Property

Hundreds of commercial housing projects that are not on residential land have stalled and are unable to be implemented. A number of other projects have been completed, but financial obligations have not yet been fulfilled. These problems are part of the reason why the real estate sector’s contribution to the State budget remains low, at only about 7-8 per cent of GDP.

Construction of the Flamingo Hai Tien project - northern Thanh Hoa province’s first nightlife entertainment complex - began on October 16 in Hoang Hoa district. On nearly 20 ha and using 7D hologram technology, the international project will boast a complex of shopping - food - entertainment - sea sports situated around a pedestrian mall of 2,000 meters.

Some 11.9 million houses on a total area of 1.032 billion square meters are to be renovated or built around Vietnam under targets within the draft National Housing Strategy for the 2021-2030 period. The average housing area per capita will reach 30 square meters by 2030.

Central Quang Nam province recently added 51 lists of land acquisition projects, with 37 lists using State budget capital on a total area of 115.16 ha and 14 lists using non-State budget capital on a total area of 231.62 ha. The province has boosted the reform of administrative procedures relating to land to promote quick and effective investments.

With the pandemic and its ill-effects still lingering, many people are struggling to pay their rent and have had to end their leases. Large numbers of vacant properties mean the rental housing market is no longer so appealing among investors. It has been forecast that rental housing may remain inactive for at least another year.

The real estate market in north-central Thanh Hoa province will experience an unprecedented fever in the fourth quarter of 2021, with three large real estate groups - Flamingo, SunGroup, and Vingroup - deploying super projects on more than 3,000 ha and with total investment of more than $5 billion.