Property

Minister of Construction Nguyen Thanh Nghi has said that Vietnam’s real estate market continued to face difficulties in mobilizing capital in the first nine months of 2022. Total transactions rose year-on-year in the period but slowed during the third quarter. Real estate prices remain beyond the vast majority of people.

The Thanh Hoa Provincial People’s Committee has issued documents directing the strengthening of the management over and promoting the development of the local housing and real estate market, contributing to socio-economic development and ensuring social security and macro-economic stability. Besides the positive results, the development of the real estate sector still bears many shortcomings, limitations, and inadequacies, lacking sustainability and exhibiting risks. Thanh Hoa has therefore offered solutions to promote the safe, healthy, and sustainable development of the sector.

At the Real Estate Forum 2022 on October 28, with the theme “Supply of real estate in Ho Chi Minh City: Practical issues to be solved”, Mr. Le Hoang Chau, Chairman of Ho Chi Minh City Real Estate Association (HoREA), said transparency in the market has improved with clear mechanisms and policies. However, safety and stability are still of concern due to the overlap between the Land Law 2013 and the Law on Housing 2014 and other legal documents.

The Ministry of Construction has held a conference appraising adjustments to the master plan for Hai Duong city in the northern province of the same name to 2040. The master plan aims to develop Hai Duong using new development trends in the context of international integration and globalization, exploit and bring into full play its potential and advantages in geographic location, culture, and human resources for rapid and sustainable development, turn it into a green, smart city, and reach the criteria for becoming a Class 1 urban area.

Real estate enterprises continued to grapple with a host of difficulties in the first nine months of the year, especially in investment procedures and accessing capital. Loan interest rates, foreign exchange rates, gasoline prices, and construction material prices have also all increased, leading to higher costs.

Figures from the Ho Chi Minh City Department of Construction show that in the first nine months of 2022 the city had 21 capital-funded housing projects with 11,600 dwellings sold, including 10,166 apartments, or 87.6 per cent of the total, and 1,434 low-rise houses, or 12.4 per cent. Of these, 9,305 were high-end apartments, or 80.2 per cent.