Property

Many people rushed to buy real estate in Hanoi as soon as social distancing measures were eased, especially apartments in suburbs and newly-planned areas. The market is heating up daily, but while the number of transactions continually increases there is a shortage of new apartments, especially those handed over, and prices heading ever upwards offer homebuyers fewer choices.

There are currently 474 old apartment buildings in Ho Chi Minh City in need of renovation, of which 237 Grade-D (Dangerous) buildings cannot be renovated and must be demolished. The city plans to demolish 14 Grade-D apartments this year and build new blocks.

The Hanoi People’s Committee has issued Decision No. 65/QD-UBND approving the “Establishment of 2-5 new industrial zones in the 2021-2025 period” project. It will cement the tasks required for developing the industrial infrastructure network and also call for enterprises to invest in industrial zones in Hanoi.

The Property Auction Service Center in south-central Binh Dinh province is holding an auction of land use rights for a land project within the Nhon Hoi Economic Zone in the provincial capital Quy Nhon. The land is divided into 250 plots totaling more than 3 ha. Participating investors must meet conditions regarding financial capacity and loan capital.

Demand for mid-range real estate around Vietnam is forecast to continue to increase sharply, opening up opportunities for it to become the most-dominant segment. Rising standards of living also require that investors develop more mid-range housing.

The government has issued Decree No. 02/2022/ND-CP detailing a number of articles and clauses in the Law on Real Estate Business that will come into effect on March 1, including types of contracts in the field and conditions that individuals trading real estate must meet.