Property

Positive economic development, new infrastructure, impressive growth in tourism, and other factors have been important in promoting the real estate market in north-central Nghe An province, including in its capital, Vinh. Nghe An’s Western Biosphere Reserve has been recognized by UNESCO and the province boasts many beautiful beaches along its 82-km coastline, which hold promise for year-round resort tourism.

Amendments to certain laws, including the Law on Land, the Law on Housing, and the Law on Real Estate, are expected to be passed by the National Assembly by the end of 2023. Many analysts, however, believe there are conflicting and overlapping provisions between the laws, causing difficulties and even business stagnation.

The real estate market in Phan Thiet city, south-central Binh Thuan province, is becoming increasingly attractive to investors thanks to advantages in tourism development, infrastructure, and, especially, the strong possibility of price increases. Analysts believe Phan Thiet will become a “magnet” for investment, and real estate prices will skyrocket when the local airport is completed and the Dau Giay - Phan Thiet Expressway comes into operation at the end of this year.

The Dong Nai Provincial People’s Committee plans to auction land use rights for 105 land plots with a total area of nearly 782 ha this year and in subsequent years. The southern province will complete procedures before the end of this year to auction six land plots with a starting value of nearly VND790 billion ($33.13 million) in total.

A Savills Q3 2022 real estate market report shows that new supply of apartments for sale in Hanoi rose 235 per cent quarter-on-quarter and 69 per cent year-on-year. In addition to improved supply, apartment transactions also grew positively, reaching 3,605, up 61 per cent quarter-on-quarter and 49 per cent year-on-year. Class B apartment transactions accounted for 64 per cent.

The purchase of land plots and apartments in Ho Chi Minh City and surrounding areas fell by nearly 80 per cent in the third quarter of 2022. The DKRA Group has forecast that market demand and liquidity will continue to be affected over the closing months of the year by moves to increase interest rates and strengthen credit control.