Property

The Ministry of Construction held a conference on October 12 to appraise the task of adjusting the City Master Plan for Hai Duong City to 2040 and vision to 2050. Accordingly, the capital of northern Hai Duong province was identified as a regional central city developing light and high-tech industries and supporting the development of processing industries in the south and southeast regions of the Red River Delta.

The Lang Son Provincial People’s Committee has approved the zoning plan to build two projects: the Mau Son Mountain eco-urban area and service destination, and a tourist center in the west of Mau Son commune. The two projects have a total area of more than 858 ha.

Many retail tenants, including famous brands such as Starbucks and The Coffee House, were forced to end rental leases owing to the pandemic. The retail real estate for lease market is unlikely to recover by the end of the year, despite social distancing being eased and production restored.

Vietnamese consumers are not used to living in a residence that allows them to work and relax and be close to nature and that represents a spiritual space. They are humble and do not want to show off. Demand for luxury real estate in the country is therefore only growing slowly.

Demand among the rich and super-rich in Vietnam to buy branded residences is increasing, especially amid Covid-19. But supply is still scarce, with almost no projects being completed to date. Experts believe prices will increase into the future.

Hanoi is expected to see the fastest recovery in real estate transactions and supply in the country, possibly by the end of October, while Ho Chi Minh City may see something similar in November and Da Nang in December. Transactions and supply are also likely to be active soon in localities such as Quang Ninh, Hai Phong, Bac Giang, and elsewhere.