Property

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.

The Ministry of Construction (MoC) has proposed supplementing regulations in the draft amended Law on Housing on the number of apartments that foreign organizations and individuals can own in Vietnam. Foreign organizations and individuals will only be allowed to buy, rent-purchase, receive as gifts, receive as inheritance, or own 30 per cent of the number of apartments in an apartment building, including mixed-use apartments.

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).