Real estate in a new context

These are important, fundamental laws, reshaping the legal framework for the real estate market. Along with that, the Government has made continuous efforts to remove difficulties and support the real estate market. However, in addition to supportive policies, the real estate market also faces fluctuations in the macro economy and domestic and foreign financial and monetary markets, creating a new context for business activities. real estate investment.

View of the discussion (Photo: HNV)

These comments were clarified at the discussion "Investment focus: Real estate in the new context" organized by TheLEADER on the afternoon of July 30 in Hanoi.

Attracting a large number of experts, lawyers, and managers, the discussion analyzed the impact of new legal regulations on real estate investment activities and discussed what businesses need. work to adapt to the new legal framework, as well as analyze potential investment opportunities and strategic investment areas in the new context.

At the discussion, representatives of business associations, real estate investment and consulting businesses, and real estate legal experts discussed the impact of the three amended laws on the real estate market and real estate businesses, legal problems have been resolved, remaining problems; Has the real estate market started a new cycle?; Real estate price developments; Potential investment areas. Attractiveness of real estate segments with investment cash flow; Enterprise strategies adapt to new legal regulations, market changes and customer tastes; Credit flow into real estate and pressure on real estate bonds.

Ms. Nguyen Hoai An, Senior Director of CBRE Vietnam, spoke at the Seminar (Photo: PV)

Positive outlook for real estate

Tham luận tại Toạ đàm, bà Nguyễn Hoài An, Giám đốc cao cấp CBRE Việt Nam khẳng định, một số động lực tăng trưởng kinh tế của Việt Nam giai đoạn vừa qua phải kể đến dòng vốn FDI đang tiếp tục tăng trưởng tốt. 6 tháng đầu năm 2024, Việt Nam vẫn là một trong những quốc gia đứng đầu về thu hút FDI (cả về đăng ký lẫn giải ngân) trong khu vực. Lượng vốn này vừa đóng góp vào tăng trưởng kinh tế nói chung, vừa thúc đẩy phát triển bất động sản, nhất là bất động sản công nghiệp. Cũng theo bà An, một động lực tăng trưởng nữa là phục hồi của xuất nhập khẩu trong 6 tháng đầu 2024 với mức 14,5%, đóng góp vào sự phục hồi đáng kể của GDP của quốc gia. Sự hồi phục của cán cân xuất nhập khẩu này nhờ vào phục hồi của nhu cầu toàn cầu. Thêm vào đó phải kể đến sự gia tăng lượng khách Travel quốc tế trở lại Việt Nam, sau một thời gian dài chịu ảnh hưởng bởi dịch COVID-19. Dự kiến, con số này có thể lên tới 18-19 triệu lượt du khách quốc tế tới Việt Nam. Ngoài ra, cần phải nhắc tới lượng khách du lịch trong nước đã và đang tiếp tục là động lực tích cực cho ngành du lịch nói chung và bất động sản du lịch nói riêng. Ngoài ra, Việt Nam cũng đối diện với không ít thách thức. Đơn cử, lạm phát đã và đang có thể ảnh hưởng đến mặt bằng giá bất động sản, thắt chặt chi tiêu của người dân và đặc biệt là ảnh hưởng đến mặt bằng lãi suất. Thời gian trước, mặt bằng lãi suất ở mức tương đối vừa phải đến thấp, cũng là động lực giúp nền kinh tế và thị trường bất động sản tăng trưởng trong thời gian qua.

Lawyer Pham Thanh Tuan, City Bar Association. Hanoi speaks at the Seminar (Photo: PV)

Sharing about taking advantage of opportunities and overcoming challenges for real estate businesses in the context of new legal regulations taking effect, Lawyer, Master Pham Thanh Tuan, City Bar Association. Hanoi, real estate legal experts stated that the Housing Law 2023, Real Estate Business Law 2023 and Land Law 2024 will take effect from August 01, 8. The new regulations of the three laws above take effect at the same time and will contribute to removing a number of obstacles and overlaps that cause many difficulties for businesses in the real estate sector. Besides the new points that have a positive impact on businesses, the above 2024 laws still have a number of issues that have not been resolved or continue to need to be studied for completion. That is: Enterprises that win the bid may have their bid canceled if they are late in paying compensation for resettlement support. “Enterprises that are investors in projects using land need to anticipate (newly arising) legal situations related to legal consequences in case of delay in capital allocation for compensation and resettlement support. Thereby, there is careful preparation of financial resources to avoid the risk of bid cancellation arising" - Lawyer Pham Thanh Tuan recommended. 

Also according to Lawyer Tuan, other shortcomings include: Not applying the form of investor approval to urban area and rural residential area projects; Commercial housing projects in the form of investment policy approval without "residential land" are still "stuck"; Delineate the "boundaries" when transferring part of a project and transferring land use rights with technical infrastructure in a real estate project to an organization; New regulations on land price determination are still "unknown" risks for businesses; Laws related to real estate coming into effect will lead to changes in market structure and business scale." 

Dr. Nguyen Van Dinh, Vice Chairman of Vietnam Real Estate Association (Photo: PV)

Believe in the new legal effect for the real estate market

Talking directly at the discussion, Dr. Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association pointed out some new points of laws related to the real estate market such as land price lists 5 years before the regulation. 1 time, decided by the Central Government. However, currently, land price lists are updated annually, decentralizing authority to localities. Information on land prices is tight and clear, so that the game is more fair and equitable. Besides, there are regulations on investment, social housing, selling houses to foreigners... are new regulations that will create a better and more attractive game in the coming time.

Meanwhile, Mr. Nguyen Hoang Nam, General Director of G-Home said that, with the strong loosening of the law, I hope the new circular will help remove all difficulties so that investors can feel secure. make social housing.

Highly appreciating industrial real estate, Mr Nguyen Quoc Khanh, Chairman of DTJ Group, said that although Vietnam's economy is affected by the general difficulties of the world economy, Vietnam's attraction of industrial production is very good and is considered a "hot spot" in the world. attract foreign investment. Besides, infrastructure and seaports in Vietnam have been improved very well. Developed industrial real estate markets such as Hung Yen and Ha Nam have convenient transportation infrastructure, attracting many domestic and foreign investors. Further, Recent State policies have also provided much support for industrial park real estate, especially the new law allowing the transfer of legally completed industrial park real estate. However, investors also face challenges besides large capital requirements, long collection of money, moderate profits and not too fast liquidity. The State aims to develop green industry with emphasis on green factors.

Overall assessment of the real estate market, Mr. Le Hong Khang, Director of Analysis and Credit Rating FiinRatings, said that the market outlook in the next 1-2 years will still recover slowly. Positive points from legal or policy factors will take time to absorb.

Mr. Tran Quang Trung, Business Development Director of One Housing (Photo: PV)

Mr. Tran Quang Trung, Business Development Director of One Housing, predicts that from now until the end of the year, the Hanoi market will continue its current situation and after 2025 there will be an improvement in apartment supply. Other segments such as low-rise will also have a strong push at the end of this year and early next year./.