Week 33/2022 – 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. Real estate policy effective from August 2022
Decree No. 44/2022/ND-CP dated June 29, 2022, on the construction, management, and use of information systems in the housing and real estate market, effective from August 15, 2022, the mining and using information, housing data, and real estate market must comply with the provisions of the law on access to information and other relevant laws.
Which, there are 3 forms of exploitation and use of the database on housing and real estate market, including Via Portal of information system on housing and real estate market (http:// www.batdongsan.xaydung.gov.vn); web portal of the Department of Construction; through a request form or written request; by a contract between the agency managing the information system on housing and real estate market and the party exploiting and using data on housing and real estate market in accordance with the law.
Organizations and individuals wishing to register for the grant of the right to exploit and use information and data on housing and the real estate market shall send a request form to the agency or unit assigned to manage and provide information. , data on the housing and real estate market in the following forms: Submitted directly in writing to the supplier; sent by official letter, fax, or post office; Register online on the supplier’s website.
Within 7 working days from the date of receipt of the request, the supplier shall consider granting the right to access and use valid information and data on the housing and real estate market; In case of refusal to provide the right to exploit and use, the supplier must reply clearly stating the reason.
2. Tourism recovers, resort real estate regains its position.
The pandemic has changed the concept and lifestyle of many people, which has promoted tourism trends associated with exploring nature, renewable energy, and health care. This trend is especially evident among the middle and upper classes in Vietnam.
More than a regular vacation, each trip brings them great values in terms of health, spirit, and the cohesion of family members, especially in the post-Covid context.
The good signal from the influx of domestic and foreign tourists is considered an important “kick” for Vietnam’s resort real estate market after 2 years of “hibernation” because of the epidemic.
In particular, the real estate model in the large-scale resort-entertainment tourism ecosystem is being “hunted” by both customers and investors thanks to meeting all needs of accommodation, relaxation, and entertainment. Entertainment, health care… in a single destination.
According to experts, when land fund is increasingly scarce, the all-in-one tourism-resort complexes have well-planned facilities, especially located near the sea, convenient to connect. to central cities, developed by reputable investors will be products of interest in the market, with good liquidity and potential for value-added in the future. This model also ensures the stability and sustainability of cash flow, suitable for investors with a long-term vision. Notably, emerging markets with clean land funds, rich tourism potential, and development infrastructure are the “promising land” of this type of real estate.
A new growth cycle of the resort real estate market is opening, investors may return to this potential segment with the destination of a complex and multi-use project. benefits, developed by capable investors. Converging full of preeminent qualities, the real estate product line of the above large-scale tourism – resort ecosystem will definitely be a “light door” for investment.
Considering an investment in 2022? Whatever the requirement, we provide our clients the highest standard of service tailored to their specific needs and always stay ahead of the curve. Reach out to us today!
3. Recognize the opportunity to buy a house in a period of “difficult cash flow”
Take advantage instead of letting cash flow slumber: Experts say that, instead of waiting for the opportunity that house prices will plummet, buyers can take advantage of stimulus policies from businesses to reduce financial pressure on home ownership. Real estate businesses are quite strong in launching policies to support buyers in this period, both to stimulate project liquidity and to create a force for the market to warm up. If you have idle money, this time should buy a property with a reasonable price range, with a vision within 2-3 years is very attractive.
Opportunity to access good products with the preferential financial flow: It can be seen that the advantage of the primary market today is that investors support “strongly” in terms of policies. Some primary projects offered for sale at this stage have received significant attention from buyers, most of which possess the combined advantages of infrastructure location, selling price, and payment support policies.
Why it is important: Experts say that, instead of embracing cash flow during an inflationary market, homebuyers can take advantage of good financial incentives from investors to realize their dream of settling down.
With invaluable local and regional market knowledge, an extensive professional network, and an up-to-date database of properties for sale, our team of experts will guide you through every step of the homebuying process. Whether you are interested in an apartment, condo, or single-family home, the CVR team will help you find a property that works for you. Contact our sales team today!
4. The race to elevate the living experience of luxury villas
Although the real estate market is still facing many challenges, the luxury villa segment is still recording good absorption. Many investors also invest in research and cooperation with foreign partners to increase the value of their projects with increasingly higher and stricter standards.
