Five real estate exchanges suspend operation in one month
HCMC – Five real estate exchanges were shut in late 2022, the Housing and Real Estate Market Development Division with the HCMC Construction Department reported. The city has 61 real estate exchanges, having been established since 2017, five of which closed in December 2022. These included the
HoREA proposes eliminating social housing land requirement
HCMC – Owning a home will continue to be a distant dream for many people if the regulation that requires property developers to set aside 20% of their project land for social housing development is in place, said the HCMC Real Estate Association (HoREA). The association proposed amending the law
New apartment supply in Hanoi plunges to eight-year low
HCMC – Hanoi City saw new apartment supply tumbling to an eight-year low last year, but the average primary home price remained high, at about VND47 million per square meter, up 15% year-on-year, according to Savills Vietnam’s 2022 report. In 2022, a mere 12,640 new apartments were put up for sale
Over 1,300 social homes to be put up for sale in Danang
HCMC – The Danang Department of Construction has announced that it will put up for sale more than 1,300 social homes of two social housing projects not funded by the State budget. The social apartment building in Hoa Khanh Bac Ward in Lien Chieu District will have 13 units on sale, while two
HCMC to take back 11,000 square meters of land in District 10
HCMC – District 10 will take coercive measures to take back 11,000 square meters of land at 419 Le Hong Phong Street, according to a proposal presented by the HCMC Department of Natural Resources and the Environment. According to the Vietnam News Agency, Nguyen Tien Dung, deputy chief inspector of
HOREA proposes interest subsidy incentive for homebuyers
HCMC – Prices of many commercial housing units have plunged 50% to around VND2 billion each. However, they remain unsalable due to buyers’ hesitation in taking out mortgages amid high lending rates. Therefore, the HCMC Real Estate Association (HoREA) has written to the prime minister and the
Experts warn of real estate risk in 2023
HCMC – Experts of the Central Institute for Economic Management (CIEM) have forecast that the gloomy global economic picture will continue to affect the Vietnamese economy next year, especially the real estate market. Inflation, high interest rates, volatile foreign exchange rates, restrictions on
Real estate transfer tax revenue double in 2022
HCMC – Vietnam has seen a surge in revenue from real estate transfer taxes this year even though the market has almost ground to a halt due to liquidity problems. In its report on the budget collection of the tax sector, the General Department of Taxation said revenue generated by taxes on
Double compensation likely for aging apartments in Hanoi
HCMC – The Hanoi City People’s Committee has introduced the draft regulations on renovation of aging apartments to the public for feedback, with compensation possibly double. According to information from the portal of the Hanoi City’s People’s Committee, for the aging apartment buildings
PM seeks to rescue gloomy real estate sector
HCMC – Prime Minister Pham Minh Chinh yesterday, December 14, wrote to ministries and localities, ordering them to step up efforts to eliminate hurdles facing the real estate market. PM Chinh told the Ministry of Construction and relevant authorities to carry out Decision 1435/QD-TTg issued on
HCMC proposes increasing land price coefficients in 2023
HCMC – The government of HCMC has proposed revising up the coefficients for land prices by a notch to 2.5-3.5 during a meeting held yesterday, December 7. The coefficients are set by provincial-level authorities, used for land price calculation and revised annually based on the local real estate
Facilitating capital flows
Vietnam’s stock and property markets are struggling with volatile capital flows. If the situation is not properly tackled, dire consequences would be unavoidable. Coping solutions should be sought to ease capital flows. Should the property market be rescued at all costs? A duck in water and
