Apartment buildings remain a "hot spot" in the market, nearly 4,000 old apartments in Ho Chi Minh City are about to be renovated, and a new method for calculating personal income tax when transferring land use rights is being used... these are the latest real estate news.
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| In the Northern market, apartments are a segment receiving significant attention in 2024. (Photo: Linh An) |
Apartment buildings - a hot spot in the market.
Recently, Batdongsan.com.vn organized the event "Overview of the Vietnamese Real Estate Market 2024 and Focus on Da Nang ".
At the seminar, Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, stated that apartment buildings are a type of property that enjoys relatively stable interest and price growth in the market.
Specifically, the average asking price for apartments in 2021 ranged from 34-37 million VND/m2. In 2022, the average asking price for apartments ranged from 38-40 million VND/m2. In 2023, the average asking price for apartments ranged from 39-42 million VND/m2. In 2024, the average asking price for apartments ranged from 45-51 million VND/m2.
In contrast to the continuous upward trend in asking prices, rental prices for apartments have remained relatively unchanged in recent years. In 2021, the average rental price for an apartment was 10 million VND/month. By 2023 and 2024, the average rental price for an apartment had edged up to 12 million VND/month.
In particular, in the Northern market, apartments are a segment receiving significant attention in 2024. Leading markets in terms of apartment interest include Hanoi and Hung Yen, with a 7% growth compared to Q2 2024, followed by Hai Phong with a 6% growth.
In Hanoi, the apartment projects receiving the most interest from users in Q3 2024 are Hanoi Melody Residence with an 88% increase in interest, Heritage West Lake with an 87% increase, Sunshine Green Iconic with a 76% increase, Sunshine Golden River with a 74% increase, and The Sapphire – Vinhomes Smart City with a 58% increase.
In Ho Chi Minh City, the apartment projects receiving the most interest from users in Q3 2024 are Lavida Plus with a 258% increase in interest, Celesta Rise with a 198% increase, Van Phuc City urban area with a 57% increase, The Opera Residence with a 55% increase, Thu Thiem Green House with a 55% increase, and The Beverly Solari – Vinhomes Grand Park with a 46% increase.
Compared to the same period last year, the apartment projects with the best price increases in the Hanoi market include Times City with a 39% increase, Goldmark City with a 38% increase, Vinhomes Ocean Park Gia Lam with a 38% increase, Vinhomes D'Capital with a 27% increase, and Vinhomes Smart City with a 26% increase. In Ho Chi Minh City, the apartment projects with the best price increases in the market are Lavida Plus with a 24% increase, The Era Town with a 19% increase, Masteri Thao Dien with an 18% increase, The Opera Residence with a 13% increase, and Empire City Thu Thiem with a 13% increase.
According to Mr. Quoc Anh, high-end and luxury apartments are gradually accounting for a larger proportion of the apartment supply in major cities, specifically in the three key markets of the country: Hanoi, Ho Chi Minh City, and Da Nang. Notably, luxury apartments in Da Nang are showing good growth in both selling prices and interest levels, while the market in the other two major cities, Hanoi and Ho Chi Minh City, tends to remain stagnant.
According to data from Batdongsan.com.vn, the price of luxury apartments in Hanoi decreased from 136 million VND/m2 in Q2 2024 to 132 million VND/m2 in Q3 2024. Over the same period, the selling price of luxury apartments in Ho Chi Minh City increased from 113 million VND/m2 to 121 million VND/m2.
The price of luxury apartments in Da Nang increased from 106 million VND/m2 to 111 million VND/m2. Da Nang also has the highest level of interest in luxury apartments in the market, rising from 240 points to 260 points.
Meanwhile, Ho Chi Minh City and Hanoi recorded a decrease in interest levels. Specifically, interest in luxury apartments in Hanoi decreased from 109 points to 107 points, and in luxury apartments in Ho Chi Minh City decreased from 50 points to 45 points.
Mr. Quoc Anh stated that Hanoi residents are increasingly searching for luxury apartments and showing great interest in areas such as Hung Yen, Da Nang, and Hai Phong . In terms of the proportion of interest in luxury apartments by region, Hung Yen leads with 44%, followed by Da Nang with 15%, and Hai Phong with 9%. These are also the three areas with the highest number of searches for luxury apartments on the market.
According to the Deputy General Director of Batdongsan.com.vn, a prominent feature in the luxury apartment segment is "branded" real estate. "Branded Residences are high-end real estate projects developed in collaboration with renowned brands. These projects offer luxurious services and amenities, with sophisticated designs. The main reasons consumers choose to buy branded real estate include: services and amenities (34%), profit potential (25%), building maintenance and management (23%), and brand recognition (10%)."
Nearly 4,000 old apartments in Ho Chi Minh City are about to be renovated.
The Ho Chi Minh City People's Committee has recently issued a document assigning relevant agencies to address difficulties and obstacles in the repair of apartments and common areas in apartment buildings managed by the Center for Housing Management and Construction Inspection, under the Department of Construction.
Previously, at the end of July, the Ho Chi Minh City People's Committee allocated 3,944 state-owned apartments to the People's Committees of districts, counties, and Thu Duc City for these localities to approve management and use plans for resettlement purposes.
