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Each week we post a news flash with notable articles related to the real estate market in Vietnam. We asked our team to pick the top stories from the past month and we’ve tallied the results. Check out the headlines that made big news in our office below. Have any of the articles we’ve shared impacted you? Is there any important news we’ve missed? We’d love to hear from you!

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1. Identifying the real estate market in 2024 in a new context

2. The reasons why many people look to buy old apartments.

3. Real estate businesses race to launch projects

  1. 4. The latest regulations on personal income tax for real estate transfers under the Land Law of 2024
  2. 5. The Fierce Race for Land: Real Estate Giants’ Expansive Pursuit
  3. 6. Vietnam 2nd most attractive emerging property market in the Asia Pacific: survey

  7. 1. Identifying the real estate market in 2024 in a new context


The Vietnamese real estate market is anticipated to experience a swift recovery in 2024, fueled by recent legislative reforms and proactive governmental interventions. Amendments to key laws such as the Housing Law, Real Estate Business Law, and Land Law are set to streamline project approval processes, catalyzing investment and revitalizing the sector.


Despite challenges, the market demonstrated resilience, with real estate credit capital reaching 2.75 quadrillion VND by the end of 2023, representing 21.4% of the total economic debt. Encouragingly, 2023 saw positive outcomes, including meeting government targets for construction industry growth, urbanization rates, and housing area.


Moving forward, the government remains committed to supporting market recovery through directives aimed at removing barriers, facilitating credit disbursement for social housing projects, and fostering sustainable development. Real estate enterprises are urged to mobilize capital, prioritize project completion, and uphold product quality to meet consumer demand effectively.


Experts outline three scenarios for the market’s trajectory in 2024, with the most promising scenario contingent on factors like increased foreign investment, timely legislative reforms, and financial flexibility. Effective management strategies, including policy refinement and targeted development initiatives, are deemed essential for realizing market potential and addressing challenges.


Recent amendments to real estate laws mark a significant milestone, addressing long-standing bottlenecks and fostering a conducive regulatory environment for investment. With new provisions enhancing transparency and efficiency, stakeholders anticipate a more cohesive framework that will propel market growth and meet evolving consumer needs. 


2. The reasons why many people look to buy old apartments.


At this time, the apartment market in big cities like Hanoi and Ho Chi Minh City is almost absent of new projects priced at 40-50 million VND/m2. Accordingly, people have no other choice but to buy old apartment projects.


According to research by reporters of Tien Phong News, the majority of home buyers with real housing needs are facing difficulties due to limited supply and constantly increasing housing prices.


Real estate prices increased too high, exceeding the payment level of the majority of people, causing liquidity in the market to continue to decline in the apartment segment.


According to a report from the Ministry of Construction, in the fourth quarter of 2023, apartments priced from 51-70 million VND/m2 accounted for 63% of new supply, an increase of 24% year-on-year. Most of the supply in the real estate market today is in the apartment segment priced from 3.5 to over 4 billion VND.


According to the latest report of the Vietnam Real Estate Brokers Association, primary prices (selling prices from investors) of apartments are high partly because there are very few investors with projects. Investors with supply at this stage are mostly large investors who do not have financial difficulties, so the asking price is anchored at a high level to maximize profits.


The price level of primary apartments is difficult to decrease due to input costs (housing index and construction material prices increase about 6% each year), inflation, and interest rates are still high. While the number of newly approved commercial housing projects is increasingly scarce, land funds in central areas are also not much.


In 2024, this trend will continue because real estate supply has not shown clear signs of improvement and prices continue to increase. Despite recording many positive signals, both the economy in general and the real estate market in particular need more time to recover in both supply and liquidity.


3. Real estate businesses race to launch projects


The real estate market saw a resurgence in early 2024 following a period of silence, driven by the implementation of key solutions to reduce interest rates. Many real estate companies swiftly initiated project development activities, with Vinhomes taking the lead by commencing construction on several large projects, including The Opus One apartment complex in Vinhomes Grand Park Urban Area and the Happy Home Trang Cat and Cam Ranh social housing projects.


