Week 40/2024 – Central Vietnam Real Estate News Summary

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   1. Forecast For The Vietnamese Real Estate Market In 2024.

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1. The Vietnamese real estate market in 2024 is expected to see price increases due to changes in the legal framework and cost factors. Three new laws (Housing Law 2023, Real Estate Business Law 2023, Land Law 2024) impose stricter requirements on investors, contributing to higher prices across various real estate types.

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   Land prices are likely to rise from more frequent updates and the removal of price brackets, enhancing valuation accuracy. Stricter regulations on land use rights certification will also put upward pressure on prices.

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   Prices for primary real estate will increase alongside costs related to site clearance and resettlement, which demands higher-quality housing with complete infrastructure. Additionally, prices for private homes and land lots will rise, driven by investment in urban real estate projects.

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   Development phase requirements for minimum equity will increase costs. Projects smaller than 20 hectares need at least 20% equity, while larger projects require 15%. Investors must also provide complete project information before sales.

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   New payment regulations, including limits on deposits and lower initial payment requirements, will further impact the market. These changes aim to enhance transparency, protect consumer rights, and suggest that real estate prices will continue to rise.

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Source: batdongsan.com.vn

2. The Appeal Of Nobu Apartments.

Nobu Residences, a luxury real estate brand, aligns with the philosophy of its renowned global restaurant and hotel chain. Known for exclusivity, Nobu attracts affluent, high-profile clientele, including celebrities like Kim Kardashian and Miley Cyrus.

Nobu’s unique allure lies in offering extraordinary experiences, whether dining or living in their branded residences. Present in iconic cities like Los Angeles, Tokyo, and now Da Nang, Nobu symbolizes refined elegance worldwide. Limited availability at each location enhances its prestige.

The Nobu Danang complex, the brand’s first in Southeast Asia, emphasizes creating meaningful connections with elite residents, positioning real estate ownership as a way to elevate one’s lifestyle. Nobu represents a world of unparalleled, exclusive luxury.

Source: vietnamnet.vn

3. Which Singaporean Withdrew From The 3.5 Billion USD Investment In Vietnam?

Keppel Group’s subsidiary, Jencity Limited, has announced plans to divest 70% of its stake in the Saigon Sports City project, a large-scale development in District 2, Ho Chi Minh City. The shares will be sold equally to HTV Dai Phuoc Company Limited and Vinobly Real Estate Investment Joint Stock Company for a maximum transaction value of VND 7,450 billion, pending legal approvals. Jencity will retain a 30% stake post-sale.

Saigon Sports City is a 64-hectare mixed-use complex featuring luxury residences, commercial areas, and public sports facilities, located within the Rach Chiec Sports Complex in Thu Duc City. The project began in late 2019, with an estimated completion date of 2027, but has faced delays.

Keppel Land, Keppel Corp’s real estate arm, has been active in Vietnam for over 30 years, with more than 20 projects and a total registered investment capital of USD 3.5 billion.

Source: cafebiz.vn

4. Proposed Tax On Multiple Property Ownership Sparks Debate Over Real Estate Speculation And Affordability.

The Ministry of Construction has proposed a tax on individuals owning multiple properties to curb real estate speculation.This proposal is aimed at reducing rising property prices, with the Ministry of Finance tasked with studying and developing a tax policy for second homes or unused properties.

Public opinion on the proposal is mixed. Some support taxing speculative properties, while others, like Phạm Thị Hồng from Hanoi, suggest that not all second properties should be taxed, especially when they serve essential services, like healthcare facilities or educational centers. Financial experts emphasize the need for more robust real estate transaction tracking before implementing a tax policy. Without this, enforcing property taxes may distort the market and limit access to housing for average-income earners.

Source: laodong.vn

5. Da Nang Invests Nearly VND 35 Billion In Building A Park And Marine Sports Club In Ngu Hanh Son.

The approval by Da Nang City People’s Committee for the project of the Son Thuy Beach Park, Marine Sports Club, and Beach in Hoa Hai Ward, Ngu Hanh Son District, with a total investment of more than VND 34.6 billion, will have a positive impact on the real estate market in this area.

First, the project promises significant improvements in infrastructure serving the recreational and sports needs of residents and tourists, especially in the field of marine sports, which has strong potential for tourism development. Facilities such as new lockers, changing rooms, water pools, public restrooms, and landscape areas will enhance the value and convenience of the surrounding areas of Son Thuy Beach, attracting a larger number of visitors and residents to live and invest.

Moreover, the construction of the marine sports club with a 5,900 m² sports ground, along with facilities like meeting rooms, workspaces, referee rooms, and a canteen, will position Ngu Hanh Son as an ideal destination for professional marine sports activities and large-scale events. This will drive the value of real estate in the area, especially beachfront and resort properties, thanks to the appeal of sports activities and accompanying tourism services.

The improvement and development of beach infrastructure will be a crucial factor in promoting Da Nang’s sports and tourism movements, while also increasing interest from real estate investors. With this project, Ngu Hanh Son District has the potential to become a new hub for marine sports and tourism, contributing to sustainable growth in property values in the coming years.

Source: cafeland.vn

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