The Ho Chi Minh City People's Committee has requested that districts, counties, and Thu Duc City report in detail the actual number of apartments requiring repair and the progress and plan for resettlement. Based on this plan, the Center for Housing Management and Construction Inspection will repair the apartments and common areas in the apartment buildings.
Nearly 4,000 apartment units have been allocated to various localities, divided into 3 groups.
Specifically, Group 1 includes all vacant apartments in public-owned apartment buildings that have not yet been allocated for use. Group 2 includes vacant apartments that have not yet been allocated for use, interspersed among apartments that have been allocated for use but for which no apartment building management board has been established.
For apartments belonging to the two aforementioned groups, the Center for Housing Management and Construction Inspection will take the lead in repairs, ensuring progress is in accordance with the proposals of the local authorities.
Group 3 consists of vacant apartments, interspersed among other apartments that have already been occupied and where a condominium management board has been established.
For this group, the Center for Housing Management and Construction Inspection is tasked with repairing the apartments, coordinating with the management board, and reporting to the Department of Construction on the plan for repairing the common areas of the apartment building.
New method for calculating personal income tax when transferring land use rights.
Previously, taxable income from land use rights transfers was determined by the transfer price for each transaction. However, with the new regulations in the 2024 Land Law, the calculation method has changed.
This is a notable aspect of the 2024 Land Law, which amends regulations on taxable personal income (PIT) from real estate transfer activities.
Previously, taxable income from real estate transfers was regulated in Clause 1, Article 14 of the 2007 Personal Income Tax Law (amended and supplemented by Law No. 71/2014/QH13), which stipulated that taxable income from real estate transfers was determined as the transfer price for each transaction.
However, the aforementioned regulation has been amended and supplemented by Article 247 of the 2024 Land Law, which came into effect on August 1st.
Accordingly, taxable income from real estate transfers is determined as the transfer price for each transaction; in the case of transferring land use rights, taxable income is calculated based on the land price in the land price table.
Thus, the 2024 Land Law has added regulations on determining taxable personal income in cases of land use right transfer. Specifically, from August 1st, taxable personal income from land use right transfer will be determined according to the land price in the land price table.
Meanwhile, taxable income from other real estate transfer activities (excluding land use rights) is still determined based on the transfer price for each transaction.
According to the 2024 Land Law, from 2026 onwards, land price lists will be issued annually by provincial People's Committees to reflect market prices, instead of every five years as stipulated in the old regulations.
Currently, in many localities, the land price list issued by the Provincial People's Committee in accordance with the 2013 Land Law continues to be applied until December 31, 2025.
Meanwhile, in Ho Chi Minh City, at the end of October, after nearly three months of receiving feedback, providing explanations, and making adjustments, the City People's Committee officially issued a decision to adjust the land price list for 2020. This land price list will be applied from October 31, 2024, to December 31, 2025.
In the newly issued price list, agricultural land prices are adjusted by multiplying the 2020 land price list by the corresponding adjustment coefficient (K coefficient) for each area and location. Compared to the old prices, agricultural land prices have been slightly increased.
For residential land, if the land price in 2020, after being multiplied by the coefficient K, is only 30% of the market price, then the adjusted land price list will be approximately 50% of the market price.
The highest land prices in Ho Chi Minh City are found on plots of land along Nguyen Hue, Dong Khoi, and Le Loi streets in District 1, reaching 687.2 million VND/m2. Compared to the 2020 land price multiplied by a factor (567 million VND/m2), the adjusted land prices on these streets have increased by 120.2 million VND/m2, or 21%.
However, this figure has decreased significantly compared to the draft released for public comment at the end of July, when the proposed land price for residential land along the three aforementioned roads was 810 million VND/m2.
The lowest land price in Ho Chi Minh City is in the Thieng Lieng residential area, Can Gio district, at 2.3 million VND/m2. In the 2020 price list, when multiplied by the coefficient K, the land price in this area was only 170,000 VND/m2. After adjustment, the land price has increased 13.5 times.
Conditions for compulsory land reclamation
What are the conditions for enforcing a land reclamation decision?
Clause 2, Article 89 of the 2024 Land Law (effective from August 2024) stipulates that the enforcement of land recovery decisions shall be carried out when the following conditions are met:
a) The land revocation decision has come into effect, but the landowner refuses to comply with the revocation decision after the People's Committee of the commune, the Vietnam Fatherland Front Committee of the commune where the land is located, and the land management agency or the unit/organization responsible for compensation, support, and resettlement have attempted to persuade them;
b) The decision to enforce the land reclamation decision has been publicly posted at the headquarters of the commune-level People's Committee and at the common gathering place of the residential area where the land is being reclaimed;
c) The decision to enforce the land recovery decision has come into effect;
d) The person subject to enforcement has received the decision on enforcement of the effective land recovery decision.
If the person subject to enforcement refuses to accept the enforcement decision or is absent when the enforcement decision is delivered, the commune-level People's Committee shall draw up a record.
Thus, the enforcement of land recovery decisions can only be carried out when all conditions prescribed above are met.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-gia-chung-cu-chi-tang-khong-giam-gia-thue-lai-bat-dong-dieu-kien-de-cuong-che-thu-hoi-dat-293896.html
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