In 2024, Ho Chi Minh City had 17 real estate projects that received investment approval.

As of December 15th, Ho Chi Minh City has 17 housing projects with approved investment policies, including 8 projects for which the People's Committee of Thu Duc City issued decisions after being granted delegated authority.

As of December 15th, Ho Chi Minh City has 17 housing projects with approved investment policies, including 8 projects for which the People's Committee of Thu Duc City issued decisions after being granted delegated authority.

This information was provided by Mr. Tran Hoang Quan, Director of the Ho Chi Minh City Department of Construction, at the Conference to evaluate the results of implementing socio -economic development tasks in 2024 and deploy tasks for 2025, organized by the Ho Chi Minh City People's Committee on the morning of December 26th.

Remove 34 projects from the monitoring list for resolving obstacles.

According to Mr. Tran Hoang Quan, the real estate market in Ho Chi Minh City has gradually recovered, from negative levels in 2023 to positive growth since the beginning of 2024. The growth rate is still slow but shows positive signs.

Several new projects have received investment approval, and some older projects have been restarted thanks to the removal of obstacles. Specifically, as of December 15th, the city has 17 housing projects with approved investment policies (including one social housing project).

Specifically, the projects approved by the Ho Chi Minh City People's Committee include: Rita Vo Commercial, Service and High-End Apartment Center; Dong Quang Town; BI and B2 Apartment Buildings (Terra Rosa); Moonlight Center Point; Nhon Duc Nha Be Residential Area; Le Thanh Tan Kien Social Housing; NBB Garden III Residential Area; High-rise Housing Area - Subdivision 11A; and NHT Housing Area.

In addition, the People's Committee of Thu Duc City approved the investment policy for 8 projects after decentralization, including: My Phu Residential Area; Dien Phuoc Thanh Apartment Complex; High-rise Office and Residential Building Complex; Thang Long Low-rise Housing Area; Truong Thanh Ward Housing Area; Phu Huu Apartment Complex; High-rise Commercial - Service and Office Building Complex; and Dai Nhat Apartment Building - Block A of Dong Nam Company Housing Area.

Quoc Loc Phat's Song Viet Complex project is one of eight projects whose obstacles have been completely resolved. Photo: Le Toan

In 2024, the city also had 4 housing projects granted construction permits. These include: New Tech mixed-use commercial and service apartment complex; high-rise housing in part of subdivision No. 15 on Nguyen Huu Tho Street; CCl high-rise apartment complex and CCS high-rise apartment complex in Nam Rach Chiec residential area; and an apartment complex in Truong Thanh ward.

Regarding the resolution of obstacles in real estate projects, out of 64 projects that the City received for processing, 34 projects were considered for removal from the monitoring and processing list. Of these, 12 projects had their obstacles resolved or no longer had any requests; 5 projects were not real estate projects; 17 projects required awaiting conclusions and decisions from inspection, auditing, and investigation agencies; and projects involving public land required legal review.

In addition, there are 30 projects that require continued monitoring and resolution. Of these, 2 projects have issues under the jurisdiction of central government agencies; 8 projects have issues under the jurisdiction of the City People's Committee; and 20 projects have issues under the jurisdiction of departments, district People's Committees, and Thu Duc City.

Forecasts for the first few months of 2025 indicate that the market will continue its recovery, but at a slow pace, without any breakthroughs. Prices may increase slightly in some segments due to the regulation of land prices by the City when they are issued, but there will not be significant fluctuations.

New supply will gradually be added, contributing to increased transaction volume. The apartment segment remains the most promising due to slow supply growth and high demand. New policies on land, housing, real estate business, and credit, effective from August 1st, will have a positive impact on the market in the coming period.

Research on taxing second properties

According to Mr. Tran Hoang Quan, in the coming period, the city will continue to review and adjust construction planning and urban planning to suit the actual economic and social development situation in order to ensure stable and sustainable urban development.

Simultaneously, improve and shorten the time required for investment and construction procedures for real estate projects, in line with the administrative reform process related to project development, especially for urban renovation and development projects.

The city is also studying mechanisms for mobilizing capital to invest in infrastructure, urban renovation and development from banks, credit institutions, and domestic and foreign financial investors; and researching the creation of a legal framework for some new financial instruments to develop the real estate market in order to diversify sources of investment capital into the real estate market.

Establish mechanisms to support investors in land compensation, site clearance, and land acquisition; and mechanisms for auctioning land use rights. Regulate the calculation of land use fees in a simple, scientific , and market-appropriate manner.

At the same time, research should be conducted on several tax solutions to ensure equitable access to housing for the people, specifically applying high taxes on second and subsequent properties and real estate transactions that occur shortly after purchase.

Create a legal framework to increase budget revenue from real estate market activities by implementing real estate leases and collecting the added value of land and real estate on land from infrastructure investments using budget funds.

The city also strengthened the management and supervision of investors and brokers' activities to ensure professionalism and ethics in business operations; implementing measures such as improving licensing procedures, proposing and monitoring compliance with regulations on business ethics, as well as strengthening inspections and handling violations.

Simultaneously, promote close coordination among relevant agencies to optimize information sharing and improve the efficiency of management, inspection, supervision, and handling of violations. Improve the process and mechanisms for resolving disputes, complaints, and denunciations, along with strengthening the handling of violations in accordance with the law; create effective mediation and arbitration mechanisms, and strengthen management and inspection to ensure compliance with the law.

Source: https://baodautu.vn/batdongsan/nam-2024-tphcm-co-17-du-an-bat-dong-san-duoc-chap-thuan-chu-truong-dau-tu-d235642.html