The real estate market is showing positive signs, land prices in Ba Ria - Vung Tau are increasing after adjustments, and regulations on payment deadlines for compensation and resettlement support are being discussed – these are the latest real estate news.
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| The market has shown signs of a reversal, with interest in real estate trending upwards. (Photo: Linh An) |
After a period of volatility, the real estate market is showing signs of recovery.
After a long period of difficulties in the real estate market, according to Batdongsan.com.vn 's assessment, the market is now showing signs of reversal, with both the supply and absorption rates of properties for sale gradually improving.
Since the end of 2022, Batdongsan.com.vn has predicted that the Vietnamese real estate market will reverse course around the second to fourth quarters of 2024. Currently, data shows that the market has already shown signs of reversal, with interest in real estate trending upwards.
Specifically, interest in land in Q3/2024 is expected to increase by 49% compared to the same period in 2023, while interest in detached houses is projected to increase by 25%, apartments by 24%, and villas by 22%. In a survey conducted by Batdongsan.com.vn, 72% of real estate agents believe that the current real estate market is showing more positive signs.
Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, stated: “The three amended laws related to real estate are being positively received by buyers, brokers, exchanges, and real estate developers. The real estate market in 2024 is expected to increase transparency thanks to these legal changes. The supply of social housing is also likely to improve with new preferential policies and support.”
According to Batdongsan.com.vn, many newly launched projects in Hanoi and Ho Chi Minh City have relatively high prices. In Hanoi, the average price ranges from 45 million VND/m2 to 90 million VND/m2. In Ho Chi Minh City, the average price ranges from 45 million VND/m2 to 130 million VND/m2. Responding to Batdongsan.com.vn's survey, most real estate agents indicated that the absorption rate of newly launched projects ranges from average (30-60%) to very good (>80%).
The market for detached houses and land plots has also seen improvements. According to real estate market data for the first nine months of 2024 from Batdongsan.com.vn, both detached houses and land plots generally showed improvement in terms of interest and transactions. However, this improvement is still localized in certain areas, especially in the northern provinces.
According to Batdongsan.com.vn's price history tool, in the North, the price of detached houses increased to VND 173 million/m2 in Q3 2024 compared to VND 95 million/m2 in Q1 2021. Meanwhile, the price of land plots in this area increased to VND 46 million/m2 in Q3 2024 compared to VND 27 million/m2 in Q1 2021. In the South, the fluctuations in land plot and detached house prices were not as significant. Specifically, the price of detached houses increased to VND 106 million/m2 in Q3 2024 compared to VND 94 million/m2 in Q1 2021, and the price of land plots increased slightly to VND 17 million/m2 in Q3 2024 compared to VND 13 million/m2 in Q1 2021.
In other developments, the rental market is entering a growth cycle due to peak season factors and pressure from selling prices. In the first nine months of 2024, selling prices gradually increased to over 50 million VND/m2, creating pressure for rental prices to rise as well, from 10 million VND/apartment/month at the end of 2023 to 11 million VND/apartment/month.
Dan Phuong District (Hanoi) unexpectedly halts auction of 26 land plots.
The National Auction Company No. 5, the unit assigned to organize the auction, has announced the temporary suspension of the Dan Phuong land auction for 26 land use rights in the Trung Vo area, Tan Hoi commune.
The reason given is that, at the request of the Dan Phuong District Land Development Center, the process of reviewing procedures and auction plans is being carried out in accordance with the new Land Law.
Regarding the continuation of the auction, the company stated that it will proceed in accordance with legal regulations and will make a public announcement after receiving a decision and proposal from the Dan Phuong District Land Fund Development Center.
According to the plan, Dan Phuong district is expected to hold an auction for the right to use 26 plots of land on the morning of October 5th at the Auditorium of the Dan Phuong District Cultural, Information and Sports Center.
The auctioned land plots range in size from 75-102.2m2, with a starting price of over 13 million VND/m2. Participants must deposit between 196-267.9 million VND per plot, depending on the size.
The auction will be conducted through multiple rounds of direct voting, with a minimum of six rounds required.
Notably, the bidding increments were quite large, at 12 million VND/m2 per increment. This format is similar to the land auction in Hoai Duc that lasted nearly 20 hours, from the morning of August 19th to the early morning of August 20th, going through 9 rounds of bidding (with 6 mandatory rounds) before concluding.
Ba Ria - Vung Tau adjusts land prices.
