A view of Trung Hoa-Nhan Chinh residential area in Ha Noi. There were 9,651 apartments and houses available in Ha Noi, up 3,862 units against December last year. — VNS Photo Truong Vi HA NOI (Biz Hub)— The value of the country's real estate currently on sale on the market at the end of June was roughly VND108.77 trillion (US$5.06 billion), down 15.4 per cent against the first quarter, said Deputy Minister for Construction Nguyen Tran Nam. Nam said that 27,805 high rise apartments worth VND41.54 trillion ($1.93 billion) are currently available, accounting for 38.19 per cent of the country's total housing stock. There are also more than 2 million square metres of land plots on the market, Nam disclosed at a meeting in the capital yesterday of the Central Steering Committee on Housing Policy and Real Estate Market. Nam said that these figures were inadequate as several cities and provinces have not yet provided accurate figures but the data provided from 56 out of 63 cities … [Read more...] about Real estate value drops off in Q2
Steering in real estate
>> Hanoi’s low income housing “lucky draw” answers hopes of 226 families >> New legislation attributed to Hanoi's sluggish realty market >> Social housing in Hanoi up for sale A recent conference suggested trends have proven to keep investors focused on upper-scale real estate projects for high-income earners rather than the economical housing segment. The information was reported at an international real estate conference entitled “Housing and Real Estate Market Development-Worldwide Experience and Options for Vietnam” held in Hanoi November 26-28. According to the Central Steering Committee for Housing and Real Estate Market Policy, just one third of the total number of social housing projects in Vietnam have begun construction, proving to be unattractive to investors. Many property firms said they would make limited profits from housing projects for low-income earners because prices of apartments for them are stipulated by the state, … [Read more...] about Vietnam learning lessons from developed Asian real estate markets
Hanoi Times - Prime Minister Nguyen Tan Dung has changed the name of the leading national housing agency to the National Steering Committee for Housing Policies and Real Estate Market. A prime ministerial decision issued last week gives the committee additional functions, duties and powers, including the implementation of the Law on Real Estate Business and the establishment of policies to develop this sector. Two deputy ministers from the ministries of Agriculture and Rural Development and Home Affairs and the vice-chairmen of the Hanoi and HCM City People’s Committees have been appointed to the committee. The governmental relevant agencies are developing a proposal for real estate development to provide orientation for the market which is expected to be finalized in January next year. The Prime Minister has ordered the State Bank to ask banks to review each project, and continue lending to unfinished real estate projects in order to hasten their completion. Currently, … [Read more...] about Prime Minister directive gives boost to real estate
How Are Real Estate Policies Working? Many new real estate projects will be carried out in the near term thanks to the government’s recently approved real estate supporting policies even though Vietnam’s economy has not yet fully recovered from the economic decline. However, state agencies, investors and ordinary people still have to take some drastic measures in order to implement these policies effectively and ensure stable development of the real estate market. A wide range of new projectsMr Vu Van Phan, Head of the Standing Committee under the Central Steering Committee for Real Estate Market and Housing Policies said the government of Vietnam has recently issued some legal documents on policies to boost investment in housing development for targeted people via encouraging all economic sectors to invest in building student accommodations. Mr Phan released the information at a seminar entitled “Vietnam Real Estate Market-Concerning Issues”, which was … [Read more...] about How Are Real Estate Policies Working?
Real Estate Credit Still under Control After years of staying quiet, the real estate market has built up a relatively big inventory. So now, as the market is getting warmer, it’s the opportunity to improve the market’s liquidity. The change of wind is steering investors’ business towards more attentive to the demands of customers. When the market was “hot”, it was normal to see buyers waiting in long lines for their turn to draw and try to win the chance to purchase a house, even when they succeeded, they had to make payment in advance (up to 90 percent in some projects), investors then used this money to launch new projects, which meant they were unable to guarantee the schedule of construction progress due to a lack of control over capital. But now, investors who want to sell their products must honour commitments to construction progress, they also cooperate with banks to create preferential loan packages to draw in home buyers. Salespeople at … [Read more...] about Real Estate Credit Still under Control