The Prime Minister requested the Ministry of Public Security to intervene to rectify price manipulation activities, Van Giang became the center of the apartment market in Hanoi and Hung Yen, real estate contracts must be notarized... are the latest real estate news.
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| The total number of primary apartment transactions in Hanoi and Van Giang (Hung Yen) in 2024 recorded about 33,800 units, more than 3 times higher than in 2023. Photo: Vinhomes Ocean Park Gia Lam Urban Area, Hanoi. (Source: Vinhomes) |
Speculation pushes up real estate prices, Prime Minister asks Ministry of Public Security to intervene
Prime Minister Pham Minh Chinh has just signed an official dispatch requesting ministries, branches and localities to focus on rectifying and handling price manipulation, real estate speculation and inspecting and examining real estate investment and construction projects.
Accordingly, in 2024, some areas recorded real estate prices increasing higher than people's financial ability. The reason is that some speculative groups and associations took advantage of people's lack of understanding and herd mentality to manipulate psychology, "push up prices", "create virtual prices" and disrupt market information for profit.
In addition, some real estate project investors take advantage of the limited real estate supply situation to offer higher prices than the average of the projects to make profits. The results of the auction of land use rights are unusually high in some areas, causing the price of land and housing to increase.
In particular, there is a lack of supply of commercial housing with prices suitable for the affordability of people with low and middle incomes and social housing...
To strengthen control and stabilize the real estate market, housing prices and promptly rectify and handle real estate manipulation, price hikes and speculation, the Prime Minister requested the Minister of Construction to preside over and coordinate with the Ministry of Natural Resources and Environment (TN - MT) and relevant ministries and branches to study and propose a pilot project on the model of "Real estate and land use rights transaction center managed by the State", reporting to the Prime Minister in the second quarter of 2025.
In addition, coordinate with the Ministry of Public Security to update, complete, and operate the national database system on housing and real estate market connected with the national database on population, notarization, land, investment, construction activities, etc., to be completed this year.
At the same time, direct and coordinate with the Ministry of Public Security and People's Committees of provinces and cities to inspect, examine and review real estate business activities of enterprises, investors, real estate trading floors and real estate brokers in the area. Especially in areas and projects with abnormal price increases; promptly correct, prevent and strictly handle violations according to authority.
The Prime Minister also assigned the Minister of Public Security to direct professional units and local police to proactively grasp the situation, promptly detect, investigate and strictly handle according to the law organizations and individuals who violate the law to the extent of having to prosecute criminal liability in the auction of land use rights; provide false information with the purpose of creating virtual fever and defrauding people for personal gain.
Regarding the Minister of Natural Resources and Environment, the Prime Minister requested to direct and coordinate with the People's Committees of provinces and centrally-run cities to strengthen inspection, examination, and review of land price determination activities, issuance of land price lists, compensation, site clearance, land use rights auctions, etc.; promptly rectify, prevent and strictly handle violations within their authority, especially acts of taking advantage of land use rights auctions for profit, causing market disruption.
The Minister of Finance is assigned to study and propose tax policies to limit real estate speculation, ensuring compliance with Vietnam's socio-economic conditions and international practices.... In particular, study the plan to collect tax on the price difference between the land use fee calculation price and the selling price of real estate products of projects; collect tax on the difference in transactions, and report to the Prime Minister before April 30.
The only address in Hanoi city center that is built with 45 floors
The Hanoi City Architecture Management Regulations, effective from January 10, provide specific regulations on high-rise buildings in the historic inner city area. In particular, many key urban areas are identified where the study of high-rise construction must be approved by the City Planning and Architecture Council.
The only area that can be built with a maximum of 45 floors and a maximum height of 162m is the land plot at 29 Lieu Giai (Ba Dinh district).
In addition, there are a series of urban highlight areas built with a maximum of 39 floors, maximum height of 140m. These include the peninsula area east of West Lake (Ba Dinh district), the intersection of West Lake urban area and Ring Road 2.
At many intersections, Hanoi will study the construction of high-rise buildings on land plots adjacent to the red line at intersections, with new architectural forms, suitable for the landscape of the area, approved by the City Planning and Architecture Council, with a maximum of 39 floors and a maximum height of 140m.
These are the intersection of Ring Road 2 - Hoang Hoa Tham - Hoang Quoc Viet, ensuring compliance with the conservation plan of the An Thai communal house religious relic, near the intersection area; the intersection of Nguyen Chi Thanh and Lang streets; the intersection of Lang Ha and Lang streets ensuring compliance with the conservation plan of Ung Thien communal house and Cam Ung pagoda; the intersection of Tay Son and Lang streets ensuring compliance with the conservation plan of Phuc Khanh pagoda, the intersection of Kim Nguu and Minh Khai streets...
