In particular, the Housing Law, along with the revised Land Law and revised Real Estate Business Law (both effective from January 1, 2025) are a big step forward in perfecting institutions and promoting the land market. , Vietnam’s construction and real estate development is healthier, more transparent and sustainable.
“Along with perfecting institutions, the Prime Minister’s Working Group has urgently reviewed, urged, and guided to remove difficulties and obstacles in implementing real estate projects for localities, enterprise. The working group received 138 documents reporting difficulties, problems and recommendations from localities, businesses and associations related to 191 real estate projects. The working group, Ministry of Construction has reviewed, classified and transferred to the agency and authority for handling,” Mr. Hai informed.
Catalyst from 3 laws
Similarly, Mr. Nguyen Van Dinh – Chairman of VARS said that 3 laws that affect the real estate market are Land Law 2024, Housing Law 2023, Real Estate Business Law 2023 have been passed. These are the hinge bases that help the market develop in a safe and healthy direction.
The recovery process of the real estate market will continue to progress in a positive direction.
According to Mr. Dinh, the market in 2024 will be purged of investors with poor finances, replaced by companies with good finances, good products and complete legalities. When the Land Law 2024 takes effect, new real estate projects must complete construction according to planning and design before being sold or leased.
Forecasting the market in the coming time, Mr. Dinh shared that the recovery process of the real estate market will continue to progress in a positive direction. All changes will take place slowly and steadily based on previous recovery and accumulation, with support from economic growth and urbanization. In particular, apartments will continue to lead the market. Next is the type of house and residential land as investors become more and more certain about the recovery prospects of the real estate market after going through the “exploration” process.
“In particular, the draft decrees guiding the implementation of the Land Law, Housing Law, and Real Estate Business Law officially taking effect from July 1, 2024 will be a “catalyst” to promote the process. reactions of issue groups in the market to produce clearer recovery results,” Mr. Dinh said.
Duy Quang