Blooming luxury villa project
Recently, Vietnam’s strong economic development has led to the rapid increase of the wealthy class. The number of people who can afford to buy luxury villas and mansions is now very large. Luxury villa projects also flourished throughout the provinces and cities.
Previously when it comes to the villa segment with prices from 50-100 billion VND/unit, it is mainly in the area of Phu My Hung or Thao Dien, now this segment is developing bustlingly in suburban areas. The market even recorded luxury villas worth up to 700 billion VND. Even in the coastal provinces such as Long An and Dong Nai, luxury villas costing 50-100 billion VND/unit are also traded by many customers.
Difference is the deciding factor
Around the world, luxury real estate is experiencing an increase in the number and variety of health-related services. Vietnam’s real estate market is also recording a similar trend because health is always a top concern of rich people. Many investors consider a methodical investment in living values as a differentiating factor and enhancing the competitiveness of their products.
Factors such as open living space, many green areas, and luxurious utilities are not enough now. Luxury projects also need to be designed in harmony from the overall to each house, the surrounding natural landscape is respected. Even the colors and construction materials, and interior equipment are carefully selected according to the trend of closeness to nature to ensure the health and comfort of the owners.
Danang is also home to some of the most stunning luxury resort villas in the country. CVR can help you find suitable real estate projects that fit your specific needs whether it’s from international chains to boutique properties. Contact CVR today!
5. Taxing real estate, ensuring the production process has the lowest land cost
Mr. Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that the imposition of tax is correct, it is not only proven by theory but also by international practices and practices in other countries that the only solution is The most effective way to combat land speculation is land tax and housing tax.
Also according to Mr Dang Hung Vo, in a country where land speculation is the mainstay, the consequences will be enormous as land prices increase, people with average incomes and below find it very difficult to find housing, and the currency depreciates. In particular, when the input land price of the production process increases, the price of goods increases, leading to low competitiveness. So we have to calculate how to lower the price of land in Vietnam, ensuring the production process with the lowest cost of land.
The real estate tax is irresistible, we should not for the benefit of speculators hinder the process of building this tax. Notably, such a public and transparent disclosure of assets. publicizing people’s incomes, and explaining assets to buy real estate is a must. It’s impossible for an 18-year-old person to have a mansion of several hundred billion dong, that’s absurd. so we must explain where they get the money to buy that property. These are additional measures to taxes, not only will we reform taxes, but if we don’t take other actions, we won’t solve the problem.
It is important because the situation of land fever in many provinces and cities recently has pushed up real estate prices rapidly. The cause is said to come from speculation, buying and holding land, waiting for the price to go up, and selling it again for a profit. This is causing a burden on the economy, causing land prices to skyrocket and cannot be lowered, people with real needs have a hard time settling down, and businesses are also finding it difficult to rent/purchase premises for rent. production and business investment.
Interested in investing in Vietnam? We cooperate with local and international brands to offer our clients the best opportunities available. Contact our sales team for more information today!
6. Factors that make the real estate market more positive in the short term
Information factors have the most apparent impact on the real estate market
The second most important factor is the legal issue. If the law is removed, thousands of real estate projects will be cleared, billions of dollars will be contributed to socio-economic development, and several hundred thousand jobs will be added.
The next factor affecting the market is macroeconomics. People will find it difficult to buy houses when the economy grows negative, loses jobs, and reduces income. Mr. Luc said that this year, Vietnam’s economy will recover better.
In addition to the three main factors mentioned above, the issue of inflation also affects the movements of the real estate market. The decrease in income due to inflation caused people to reduce spending, invest, and return to safe investment channels… Under the impact of inflation, the trend of shifting investment and consumption has changed very clearly over time. past time. This year’s inflation forecast in the world is at a high level, about 6%. However, the situation in Vietnam is better, the inflation rate is forecasted at about 3.8-4.2%, which is an acceptable level.
Besides, Vietnam is not doing well in planning, the information is not transparent and is used to inflate real estate prices. For financial factors, in addition to taxes – fees, it is also necessary to consider capital flows into non-bank real estates such as savings, and remittances.
Why it is important: In general, from the above influencing factors, it is forecasted that the real estate market will be favorable in the coming time after a relatively quiet period in the past 2 quarters.
As always, CVR is at your service and happy to provide help anyways we can!
Contact Us today to find the real estate investment in Da Nang which is right for You
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