Or at the intersection of Cau Giay - La Thanh - Buoi - Lang, it is also identified as an urban highlight area that can be built up to a maximum of 39 floors, but no high-rise buildings can be built in the Northeast of the intersection (Thu Le park area).
The urban highlight area of Quang An peninsula, Hanoi requires implementation according to the detailed planning of the central spatial axis of Quang An peninsula at a scale of 1/500. For Party and State projects, the required criteria for architecture and landscape are determined based on the specific characteristics of the project, instructions from all levels and implemented according to separate projects.
Van Giang becomes the center of the apartment market in Hanoi and Hung Yen
The total volume of primary apartment transactions in Hanoi and Van Giang (Hung Yen) in 2024 recorded about 33,800 units, more than 3 times higher than in 2023.
Of which, the Eastern region had 12,800 transactions, accounting for 38% of the entire Hanoi market. In terms of the supply of the Eastern market alone, in 2024, Gia Lam district had 11,000 units, accounting for 85% in this most developed area of Hanoi. However, the number of products will decrease sharply in 2025 and it is expected that there will be no more supply in 2026.
In Long Bien, supply in 2024 is still limited with more than 600 units, expected to increase to 2,800 units in 2025 as some investors have completed legal procedures and are starting construction. However, this number is expected to decrease by nearly half in 2026.
Notably, in 2024, the supply in Van Giang (Hung Yen) was 2,200 units, expected to triple in 2025 and reach more than 11,000 units in 2026 - equivalent to the year with the highest supply in Gia Lam district in 2024, mostly concentrated in satellite urban areas with many integrated utilities that have been formed such as: Vinhomes Ocean Park 2, Vinhomes Ocean Park 3, Ecopark...
Thanks to its location and transport infrastructure advantages, the Eastern region creates attraction, attracts many large investors and is forecast to lead the Hanoi real estate market in the long term. In the period of 2025-2026, Van Giang - Hung Yen will provide about one-third of the apartments for Hanoi and neighboring areas.
According to Mr. Tran Minh Tien, Director of One Mount Center for Market Research and Customer Understanding, Van Giang will become the center of the Hanoi and Hung Yen apartment market in the period of 2025 - 2026, driven by 2 factors:
The first is the policy of population dispersion in the central area. As the land fund in the inner city is gradually depleted, the city has been implementing policies to limit the population in the core area and redirect people to suburban areas such as Long Bien, Gia Lam and satellite areas such as Van Giang (Hung Yen). According to the development plan of the capital and Van Giang (Hung Yen), by 2030, the Eastern region is expected to have 1.05 million people, an increase of 39% compared to 2022. These population factors will create a great demand for housing and living facilities in the Eastern region in the coming time.
The second is the planning vision of the eastern districts of Hanoi City and Hung Yen Province. In the coming time, the completion of key traffic projects such as Ring Road 3.5, Ring Road 4, Me So Bridge, Hong Ha Bridge... will create a big push for the development of Van Giang. Shortened travel time and convenient traffic connections will attract a large number of residents and businesses to invest and live.
Real estate contracts must be notarized.
From August 1, 2024, many real estate contracts must be notarized or certified according to regulations or they will be invalid.
Contract on land use rights and assets attached to land
Pursuant to Point a and Point b, Clause 3, Article 27 of the 2024 Land Law, the following contracts must be notarized or certified:
- Contracts for transferring land use rights (land only), land use rights and assets attached to land (including land and houses or other assets), except for transfer contracts in which one party or parties participating in the transaction are real estate business organizations.
- Contract for donation of land use rights, land use rights and assets attached to land.
- Mortgage contract of land use rights, land use rights and assets attached to land.
- Contract for capital contribution using land use rights, land use rights and assets attached to land.
Housing contract
According to Clause 1, Article 164 of the 2024 Housing Law, the following housing contracts must be notarized or certified:
- House sale and purchase contract
- Housing lease contract
- Housing donation contract
- Housing exchange contract
- Housing capital contribution contract
- Home mortgage contract
In the case of organizations donating gratitude houses, charity houses, and solidarity houses; buying, selling, or leasing houses that are public assets; buying, selling, or leasing houses where one party is an organization, including: social housing, housing for the people's armed forces, and housing for resettlement; contributing capital in the form of housing where one party is an organization; renting, borrowing, staying at, or authorizing the management of housing, it is not necessary to notarize or authenticate the contract, unless the parties have a need.
Thus, the above contracts on land use rights and housing (hereinafter referred to as real estate contracts) must be notarized or certified, otherwise they will be invalid.
Source: https://baoquocte.vn/bat-dong-san-thu-tuong-yeu-cau-chan-chinh-hoat-dong-dau-co-day-gia-khong-phai-phia-tay-day-moi-la-tam-diem-thi-truong-chung-cu-ha-noi-301305.html
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