Houses in Hanoi alley dropped sharply but still difficult to sell, terminated the park project on "golden land" near West Lake, real estate transactions in residential areas in Lam Dong were 50 times higher than the project... are the latest real estate news.
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| Latest real estate. The complex of amusement and auxiliary parks is located in a prime location, but has been abandoned for many years. (Photo: Tran Khang). |
The house in the alley suddenly dropped in price by hundreds of millions, still difficult to sell
Real estate in alleys in Hanoi has always been a "popular" segment for many years. In particular, from 2021 to the end of 2022, this housing segment continuously increased sharply, even equivalent to the price of adjacent houses in the suburbs if calculated by the price of m2.
However, after going through a hot growth period, so far this segment has shown signs of falling into silence. Many homeowners have accepted a discount of several hundred million dong per unit to quickly recover capital, but it is still difficult to find buyers.
According to the survey, currently, in Hoang Mai district, the price of houses in alleys in areas such as Dinh Cong, Linh Nam, Minh Khai... ranges from 90-130 million VND/m2.
Similarly, in Nam Tu Liem district, the areas of Me Tri, Phu Do, My Dinh ... house prices in the 2-3m wide alley are being sold for 90-120 million VND/m2. The price of houses in the 3m wide alley in areas such as Xuan Phuong, Cau Dien, Tay Mo, Trung Van... ranges from 90-100 million VND/m2, while in the 2-2,5m lane, the selling price ranges from 70-80 million VND/m2.
Particularly in Cau Giay district, if you want to own a house in an alley of 30-35m2, buyers need to spend from nearly 4 billion VND to more than 6 billion VND. Specifically, the price of houses in lanes 2-2,5m wide ranges from 125-150 million VND/m2, while houses in alleys over 3m wide are 150-180 million VND/m2.
In fact, the current recorded prices have all decreased by about 10-15% compared to the middle of 2022. For example, a 41m2 house has built 5 floors, 2,5m lane frontage in Me Tri, in November 11 is for sale at the price of 2022 billion VND, equivalent to nearly 5,4 million VND/m132. However, after half a year, the owner has not found a new owner and has repeatedly adjusted the selling price. Up to now, the selling price of this house has dropped to 2 billion VND, equivalent to 4,7 million VND/m114.
The real estate market report in the first quarter of a market research unit showed that the level of interest and purchasing power in Hanoi's private housing market decreased. Specifically, the interest rate for private houses in Cau Giay district decreased by 22%, Dong Da district decreased by 26%, Thanh Xuan district decreased by 23%, Long Bien district decreased by 11% ...
The reason for this situation is recognized by investors and experts as the past time, high anchoring interest rates, the psychology of buyers is apprehensive, continuing to wait for a deeper price drop, causing liquidity to decline. Accordingly, although it can serve the real needs of buyers, it still has to lower the price to find customers.
The survey shows that there are many houses in the alley that have been for sale for half a year but cannot find buyers. The reason is that the current interest rate is still at a high level, causing many people to hesitate to make a decision.
According to Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association (VARS), the housing market has been "blown" higher than it actually is for many years. In the first quarters of the year, it is forecast that the market will have little volatility, the transaction volume will also continue to decrease compared to the same period in 2022.
"Customers have moved to put money down with the mentality of waiting to catch the bottom, but whether the market has reached the bottom is still a question that needs time to be answered, because there is no measure to determine where the bottom of the real estate market is," Mr. Dinh said.
Hanoi terminates park project on "golden land"
On June 5, Hanoi Department of Planning and Investment has just decided to terminate the operation of the investment project "Amusement park complex and auxiliary facilities at 6, 151 Yen Phu street, Tay Ho district, Hanoi city".
According to the Hanoi Department of Planning and Investment, this project has investment policy decision No. 2999 dated June 16, 6 of the Hanoi People's Committee. The investor of the project is Hanoi Entertainment Services Development and Investment Company Limited. This project has the commercial name of Sanrio Hello Kitty World Hanoi entertainment complex.
The reason for the termination of the project operation is that the investor is not allowed to continue using the investment location and does not carry out the procedures for adjusting the investment location within 6 months from the date of not being allowed to continue using the investment location.
Previously, the City People's Committee assigned the Department of Planning and Investment to review the dossier, consult with the Departments and branches on the termination of the project of the amusement park and auxiliary park project at 151, 153 Yen Phu to ensure that no disputes, complaints and lawsuits would arise later, and reported to the City People's Committee for consideration and decision.
The Hanoi People's Committee said that the investment project in the mixed-use area of office, commerce, restaurant services and entertainment at 153 Yen Phu (Yen Phu ward, Tay Ho district) with a total area of about 2.678m2 was signed by the City People's Committee with the investment policy decision No.
However, in December 12, the Members' Council of Hanoi Tourism Corporation - Co., Ltd. had Resolution No. 2017 approving the policy of terminating the above project, and on December 229, 14, Hanoi Tourism Corporation - Co., Ltd. issued a written notice to terminate the project operation.
On January 15, 1, the Department of Planning and Investment issued Document No. 2018 to the City People's Committee about the termination of the project implementation by the Hanoi Tourism Corporation - Co., Ltd. at the location No. 319 Yen Phu Street, Tay Ho District.
