By 2017, Real estate Vietnam looks back on the most prominent real estate events of the year.
The sale of land by handwritten paper is still issued red book
In more than 30,000 cases without certificates of land use rights in Ho Chi Minh City, up to 70% of documents related to a manual paper purchase. Decree 01 dated 6.1.2017 effective from 3.3.2017 allows these cases from July 1, 2004 to January 1, 2008 are legal and issued red book. This change has helped many cases of handwritten paper trade.
This decree also allows the Department of Natural Resources and Environment to authorize the Land Registration Office to issue a red book in case of land change registration, issuance of renewal, the reissue of paper …
Banks cut interest rates, homebuyers benefit
After more than half of the year’s increase, in August, 2017, thanks to the abundant liquidity and strong demand for loans, the interbank rates began to fall deeply, mainly in short terms. The mobilization rate also decreased slightly at all terms, depending on each bank, from 0.1-0.3%.
This is one of the most active real estate events of the year because of the true psychology of buyers who have real needs. Low-interest rates, many people enlisted to apply for a home loan. The owners of which offer many attractive payment methods such as giving the buyer 30% of the value of the house and payment of the rest upon receiving the house. As a result, the market became more active.
In 2017, the Government approved a simplified “simplified” administrative procedure that involved too many 22 administrative procedures in the fields of construction, housing, business real estate sales …
Construction permit procedures are simplified when abolishing the “copy of construction permit granted by a competent state agency” in the dossier of application for the construction permit in case of repair or renovation. Information on the number, date of issue, the building permit agency has just been added.
Simplify administrative procedures
In the field of real estate business, procedures for granting new real estate practice certificates are simplified. Schools of information on the date of birth, place of birth, nationality for Vietnamese people, ID card number and passport of the registrant in the examination certificate has been abolished.
Intermediate segment continues to lead the market
According to CBRE, while the consumption of the two luxury and luxury segments are showing signs of decline, the segment of medium and low-end housing continues to lead the market in terms of absorption. Accordingly, the total market share of the luxury segment was only about 473 units, down 58% over the same period. A high-end segment was 5,390 units, down 25%.
Meanwhile, in 2017 there are about 23,561 apartments in the middle class, popular consumption, accounting for 56% of total consumption of the market. Thus, on average, every 100 apartments sold out, 84 units are absorbed by the market successfully.
Specifically, in the middle segment, there are about 13,170 apartments offered for sale, up 25% compared with 2016. The popular segment is 4,595 units sold, up 6.5%. This figure is expected to continue rising in 2018, reaching 70% when the absorption of the market is very good.
Ground fever “bombing” near the city
In early 2017, real estate market in Ho Chi Minh City started “fever”. In the east of the city, the price of land at that time increased from VND2-5 million / sqm. After that, continue to spread to many coastal areas such as District 12, Binh Chanh, Nha Be, Can Gio, Cu Chi, Hoc Mon …
By mid-2017, the land fever has been slightly cooled down, but, around the end of October – 11/2017, there are signs of “outbreak” back in the context of a series of key projects are deployed. For example, Belt 2, Thu Thiem Monorail – Long Thanh International Airport … Many districts of Ho Chi Minh City had to give the urgent warning about land “fever” with many signs of unauthorized.
The Metro project “capital-hungry”
The two metro projects in Ho Chi Minh City are the Ben Thanh – Suoi Tien and Ben Thanh – Tham Luong urban railway lines, all of which are in a state of disruption. Use public investment capital of VND 10,000 billion or more.
Accordingly, the capital of tens of trillion dong has made the exploitation of the HCM City metro line is delayed. This affects not only the apartment, officetel, office for rent … metro route last time.
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