On the afternoon of September 19th, the People's Committee of Ba Ria - Vung Tau province announced Decision No. 26/2024 on the adjustment of land price tables for the 5-year period (2021 - 2024) in the province.
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| Ba Ria - Vung Tau province has issued a revised land price list for roads in rural and urban areas. (Photo: Dinh Nam) |
The land price list for the period 2020-2024 applicable in Ba Ria - Vung Tau province was issued in December 2019. Subsequently, the Provincial People's Committee issued decisions to amend and supplement it in December 2022 and July 2024, respectively.
According to the new decision, the People's Committee of Ba Ria - Vung Tau province has added the land price list for the period 2020-2024 as a basis for "determining land locations for compensation and site clearance."
Specifically, the determination of the type of road, area, and land location for calculating compensation, support, and resettlement when the state reclaims land is carried out according to the regulations in this decision.
In addition, the new decision of the People's Committee of Ba Ria - Vung Tau province also promulgates the adjusted land price list for roads in rural areas and roads in urban areas.
According to Mr. Phan Van Manh, Deputy Director of the Department of Natural Resources and Environment of Ba Ria - Vung Tau province, the decision to adjust the land price list applies to 12 land use cases under the 2024 Land Law. The adjusted land prices already include the adjustment coefficient.
Regarding residential land along urban roads, the highest adjusted price is 78 million VND/m2 for prime plots located on roads in Vung Tau City such as Thuy Van, Ba Cu, Do Chieu (section from Ly Thuong Kiet to Le Lai), Hoang Hoa Tham (section from Thuy Van to Vo Thi Sau), Nguyen Van Troi, etc.
Compared to the adjustment in July 2024, the new land prices on the aforementioned roads have increased by 16%. For example, residential land in position 1 on Do Chieu Street (the section from Ly Thuong Kiet to Le Lai) which previously cost 65 million VND/m2, has now increased to 78 million VND/m2.
The lowest land price for residential land on urban streets in Vung Tau City is 5.7 million VND/m2. This price applies to residential land in position 4 on Nguyen Cong Tru Street, the road leading to Nguyen Gia Thieu Secondary School, Ward 12.
For residential land along rural roads, the highest adjusted land price in Vung Tau City is 7.7 million VND/m2. This price applies to residential land in position 1 on Truong Sa road, from Go Gang bridge, Ward 12 to Long Son Big House.
The lowest land price in rural areas is 913,000 VND/m2. This is the price for plots of land located in position 4 on paved internal roads 12-16m wide, part of the Long Son resettlement area's infrastructure, phase 1.
What is the timeframe for paying compensation, assistance, and resettlement funds?
Many people are wondering, after the Land Law 2024 comes into effect, how long will it take to receive compensation and support payments after a land expropriation decision is made?
According to regulations, those whose land is being expropriated are obligated to hand over the land to the organization responsible for land clearance and resettlement. If they are eligible for compensation for land and assets attached to the land, they are entitled to receive compensation as stipulated.
Accordingly, when eligible for compensation, the agencies and organizations responsible for compensation must make payments within the prescribed time limit. Specifically, point a, clause 3, Article 94 of the 2024 Land Law stipulates the time limit for payment of compensation, support, and resettlement as follows:
Within 30 days from the effective date of the decision approving the compensation, support, and resettlement plan, the agency, unit, or organization implementing the compensation must pay compensation and support to the landowners and property owners whose land is being acquired.
Therefore, the agencies/organizations/units responsible for compensation must provide compensation within 30 days from the date of the decision approving the compensation plan.
If payment is made after the 30-day deadline, the agency/organization/unit must pay additional money at the late payment penalty rate calculated on the amount of overdue payment and the period of delay (based on point b, clause 3, Article 94 of the 2024 Land Law).
Referring to Clause 2, Article 59 of the 2019 Tax Administration Law, the amount of additional payment is calculated based on the late payment penalty as follows:
The additional payment amount per day is calculated as follows: 0.03% x Amount of overdue tax.
The period for calculating late payment penalties is continuous, starting from the day following the date the late payment penalty arises until the day immediately preceding the date of payment of compensation, support, and resettlement.
Source: https://baoquocte.vn/bat-dong-san-moi-nhat-thi-truong-xuat-hien-dau-hieu-dao-chieu-gia-dat-tang-sau-dieu-chinh-thoi-han-chi-tra-tien-boi-thuong-tai-dinh-cu-287076.html
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