On February 28, 02, the City People's Committee issued Document No. 2018 approving the proposal of the Department of Planning and Investment and the proposal of the Hanoi Tourism Corporation - Co., Ltd. At the same time, assign this Corporation to complete the liquidation of the mixed-use project of Office - Commercial, restaurant services and entertainment in accordance with current regulations of law.
The Hanoi People's Committee also said that on June 29, 6, the City People's Committee issued Decision No. 2020 to recover 2843m2.678 of land at 2 Yen Phu, assigning the Hanoi Land Fund Development Center to manage according to regulations. On October 153, 26, the Department of Planning and Investment sent a written report to the City People's Committee on the termination of the project of the amusement park and auxiliary park project at 10, 2022 Yen Phu.
On November 16, 11, the City People's Committee directed in Document No. 2022 to assign the Department of Planning and Investment to review the dossier, seek opinions from the Departments and branches on the termination of the project operation, to ensure that no disputes, complaints and lawsuits would arise later, and report to the City People's Committee as prescribed.
As noted, the land lot for the project of the amusement park and auxiliary complex is located at 151-153 Yen Phu, with the most favorable location in Hanoi. However, this land lot has been abandoned for many years, causing waste and loss of urban beauty.
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| Latest real estate: Design Ring Road 3 - Ho Chi Minh City (Photo provided by Project Management Board for investment and construction of traffic works). |
Dong Nai accelerates the progress of 2 infrastructure projects with more than VND 92.800 billion
The progress of construction of resettlement areas serving Bien Hoa - Vung Tau expressway phase 1 is still slow, with the Ring 3-HCM project, a notice of land acquisition has been issued.
According to the website of Dong Nai province, local leaders have just chaired a meeting of the Steering Committee for the implementation of the investment project to build the Bien Hoa - Vung Tau highway and the Ring Road 3 - Ho Chi Minh City section through the province.
Dong Nai Department of Transport reported that both these projects are accelerating the completion of related procedures to ensure the start of projects on schedule. For the site clearance of Ring Road 2-HCMC, the People's Committee of Nhon Trach district has issued a notice of land acquisition for the project.
With the Bien Hoa - Vung Tau expressway project phase 1, the Provincial People's Committee has decided to approve the component 1 subproject. However, the construction progress of resettlement areas serving the project is currently slow, especially 2 resettlement areas in Bien Hoa city.
Leaders of Dong Nai province asked Nhon Trach district to continue to quickly implement site clearance for the Ring Road 3 - Ho Chi Minh City project. The area where the project's ground-breaking ceremony will be held must complete ground clearance before June 15.
For the Bien Hoa - Vung Tau expressway project phase 1, two localities, Bien Hoa city and Long Thanh district, speed up the progress and complete the construction of resettlement areas. The Provincial Traffic Construction Investment Management Board completed the investment procedures to start the project.
The Ring Road 3 - Ho Chi Minh City project is expected to start on June 18, with an investment capital of more than VND 6 billion. This route passes through 75.000 provinces and cities including Ho Chi Minh City, Dong Nai, Binh Duong and Long An, with a total length of 4km. The section through Dong Nai is more than 89km long, with the starting point located in Vinh Thanh commune, Nhon Trach district and the end point at Nhon Trach bridge, connecting Thu Duc (HCMC).
And the Bien Hoa - Vung Tau expressway phase 1 is scheduled to start on June 30, passing through Dong Nai and Ba Ria - Vung Tau with a total length of more than 6km. Total project investment is more than 53 billion VND from central and local budgets. The project is divided into 17.800 component projects, in which Dong Nai Provincial People's Committee is the investor of component 3 project with a length of 1km. The Ministry of Transport is the governing body for component 16 project with a length of 2 km in Dong Nai province, and component 18 project by BRVT Provincial People's Committee.
Residential real estate transactions in Lam Dong are 50 times more than projects
The Department of Justice of Lam Dong province has just reported on the volume of real estate transactions for sale through notarization and contracts in May 5 in the province. The data is compiled by the Department of Justice from 2023 registered notarial practice organizations.
According to the report, in May 5, at housing projects in Lam Dong, only 2023 land plots and 33 individual house were traded. Mainly concentrated in Bao Lam district, Bao Loc city and Dam Rong district.
In the existing residential area, there are 1.297 land plots and 172 individual houses traded. Unlike other projects, real estate transactions in existing residential areas come from all districts, the most is Lam Ha district with 242 plots, the least is Cat Tien district with 3 plots.
Transactions of individual houses in existing residential areas have large disparities between localities. For example, Da Lat city has 58 transactions, Duc Trong district has 48 transactions or Bao Loc city has 32 transactions. While districts like Dam Rong, Lac Duong, Da Teh or Cat Tien have no transactions.
Regarding the type of apartment, in May 5 in Lam Dong province, there were 2023 apartments for transactions. All of these apartments are in Da Lat City.
In the past month, Lam Dong province had 40 commercial and service premises and 1 office for lease.
Compared to April 4, the situation of real estate transactions in both existing projects and residential areas in Lam Dong has had a positive change.
Specifically, real estate transactions in projects increased by 5 products, while real estate transactions in existing residential areas increased by 175 products.
