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Week 14/2024 – Central Vietnam Real Estate News Summary

Week 14/2024 – 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”

  1. 1. The Impact of the Land Law of 2024 on Real Estate.


The Impact of the Land Law of 2024 on Real Estate.The Land Law of 2024 is considered a major legislation that impacts various aspects of social life and the real estate market. If implemented and enforced as planned from July 1st, it could provide momentum for the revitalization of the real estate market in the future. The enactment of the Land Law of 2024 aims to address shortcomings and inconsistencies and supplement essential provisions based on practical experiences. This law targets resolving issues faced by investors, businesses, and the real estate market. When the law is passed and enforced promptly, many stalled real estate projects can be resumed and completed, while the housing supply will increase, thereby alleviating supply and demand pressures.


According to experts, the early implementation of the Land Law of 2024 also contributes to economic recovery and development. The swift and stable recovery of the real estate market is a goal that the Government is striving for. Additionally, the development of the real estate market provides impetus for related industries such as construction materials and service providers for real estate.


The Land Law of 2024 is also expected to remove legal obstacles, protect the interests of citizens, and establish tighter control mechanisms for transactions in the real estate market. This ensures that transaction values correspond to their actual worth and promotes safety and transparency in the market.




2. Interest Rates Have Plummeted, People Have Aggressively Borrowed To Buy Real Estate.


Interest Rates Have Plummeted, People Have Aggressively Borrowed To Buy Real Estate.

The trend of shifting savings into alternative asset channels, particularly real estate or stocks, has been noted by numerous securities companies since late 2023. While experts cautiously assess that the real estate sector’s recovery may be slow in the first half of the year, gaining momentum towards the end, the stock market has already seen substantial inflows of funds. With the market showing signs of improvement since December 2023, it has emerged as one of the most attractive investment avenues, with the VN-Index projected to potentially surpass 1,300 points this year, according to some securities firms.


Despite the significant reduction in interest rates, individuals remain cautious about borrowing for real estate purchases. Many banks continue to decrease mortgage interest rates post-Tet, with rates ranging from 5-8% per annum during promotional periods. However, despite these favorable conditions, individuals’ willingness to borrow for property purchases remains limited, reflecting a preference for using their capital. While there is a growing number of inquiries and disbursements for secondary market properties, particularly those with the home itself as collateral, overall demand for borrowing for real estate investment remains subdued compared to previous periods.




3. Real Estate Law Amendments: Impact and Implications for Stakeholders.


Real Estate Law Amendments: Impact and Implications for Stakeholders

The article discusses how recent changes in real estate laws benefit various stakeholders. Key beneficiaries include overseas Vietnamese and those undergoing resettlement or compensation. Amendments facilitate more accurate land pricing and boost land value, potentially driving up real estate prices. Stricter regulations enhance property quality and address compensation for land reclamation. Moreover, real estate brokers face tighter scrutiny, requiring professional certification and operating within real estate enterprises.


Opening real estate exchanges becomes easier with reduced certification requirements.
However, brokers must undergo annual training to ensure market knowledge stays current. The commitment to establishing a real estate database aims for standardized and transparent property pricing. Overall, these legal changes aim to professionalize the real estate market and attract foreign investment, particularly benefiting overseas Vietnamese and resettlement cases.




4. Da Nang Times Square: Transitioning from Condotels to Apartments.


Da Nang Times Square: Transitioning from Condotels to Apartments.

Da Nang City allows the Da Nang Times Square project to mobilize capital for 4 towers converted from condotels to apartments and requires the investor to be responsible for the accuracy of the documents.


In May 2023, the People’s Committee of Da Nang City agreed to change the purpose of 4 plots of land of nearly 4,000 square meters of the Da Nang Times Square project from commercial and service to residential land, to build apartments. The land use term ends March 30, 2056.


Recently, the Da Nang Department of Construction announced that the project of the CT1, CT2 towers and CT3, CT7 towers of the Da Nang Times Square Complex is eligible to mobilize capital through capital contribution, investment cooperation, and cooperation. business cooperation, joint venture, and association with organizations, households, and individuals.




5. In Q1/2024 The Real Estate Market Showed Positive Signs.


In Q1/2024 The Real Estate Market Showed Positive Signs.

In the first quarter of 2024, the real estate market exhibited positive signals with increases in workforce scale and marketing budgets reported by real estate businesses.’s Q1/2024 Real Estate Market Report unveiled notable developments, including the convergence of apartment prices in Hanoi and Ho Chi Minh City, stable private house transactions, and legislative changes supporting market growth. With an online event attended by over 1000 high-level executives, emphasized improvements promoting transparency.


Surging interest in Hanoi apartments, driven by stable pricing and higher rental yields compared to Ho Chi Minh City, reflects market dynamics. Additionally, improvements in private house transactions, particularly in suburban districts, signify a market turnaround. Changes in Real Estate Law are anticipated to enhance land pricing accuracy, liquidity, and property values, benefiting various stakeholders in the market.





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