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Week 19/2024 – Central Vietnam Real Estate News Summary

In this weekly or sometimes bi-weekly news flash – CVR: Central Vietnam Realty will provide a choice of articles from mainly Vietnamese media sources related to the real estate market in Vietnam.
We will be focusing on issues related to Da Nang and Hoi An, while also looking at national news and their possible impact on Central Vietnam’s property market.
You will find a summary, a link to the source as well as CVR’s take on the article.

We believe that local knowledge is the key to making the best possible decision and that’s what we offer to all our clients.

“CVR: Western Management – Local Knowledge”

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   1. Three Laws On Land And Housing Come Into Effect, The Market Is About To Be In Abundant Supply.
   

 

1. Both businesses and experts assess that the Real Estate Business Law, Housing Law, and Land Law, if effective earlier than the initially planned 6 months, will resolve many real estate projects. However, with complex regulations, caution and thoroughness are necessary. The Real Estate Business Law and Housing Law were passed by the National Assembly at the November 2023 session, with effect from January 1, 2025. According to the draft resolution recently announced by the Ministry of Justice, the Government proposes that these two laws take effect from July 1, 6 months earlier.

 

According to the Ministry of Construction, the early implementation of the Real Estate Business Law and Housing Law will timely institutionalize the Party's orientations, the state's legal policies in developing and managing the real estate market closely, perfecting mechanisms, policies for healthy, sustainable development, and smooth operation of the market. Moreover, the early effectiveness of these two laws aims to ensure simultaneous effectiveness with the Land Law 2024, which is also proposed by the Government to be effective from July 1.

 

Source: vietnamnet.vn

 

2. Real Estate Transactions Are Bustling Back To Life.

In the first quarter of 2024, Hanoi's residential market witnessed a notable upswing post-Lunar New Year, with 9,800 transactions, 44% below 5 billion VND. Alley houses outside the city center surged in popularity, with March transactions up 153% from February. Prices averaged 170 million VND/m2 centrally and 100 million VND/m2 elsewhere.

 

Mr. Tran Quang Trung highlighted the segment's appeal for stable investments, emphasizing location and safety considerations. VARS attributed alley houses' allure to dwindling supply and rental demand from small enterprises. However, caution is advised due to potential price inflation, prompting investors to focus on long-term holdings in strategic locations.

 

Source: tapchitaichinh.vn

 

3. New Points Are Beneficial For People When The Land Law Takes Effect From July 1.

 

The proposed Land Law, slated for implementation on July 1, 2024, instead of January 1, 2025, introduces several beneficial changes, as highlighted by the Ministry of Natural Resources and Environment.

 

These include expanded rights for individuals regarding land use, such as the ability for non-agricultural producers to acquire rice land use rights and extending land conversion options to Vietnamese nationals residing abroad.

 

Additionally, amendments aim to standardize rights and obligations for land users, irrespective of fee exemptions. The law also outlines specific cases for state land recovery and diversifies compensation methods, offering land, money, or housing as restitution for land acquisition.

 

Source: laodong.vn

 

4. Da Nang - A City Worth Visiting, Living, And Investing, Leading In The Region.

 

Da Nang, known as the "Fantasticity!" city, offers a diverse array of attractions, from stunning beaches like My Khe to majestic mountains like the Marble Mountains and Ba Na Hills. With landmarks such as the iconic Golden Bridge at Ba Na Hills and the international fireworks festival, Da Nang is a prime destination for tourism, living, and investment.

The city boasts over 1,200 lodging establishments and modern transportation infrastructure, ensuring convenience for visitors. It prioritizes safety and environmental protection, leading in implementing measures for sustainable development. Da Nang's success is attributed to its united community, strong social and educational infrastructure, and excellent air quality, attracting both local and foreign residents alike.

 

Source: cafef.vn

 

5. Da Nang Must Become A Place Worthy Of Investment For 'Eagles'.

 

According to Vo Tri Thanh, Director of the Institute for Brand Strategy and Competitiveness Research, Da Nang holds immense potential to emerge as a top-tier coastal city in Asia, distinguished by its unique inhabitants known for their friendliness, openness, and mutual support. Positioned to surpass Singapore in livability, Da Nang aims to attract major economic players to foster a comprehensive ecosystem catering to residents and tourists alike.

Beyond tourism, Da Nang prioritizes investment in high-tech industries and innovation, attracting top talent and positioning itself as a hub for business and living. With the influx of prominent corporations, Da Nang aspires to rival Singapore as a destination, residence, and investment hotspot in Asia.

 

Source: thanhnien.vn

 

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