Real estate latest: Hanoi apartment market enters a new growth phase as supply and consumption in 2024 are expected to be the highest in 5 years. (Photo: Linh An)

West Hanoi apartments lead the market

In the first half of 2024, the Hanoi apartment market recorded a vibrant development in the context of scarce supply, new projects with full legal documents were approved in small batches. This was also the period that witnessed a strong increase in apartment prices in both primary and secondary markets.

CBRE Vietnam's recent real estate market report provides some notable data. This unit commented that apartment prices in Hanoi had a stable growth rate in the first 6 months of the year. In particular, primary prices in the second quarter of 2024 increased by 6.5% compared to the previous quarter and increased by nearly 25% year-on-year. In the same direction, secondary apartment prices increased by 5% quarter-on-quarter and 22% year-on-year.

The supply of apartments for sale in the second quarter also increased fourfold compared to the previous quarter, reaching approximately 8,500 units, concentrated in the West of Hanoi with the Vinhomes Smart City urban area project. In terms of purchasing power, in the second quarter of 2024 alone, the number of apartments sold in the entire Hanoi market reached 10,170 units, five times higher than in the first quarter of 2024. The total number of apartments sold in the first two quarters of 2024 exceeded the level recorded in the whole year of 2023.

OneHousing Market Research and Customer Insight Center also provided similar survey data. This unit assessed that the Hanoi apartment market entered a new growth phase when supply and consumption in 2024 were expected to be the highest in 5 years. In the first 6 months of 2024 alone, the entire Hanoi market recorded more than 52,000 transactions, of which both primary and transfer apartments accounted for 54%.

According to this unit, the primary supply in Hanoi in the second quarter of 2024 reached about 8,400 units, an increase of 97% compared to the previous quarter and an increase of 340% year-on-year. The consumption volume reached about 8,300 units, most of which were also concentrated in the western part of Hanoi.

Large supply for sale combined with a favorable geographical location with a well-connected traffic system and well-planned planning are the reasons why Vinhomes Smart City has become the center of the Hanoi apartment market.

Ba Ria - Vung Tau will auction 9 prime land plots

The People's Committee of Ba Ria - Vung Tau province has just announced a list of 9 land lots to be auctioned for land use rights this year. The provincial Land Fund Development Center will organize the auction.

Specifically, in Vung Tau City, there is a tourist market land area (old) in Thang Tam ward with an area of ​​over 2.9 hectares; a 13.8-hectare area at Mui Nghinh Phong, ward 2; a land area recovered from Vung Tau International Medical Initiative Company Limited, ward 11; a 76.7-hectare area in urban area of ​​3/2 street in ward 10, ward 11 and a 1.4-hectare area (Green Crayfish) in Thang Tam ward. The total area of ​​these lands is nearly 99 hectares, planned as commercial service land, medical land, and residential land.

In Long Dien district, there is a 0.68ha area recovered from Thanh Chi Joint Stock Company; a 0.71ha area recovered from Long Hai seafood warehouse and a 1.11ha area recovered from Sugarcane Corporation II. All three of these areas are located in Long Hai town and are planned as commercial and service land.

Finally, the 1.7-hectare land in Phu My ward, Phu My town, is planned as medical facility land to implement a hospital project with a scale of 200 beds.

It is expected that after successfully auctioning the above 9 land plots, Ba Ria - Vung Tau province will collect more than 10,000 billion VND. This is the provisional price according to the province's land price list for the period 2020-2024.

Previously, Ba Ria - Vung Tau province had planned to auction 41 land plots this year, with a total area of ​​over 110 hectares. However, up to this point, only 9/41 land plots have been announced for auction.

If real estate prices increase by more than 20% in 3 months, the State will regulate.

According to the new decree, when the real estate transaction price index fluctuates by more than 20% in 3 months, ministries and branches will have to propose measures to regulate the market.

This is a regulation set forth in Decree 96/2024/ND-CP (referred to as Decree 96), effective from August 1.

Accordingly, the Ministry of Construction shall follow the Government's direction or base on the price index, real estate transaction volume index and other socio-economic indexes and statistics of other sectors and fields related to the real estate market to assess the real estate market situation and propose to regulate the real estate market.

The Decree clearly states: Research, synthesis of reports assessing the situation and proposing measures to regulate the real estate market are carried out when the real estate transaction price index fluctuates by more than 20% in 3 months. Or the real estate market has other fluctuations affecting socio-economic stability.

Regarding the proposal of measures to regulate the real estate market, within 15 days, the Ministry of Construction shall preside over and coordinate with ministries, ministerial-level agencies, and provincial People's Committees to synthesize a report assessing the situation and propose measures to regulate the real estate market to submit to the Government for consideration and decision.

In particular, the Ministry of Construction proposed measures to regulate the real estate market related to legal policies on urban planning, construction, housing, real estate business; on programs and plans for urban development, housing, real estate; and on the structure of real estate products.

Measures to regulate the real estate market related to legal policies on investment and bidding are proposed by the Ministry of Planning and Investment. The Ministry of Natural Resources and Environment proposes legal policies on land.

The Ministry of Finance proposes measures related to legal policies on tax, finance, securities, and corporate bonds.

State Bank of Vietnam proposes related to legal policies on credit.

Provincial People's Committees review the implementation of real estate projects of localities and enterprises and propose measures to regulate the real estate market in the area.

After that, the Ministry of Construction synthesizes a report assessing the situation and proposes measures to regulate the real estate market for the Government to consider and decide.

In case the measures to regulate the real estate market exceed the Government's authority, the Ministry of Construction shall report to the Government to submit to the National Assembly and the National Assembly Standing Committee for consideration and decision.

Regulating the real estate market to ensure supply and demand, real estate product structure, and suitability for each stage of the market is also done through the preparation, submission for approval and implementation of land use planning, construction planning, urban and housing development programs and plans.

Sun Urban City project with a scale of up to 420 hectares, total investment of about 35,000 billion VND. (Source: Sun Group)

Sun Group starts construction of 35,000 billion VND project

On the morning of August 8, in Phu Ly city (Ha Nam), Sun Group held a groundbreaking ceremony for the Sun Urban City project with a scale of up to 420 hectares and a total investment of about 35,000 billion VND. The project is expected to contribute to changing the face of Ha Nam city, contributing to the local socio-economic development.

Sun Urban City is located in Bac Chau Giang area (Phu Ly city) - the southern gateway of Hanoi capital, 50 km from Hanoi with only 45 minutes drive. Sun Urban City metropolis is developed according to the suburban resort urban model with 1,001 utilities, where the elderly receive comprehensive health care with a nursing home, specialized hospital, and a large space for walking and gathering with peers and children; young people and children can freely immerse themselves in new entertainment experiences...

Sun Urban City owns the central location connecting the traffic "road - rail - air" of Ha Nam. The modern urban area - Sun Urban City has a construction density of only 18%, green space and water surface up to 200ha with a complex of 5 large parks, creating an ecological, classy living space, close to nature.

With convenient transportation, well-planned planning and a system of high-class utilities, Sun Urban City Ha Nam is expected to become the leading destination for living, relaxing, playing and experiencing for people in Ha Nam and the North.