Property

DKRA’s August 2022 Real Estate Market Report shows that products, including apartments, townhouses, villas, and land plots, in Ho Chi Minh City and neighboring provinces have sharply declined both in supply and demand. With the possibility of limits on loans to buy real estate being eased, the market may recover by the end of the year but any change is unlikely in the short term.

Deputy Chairman of the Dong Nai Provincial People’s Committee Vo Van Phi has chaired a meeting with departments, branches, and localities in the southern province to revise and supplement a list of 30 land acquisition projects in 2022 and a list of 12 projects changing the use purpose of arable land, protected forest land, and special-use forest land. Most projects are to build State offices, historical-cultural relic sites, parks, technical infrastructure, public infrastructure, resettlement areas, and social housing.

According to a report from the Hanoi People’s Committee, the timeline for completing the Nhon - Hanoi metro line has been delayed from 2022 to 2027, and the total investment required has increased by more than VND1.9 trillion ($80.6 million).

The Ho Chi Minh City Real Estate Association (HoREA) has made a number of proposals to the National Assembly’s Standing Committee regarding amendments to the Land Law, including that it not be compulsory to conduct real estate transactions through a trading floor because this would create “privileges” for the floor and “deprive” project investors of their business autonomy.

Deputy Prime Minister Le Van Thanh has signed a decision approving the General Planning Task for the Cam Lam New Urban Area in south-central Khanh Hoa province to 2045. Cam Lam will become a world-class, airport-adjacent urban area, a creative and smart city, and a gateway to the world.

As most activities have returned to normal following Covid-19, rents on apartments in many areas of Hanoi have increased by 10-20 per cent and are continuing upwards. Foreign tenants are expected to be a driving force for the development of the serviced apartment segment.