Week 31/2020 – 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 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 for Central Vietnam’s property market.
You will find a summary, 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”
In an article titled “Is the lease required to notarized?”, the author mentions that Clause 2, Article 122 of the 2014 Law on Housing clearly states that notarization or authentication of agreements is not required for cases of house leasing, permission for stay, or authorization of housing management unless contracting parties wish to do so.
However, in order to minimize the risks that may occur, parties should consider notarizing, especially with high-value rental contracts. The notary office will uncover and amend problems or loopholes in the contract, check the ownership, and ensure the tenant’s legal status.
For long-term rentals with high-value contracts, tenant should get a notarized lease. The CVR team can guide you through the process of obtaining legal contracts. Contact us for all your leasing needs today!
The title of the next article is quite self-explanatory: “Total estimated investment into condotels all over the country to be about 100,000 billion Dong”
According to the Ho Chi Minh City Real Estate Association (HoREA), the country currently has about 82,900 tourist apartments (condotel), 28,100 tourist villas, and 15,660 tourist townhouses, with a total investment capital of about 100,000 billion dong.
According to HoREA, the current “condotel” projects are concentrated in localities with strong tourist attractions such as Hanoi, Ho Chi Minh City, Da Nang, Thanh Hoa, Binh Dinh, Khanh Hoa, Binh Thuan, Kien Giang, Quang Ninh, Ba Ria – Vung Tau…
The rise in development of condotel projects over the past 10 years, has met the growing needs of the tourism industry and the resort real estate market, with growth in tourism up about 30%/year for domestic tourists and 15%/year for international tourists. In 2019 specifically, the country’s tourism industry welcomed more than 85 million domestic tourists and more than 18 million international tourists (before the Covid-19 pandemic).
While Da Nang is being affected by the pandemic, the Da Nang market is still quite stable. CVR believes the investment number over all is good for this new real estate trend. Hopefully the market will stay on track when the pandemic is controlled. With new policies for this new type of property, condotels will see substantial development in the future. Contact CVR for more information on Condotel projects in and around Da Nang.
An interesting article by Khanh Trang is titled: “Wrong tactics some real estate investors use”
As the author points out, investors who want to make the best investment should perform a comprehensive assessment. Not only in terms of the quality of the project, but the current status of the area, the value connected with the surrounding projects, and the possibility of forming a new, integrated community.
Investors should consider the competitiveness of their product in regard to competition with other projects, as well as with the project itself. They should understand what influence nearby construction projects have on their product, and whether they depreciate or increase their competitiveness.
We believe this information will help investors avoid some common mistakes due to lack of experience and knowledge when buying properties for sales. Interested in investing in Vietnam? Contact the CVR team today!
The next article we find attention worthy is titled “The city tourism industry implemented the prevention and control of Covid-19”
On the afternoon of July 25, the Da Nang Department of Tourism said that it had sent documents to tourism business, tour and accommodation establishments, transportation, and resorts in the city regarding urgent deployment of Covid-19 prevention and control measures.
Specifically, the measures implemented to ensure disease prevention include fully equipped masks, and disinfectant at service establishments for personnel and tourists.
In addition, epidemic prevention information is regularly updated on the website of the Ministry of Health (www.vncdc.gov.vn), Department of Health of Danang City (www.soyte.danang.gov.vn)
CVR points out that this action will raise awareness around protecting the health of the community in order to combat the pandemic and restore the tourism industry. Our team of experts are still working hard from home! Considering a vacation or move to Da Nang? Contact us to get the process started.
A recent Baodanang article is titled: “From 28 July, there are many changes in transportation policies in Da Nang.”
Transportation in Da Nang city in the coming month will be minimal. Starting July 28th, Vietnam Airlines, Vietjet Air, and Pacific Airlines will stop all flights from and to Da Nang city until August 11, or when there is new guidance from the Government.
The Da Nang train station and boats from and to Da Nang will also be closed temporarily, except in special cases.
On land, big buses, contracted cars, tourist cars, and public buses traveling inside or going from Da Nang will stop. Emergency cars, supplies supporting the pandemic, and company buses for employees are allowed to continue working.
Hi-tech transportation companies such as Grab or Bee will stop all 4-wheel vehicles in Hai Chau, Thanh Khe, Son Tra, Ngu Hanh Son, Cam Le, and Lien Chieu districts.
Delivery services will continue running normally, except in quarantine areas, until there is new information.
Announcements from the Government regarding transportation are important for locals and tourists to establish a suitable plan for travelling during the pandemic.
The last piece of news worth mentioning for the week reads: “Covid-19 in Vietnam July 30: 9 more cases in Da Nang, Hanoi, 9 recommendations of the Ministry of Health”
– From 6 AM on July 30: Vietnam has a total of 459 cases of Covid-19, of which 276 cases were quarantined immediately.
– The number of new cases in the community from July 25 to date: 43 cases.
– From 6 AM on 29/7 to 6 AM on 30/7: 9 new cases recorded.
Number of people quarantined: 81,546
– At hospital: 472
– At other places (hotel/motel…): 14,213
– At home: 66,861
Treatment status: According to the report by the National Subcommittee for Treatment and Prevention of Covid-19 369/459 cases recovered from the disease, accounting for 80.4% of the total number of cases.
50 patients of foreign nationality have been cured in Vietnam. No Covid-19 patients in Vietnam have died so far.
At CVR, we know that now is a very important time to slow down the infection of Covid-19 in our community. Please stay at home to protect yourself and your family.
As always, CVR is at your service and happy to provide help anyways we can!