Other companies also joined the race, with Phat Dat Real Estate Development launching the Thuan An 1 project in Binh Duong and Phu Dong Group breaking ground on the Phu Dong Sky One project in Di An City. CapitaLand Group and Pi Group also announced their upcoming projects in Binh Duong and Ho Chi Minh City, respectively.


The Vietnam Association of Real Estate Brokers (VARS) anticipates 2024 to be a year of opportunities and challenges, particularly in the development of affordable and social housing. CBRE projects limited apartment supply in Ho Chi Minh City, maintaining high prices due to strong demand.


Looking ahead, stabilization of interest rates and revisions to policies and regulations are expected to boost market confidence and contribute to its recovery in 2024. Avison Young predicts a clearer market rebound from 2025 onwards with the passing of amended real estate laws, including the Land Law 2023, and anticipates improvements in the housing segment due to government interventions and increased M&A activities.




4. The latest regulations on personal income tax for real estate transfers under the Land Law of 2024


The latest regulations on personal income tax for real estate transfers state that taxable income is based on the transfer price. For land use rights transfers, the taxable income is calculated using the specified land price. If the purchase price and related costs cannot be determined, the taxable income is considered as the transfer price.


The government establishes principles and methods to determine the transfer price when it’s lower than the prescribed land price. 

Taxable income is determined at the time the transfer contract becomes effective.


Taxable income from real estate transfers subject to personal income tax includes:


– Income from transferring land use rights.

– Income from transferring land use rights and attached assets such as residential houses, infrastructure, construction works, and other land-attached assets like crops and livestock.

– Income from transferring ownership rights to residential houses and lease rights to land or water surface.

– Income from capital contribution using real estate to establish or increase business capital.

– Income from property management authorization where the authorized person has the right to transfer or similar property rights.

– Other forms of income received from real estate transfers.


Regulations for future residential houses and construction works follow real estate business laws.


5. The Fierce Race for Land: Real Estate Giants’ Expansive Pursuit


The real estate market is witnessing intense competition among major players, including Novaland Group, Ha Do Group, and Kim Oanh Group, among others, who are aggressively expanding their land portfolios. Despite economic challenges forcing some businesses to downsize, these giants are investing heavily in land acquisition to fuel their urban, resort, and industrial park projects.


In recent months, notable moves include Vinhomes and Vietnam Investment Group’s joint venture to develop a large-scale urban area in Long An province, Ha Do Group’s proposal for industrial clusters in Ninh Thuan province, and Kim Oanh Group’s acquisition of a significant construction investment project in Binh Duong province.


Novaland Group is also actively pursuing tourism and resort complexes in Binh Thuan and Lam Dong provinces, while Dat Xanh Group is eyeing land for future projects across the country. Phat Dat Development Joint Stock Company, after restructuring its debt, is targeting land expansion for model urban areas in various provinces and cities, with a focus on resort real estate.


Additionally, other prominent players like Ecopark, Hoang Huy, and TNG Holdings are participating in large-scale project developments across the country. The competition has even extended beyond traditional real estate players, with companies like TH Group and Minh Phu Seafood Group entering the market with ambitious projects.


Despite facing challenges, experts anticipate the emergence of a new class of real estate giants post-recovery, driven by their strategic land acquisitions and mergers. This aggressive pursuit of land reflects a broader trend within the real estate sector, signaling dynamic shifts and opportunities for growth amidst adversity.


6. Vietnam 2nd most attractive emerging property market in the Asia Pacific: survey


Vietnam ranks behind only India as the most sought-after emerging property market in the Asia Pacific, according to a recent survey by property consultancy CBRE. The survey, which polled investors in the region in the last two months of 2023 about their investment plans for 2024, has Thailand in third place. 


The most attractive property segments for investors are industrial and office, it said. Growing trade activities in Vietnam have fueled the need for supply chain management and logistics, and for this reason, investors are interested in industrial real estate.


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