increase in selling price compared to before, such as Ecolife Tay Ho project at about 72 million VND/m2, Sunshine Garden at about 54 million VND/m2, Chelsea Park - Cau Giay at about 62 million VND/m2, Trang An Complex at about 70 million VND/m2, Legend Tower at 72 million VND/m2.
In Ho Chi Minh City, apartment prices in 2024 will increase by about 20-30% compared to 2023. Some projects and areas have higher increases such as The Horizon Phu My Hung project with a selling price of about 125 million VND/m2, The Ascent about 64 million VND/m2, Lu Gia Plaza about 46 million VND/m2, Osimi Tower about 41 million VND/m2, Stown Tham Luong prices range from 29-44 million VND/m2.
Similarly, the selling price of apartments in 2024 in Da Nang City increased by about 20% compared to 2023. Of which, Sam Towers apartments cost from 80-100 million VND/m2, Peninsula from 53.5 million VND/m2, The Filmore from 100 million VND/m2.
In particular, according to the assessment of the Vietnam Real Estate Brokers Association under the Vietnam Real Estate Association, in some apartment projects, areas and secondary transactions have increased by about 60-70% compared to 2023.
Land rental prices in Ho Chi Minh City increased by more than 50%
The Ho Chi Minh City People's Committee has just issued a decision regulating the percentage rate for calculating the rental price of land, land for underground construction (not the underground part of above-ground construction) and land with water surface as the basis for calculating land rental. The decision takes effect from January 20.
The percentage of annual land rental price applied to land lease cases with annual payment without auction is applied according to each group of land lease purposes.
First, agricultural land group (including leased land in High-Tech Agricultural Zone): 0.25%
Second, land leased in high-tech zones, Quang Trung software park, export processing zones, industrial parks, industrial clusters: 0.5%
Third, non-agricultural production and business land that is not commercial service land and public land with business purposes will be determined according to the following 3 areas:
Area 1, including districts 1, 3, 4, 5, 10, Phu Nhuan: 1%
Area 2, including Thu Duc City and districts 6, 7, 8, 11, 12, Binh Thanh, Binh Tan, Tan Binh, Tan Phu, Go Vap: 0.75%
Area 3, including Hoc Mon, Cu Chi, Binh Chanh, Can Gio, Nha Be districts: 0.5%
Fourth, commercial and service land is also determined according to the 3 areas as mentioned above, the percentages for calculating land rental prices are 1.5%, 1% and 0.75% respectively.
Compared to the old regulations, the percentage of land rental price calculation in Ho Chi Minh City has decreased. However, the land price in the adjusted land price list has increased sharply, leading to an increase in annual land rental price.
Specifically, non-agricultural land rental prices are expected to increase by 35-54%; commercial and service land rental prices will increase by 18-23%; meanwhile, agricultural land rental prices will decrease by 22%.
Do I have to pay tax on the land area increased compared to the red book?
A 200m2 plot of land was granted a red book in 2010. Now a citizen wants to separate the plot, but when re-measured, the area increased by 20m2 even though the boundary and shape remain unchanged compared to the certificate. Do I have to pay more tax?
In the above case, citizens wonder whether they have to fulfill financial obligations for the increased area according to the provisions of the 2024 Land Law or not? Do they have to reissue or exchange a new Land Use Right Certificate or not?
Responding to this issue, the Ministry of Natural Resources and Environment said that Clause 6, Article 135 of the 2024 Land Law stipulates the principles for granting certificates of land use rights and ownership of assets attached to land.
Specifically, it is stipulated that: In case there is a difference in area between the actual measurement data and the data recorded on the documents prescribed in Article 137 of this Law or the land use right certificate/or the house ownership certificate and land use right certificate/or the land use right certificate, house ownership and other assets attached to the land/or the land use right certificate, ownership of assets attached to the land (collectively referred to as the red book) that has been issued and the boundary of the land plot in use has not changed compared to the boundary of the land plot at the time the red book was issued, and there is no dispute with adjacent land users, then when issuing or reissuing the red book, the land area is determined according to the actual measurement data...
Point b Clause 3 Article 37 Decree No. 101/2024 of the Government stipulates basic land survey; registration, issuance of Certificates of land use rights, ownership of assets attached to land and land information system stipulates the order and procedures for registering changes in land, assets attached to land and issuance of red books.
Accordingly, when handling land change registration procedures where the land plot has been granted a red book according to the cadastral map or extracted cadastral map of the land plot, the Land Registration Office does not have to measure and re-determine the area of the land plot, except in cases where the land user or owner of property attached to the land has a need.
In case of performing land change registration procedures but the issued red book has not used the cadastral map or extracted cadastral map of the land plot, the land user has a need to issue a new red book or is in a case where a new red book must be issued, the Land Registration Office shall extract the cadastral map or extract the cadastral map of the land plot for places where there is no cadastral map or there is only a paper cadastral map that is torn, damaged and cannot be restored and cannot be used for digitization according to the provisions of this Decree to show the diagram of the land plot on the red book.
Land users are recognized based on the results of cadastral map extracts or cadastral map measurements and must pay measurement costs according to regulations.
In case of re-measurement, if the land plot area is larger than the area on the issued red book, and the land plot boundary does not change compared to the land plot boundary at the time of issuance of the red book, the land user must fulfill financial obligations regarding land use fees for the additional residential land area beyond the residential land limit, and land rent for the additional area according to the provisions of law at the time of issuance of the previous red book.
From the above regulations, the Ministry of Natural Resources and Environment recommends that citizens study and contact local land management agencies to comply with the provisions of law.
Source: https://baoquocte.vn/bat-dong-san-thu-tuong-se-chu-tri-hoi-nghi-ve-phat-trien-nha-o-xa-hoi-ha-noi-dan-dau-ve-toc-do-tang-gia-chung-cu-danh-sach-du-an-dau-bang-302143.html
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