NOVEMBER 2024 CENTRAL VIETNAM REAL ESTATE NEWS SUMMARY

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2. NOVEMBER 2024 CENTRAL VIETNAM REAL ESTATE NEWS SUMMARY

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   1. 4 Regulations Overseas Vietnamese Need To Know When Buying Houses And Land In Vietnam.
   

1. 1. Vietnamese expatriates, or Việt Kiều, have specific conditions to meet when purchasing property in Vietnam. According to the 2023 Housing Law, Vietnamese expatriates may acquire property if they satisfy residency and identification requirements. This enables eligible Vietnamese nationals residing abroad to own property in Vietnam, provided they meet these conditions.

       

      Qualified expatriates receive a Certificate of Land Use Rights, House Ownership, and Assets, which verifies their legal ownership rights. Expatriates who maintain Vietnamese citizenship can buy land directly, while those without citizenship are limited to purchasing housing attached to land within development projects.

       

      For those who fulfill residency requirements, their names can be registered as property owners on Vietnam’s official ownership certificates, known as Sổ đỏ (red book) and Sổ hồng (pink book), confirming their full ownership rights. These regulations provide a secure pathway for Vietnamese expatriates to invest in the country’s real estate market, offering legal assurances and clarifying the scope of property ownership for overseas Vietnamese.

       

      Source: luatvietnam.vn

    

2. Vietnam’s Real Estate Market Shines With Diverse Investment Opportunities In Q3 2024.

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   According to Savills’ Q3 2024 Asia-Pacific Investment Quarterly (APIQ) report, Vietnam’s stable economy has fostered growth across several real estate sectors, including retail, hospitality, office, and residential spaces. Notably, AEON Mall has continued its expansion with a new center in Huế and plans for large projects in Thanh Hóa and Biên Hòa. Meanwhile, international tourism has seen a surge, with hotel developments projected to add around 49,800 rooms by 2028, primarily in high-end segments.

    

   While residential real estate remains quiet, affordable housing projects like TT AVIO in Bình Dương aim to boost demand. Major projects, including Vinhomes Global Gate in Hanoi, are set to launch soon, signaling strong residential interest. In the office market, new developments in Ho Chi Minh City and Hanoi will add significant office space by year-end.

    

   Experts highlight that a more transparent regulatory environment, following new laws effective in August, is attracting foreign direct investment (FDI) across multiple sectors. Troy Griffiths of Savills anticipates a 6.1% economic growth in Vietnam for 2024, with FDI and a strong industrial real estate sector propelling development, especially in industrial zones which have reached an 80% occupancy rate.

    

   Source: cafef.vn

3. Major Infrastructure Projects Propel Lien Chieu As New Growth Engine For Da Nang Real Estate.

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   Lien Chieu District in northwest Da Nang is rapidly evolving into a significant growth hub, driven by major infrastructure developments. Central to this transformation is the Liên Chiểu Port, a 450-hectare deep-sea port under construction, expected to complete its first phase by 2025. The port has attracted foreign investment interest, including commitments like $10 billion from India’s Adani Group, as well as interest from corporations such as Maersk and Sumitomo.

    

   The district will also host Vietnam’s first Free Trade Zone, approved near the port, further boosting growth potential. Enhancements in transportation, including the Tây Bắc Main Road and a newly opened western ring road, are strengthening connectivity to Da Nang and the Central Highlands. The Làng Vân Integrated Resort, Nam Ô, and other developments in Liên Chiểu’s industrial parks will actively attract residents and investors, positioning the area as a new focal point for Da Nang’s economy and property market.

    

   Source: cafef.vn

4. Hanoians Search For Apartments And Condotels In Da Nang The Most In The Country.

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   According to Batdongsan.com.vn, Hanoi investors dominate interest in Da Nang’s apartment and condotel markets, with a 30% increase in Q3 2024 searches compared to Q2. Interest from Ho Chi Minh City also rose 20%. Condotels in Da Nang saw growing demand and a 22% price increase year-on-year due to tourism and economic growth. Luxury apartments also performed well, with prices rising by 14% in 2024.

    

   The supply of high-end apartments surged from 38% in Q1 to 62% in Q3. Branded residences, offering premium services, are emerging as key drivers, attracting global brands like Nobu Danang. Da Nang’s vibrant tourism and improved infrastructure support investor confidence, with expectations of high rental yields and long-term growth in this recovering market.

    

   Source: cafef.vn

    

5. Buying And Selling Real Estate Must Transfer The Red Book Within 30 Days If Late People Will Be Fined.

1. Buyers and sellers of real estate must complete registration with the land registration authority and transfer the land-use certificate (Sổ đỏ) within 30 days, as mandated by the 2024 Land Law. Failure to comply results in fines: individuals face penalties of 2-3 million VND for not updating land-use records, with doubled fines for organizations.

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   To transfer a land-use certificate, conditions include having proper ownership documentation, no disputes, no enforcement measures on the property, valid usage term, and compliance with any additional legal requirements. Specific cases, like inheritance or auction, may have adjusted timelines for registration. Beyond fines, violators are also required to complete registration as per legal provisions.

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   Source: cafef.vn

6. Da Nang Announces The Auction Date For A 13-Hectare Land Plot To Develop A 3,500 Billion VND Urban Project.

Authorities will auction a land plot of over 13 hectares in Hoa Xuan Ward, Cam Le District, Da Nang City, for the development of an urban project requiring an estimated investment of approximately 3,531 billion VND. The plot features over 10 hectares of commercial and service land and sits near sports and entertainment complexes, but the road infrastructure remains undeveloped.

The land auction is expected to take place in Q2 2025, with an initial price of 7.9 million VND per square meter. The land will be leased for 50 years, with the winning bidder responsible for construction and connecting the infrastructure to surrounding roads. The project must have a building density of no more than 60%, with a maximum building height of 7 stories and 50 meters.

In addition, Da Nang has been holding several land auctions for education and healthcare facilities. Further land auctions are planned for late 2024, with a range of residential land plots in various districts. The price of these plots varies, with some starting at several billion VND per plot.

Source: cafeland.vn

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