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Week 27/2024 – 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. Resurgence In Demand For Resort Real Estate.
   

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1. In Q2 2024, the resort real estate market has shown positive signs of recovery, with an average 30-40% increase in demand for searching for resort villas and over 20% increase in demand for condotels compared to the same period in 2023, after a period of cooling down.

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   Famous tourism regions like Phu Quoc, Nha Trang, and Da Nang are recording significant growth. Many new large-scale projects are being developed by investors.

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   The interest of investors and individual buyers in resort real estate is increasing again, as evidenced by the rise in transaction volumes and selling prices. Developers are also actively launching new projects to meet market demand.

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   Industry experts forecast that the recovery and growth trend in the resort real estate market will continue in the coming time, thanks to the recovery of the tourism industry and the high demand for vacations from consumers after the pandemic's impact.

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   Alongside the positive signals, the article also points out some challenges such as fierce competition among developers, legal and infrastructure issues for some projects. However, overall, the resort real estate market is showing encouraging signs of recovery and growth.

   The article shows that the resort real estate market is showing signs of recovery and growth again after the difficulties caused by the COVID-19 pandemic. Experts expect this trend to continue in the coming time.

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Source: batdongsan.com.vn

 

2. New Land And Housing Laws Set To Boost Real Estate Market From August 2024.

 

Starting August 1, 2024, the new Land Law, Housing Law, and Real Estate Business Law will take effect, five months earlier than previously scheduled.

 

Experts agree that these laws will streamline legal procedures, relieving investor anxiety and boosting the real estate market. The first half of 2024 saw a severe decline in the real estate sector, particularly in mid-to-high-end properties.

 

With these new laws, it is anticipated that the market will see positive changes by the end of 2024.

 

The new legislation aims to remove legal bottlenecks, increase supply, and encourage more efficient land use. Ho Chi Minh City's government is urged to quickly implement these laws to foster market recovery and economic growth.

 

Source: thoibaotaichinhvietnam.vn

 

3. Correcting The Practice Of Posting Information About Real Estate Sales That Are Not Yet Qualified For Business.

 

The Department of Construction addresses unauthorized real estate sales postings on websites and social media lacking legal business qualifications. They've issued directives to relevant departments, district authorities, real estate project investors, and trading floors to comply with laws governing social housing (Law 2014, Article 63), existing real estate (excluding social housing, Law 2014, Article 9), and future developments (excluding social housing, Law 2014, Article 55) before engaging in sales. They emphasize transparency in property information (Law 2014, Article 6), urge compliance with regulations (Decree 44/2022/NĐ-CP), and call for enhanced legal enforcement. Individuals and organizations are advised to understand legal conditions before real estate transactions.

 

Source: baodanang.vn

 

4. Vietnam's Real Estate Market Outlook.

 

Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, forecasts that Vietnam's real estate market will go through various stages over the next two years: reversal, exploration, consolidation, prosperity, and stability. By the end of 2024, the market is still in the exploration phase, with buyers prioritizing real housing needs, clear legal regulations, financial support policies, stable rental yields, and optimal costs. Apartments currently have the best liquidity.

 

In the consolidation period, starting in Q1 2025, financial and legal factors will become more secure, with high-cost properties like private houses and townhouses improving in transaction volume if monetary conditions are favorable. From Q2 to Q4 2025, the market may enter a prosperity phase, where investment needs and price increase speeds gain attention, with land and villas improving in liquidity.

 

By early 2026, the market will stabilize, with buyers seeking high-growth, limited-quantity real estate. Notably, 73% of newly married, childless couples are expected to be the main buyers in the coming year.

Source: cafebiz.vn

 

5. Seminar On Removing "Bottlenecks" To Promote Real Estate Market Development.

 

To address challenges in the real estate market and promote its development, Lao Động Newspaper, in collaboration with the Ministry of Const ruction and the Ministry of Natural Resources and Environment (TN&MT), is organizing the seminar "Removing 'Bottlenecks' to Promote Real Estate Market Development." The event will take place at 9 AM on July 5, 2024, in Hanoi.

 

The seminar will include leaders from the Ministry of Construction, TN&MT, representatives of the Vietnam Real Estate Association, the Vietnam Real Estate Brokerage Association, the Association of Foreign Investment Enterprises, businesses, experts, and lawyers in the real estate sector.

 

Real estate is crucial to the economy, affecting people, businesses, and economic growth. Since late 2022, the market has faced challenges with legal procedures, credit access, and land-related processes. Dr. Nguyễn Văn Đính, Chairman of VARS, noted that cash flow issues have severely impacted related industries and unemployment, affecting social welfare. The seminar will provide multi-dimensional analysis and objective evaluation of the current state of the real estate market and the impact of existing legal policies.

 

Source: laodong.vn

 

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