Property

The Ministry of Construction is formulating national urban and rural area planning for the 2022-2030 period and vision to 2050, to build and develop a harmonious and balanced urban network between regions, urban areas, and the countryside. The development of high-rise buildings will be strictly controlled in inner cities, with the concentration of hospitals and universities in central urban areas reduced and industrial facilities outside of urban areas relocated.

Deputy Prime Minister Le Van Thanh has signed Decision No. 1119/QD-TTg approving the investment policy on construction and infrastructure business at the Dong Soc Industrial Park in northern Vinh Phuc province, with the Vinh Phuc Trading Investment Company being the project investor. The project sits on 206,560 ha straddling Van Xuan commune, Vu Di commune, and Tu Trung town in Vinh Tuong district. Total investment is VND2.238 trillion ($94.85 million), including VND335.718 billion ($14.21 million) contributed by the investor and VND1.902 trillion ($80.64 million) mobilized from other sources.

In the first half of 2022, along with a recovery in the tourism sector, the real estate market in central Da Nang city has seen many signs of improvement. According to forecasts from CBRE, in resort real estate alone, Da Nang will have 99 4-5 star hotel projects by 2024, bringing total supply to more than 21,000 rooms. The appearance of Shizen Nami on the shores of Da Nang Bay has attracted major attention thanks to its regenerative health apartment model.

Data from Batdongsan.com.vn shows demand for apartments in Hanoi and Ho Chi Minh City both increased in the first eight months of 2022 compared to the same period last year. In Hanoi, mid-end apartments for VND30-50 million ($1268-$2113) per sq m saw the highest increase in selling price, of 15.5 per cent. This segment attracts the most interest, which rose 10 per cent, with the number of listings increasing 11 per cent.

The revised Law on Real Estate Business is expected to be submitted to the National Assembly for the first time at the May 2023 session and approved at the October 2023 session. The Law will continue to be supplemented, with stricter regulations on real estate brokerage activities to be added.

The Soc Son District People’s Committee in Hanoi has said it is preparing to auction 12 land plots in Huong Dinh Doai and Huong Dinh Dong hamlets in Mai Dinh commune. The auction is expected on October 2, at the district office. Many districts in Hanoi have recently held land auctions, with Me Linh district being especially active.