Property

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.

Vietnam’s real estate market has exhibited a number of shortcomings in recent times, with prices rising compared to incomes and the market information database lacking synchronization and transparency. State management agencies are now reviewing regulations, identifying ways to diversify capital sources, and proposing policies to create new development drivers for the market.

According to the urban land use plan for the beach city of Nha Trang in south-central Khanh Hoa province, the area of agricultural land will decrease by 2030 as non-agricultural land increases sharply, of which commercial and service land will rise nearly four-fold. Of note, the land area for entertainment will expand nearly 14-fold.

The Hanoi People’s Committee has recently issued Document No. 2807/UBND-TNMT on strengthening land management. A plan for the 2021-2030 period and vision to 2050 is to be completed shortly and submitted to competent authorities for approval, with strict management and control over land auctions.