In 2024, the real estate market in Vietnam is experiencing significant fluctuations, especially related to policy adjustments and tightened legal regulations. These changes not only affect real estate businesses but also reshape the entire market, opening up opportunities but also creating numerous challenges for investors.
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1. Adjusting Land Law and new legal regulations:
One of the most important legal changes is the amendment of the Land Law along with regulations related to the Housing Law and Real Estate Business Law. The main objective of these changes is to enhance land use management, limit speculation, and ensure the rights of the people. However, this also creates many challenges for investors and businesses, especially in administrative procedures and project planning.
Tightening comprehensive planning: Real estate projects must comply with the overall urban planning of the locality, increasing preparation time and plan adjustments.
Construction permits: Obtaining construction permits becomes more complex, requiring businesses to adhere to stricter standards regarding planning, environment, and safety.
2. Tightening speculation control and real estate value:
The government is implementing measures to prevent real estate speculation and price inflation, which have caused many negative consequences for the market in previous years. This includes closely monitoring land transactions, strengthening transparency requirements and legal responsibilities for businesses and investors.
More transparent market: Publicly disclosing information about projects and transactions will help buyers and investors have a clearer view of the true value of real estate.
Mitigating price bubbles: These measures will contribute to controlling real estate prices, preventing artificial price increases, and ensuring sustainable market development.
3. Challenges from legal regulations and opportunities for professionalization:
Tightening the legal framework requires real estate businesses to comply with stricter regulations, while also creating cost and time pressures. However, when businesses invest in management, planning, and adherence to sustainable development standards.
Enhancing project management: Enhancing reputation and competitiveness by ensuring transparency, compliance with regulations, and applying international standards in real estate development.
Buyer's trust: Serious adherence to legal requirements helps businesses build trust with customers, especially in the context where consumers are increasingly concerned about their rights and legal protection when conducting real estate transactions.
The changes in legal aspects bring many challenges to the real estate market, from adjusting the Land Law to tightening regulations on speculation and capital mobilization. However, this is also an opportunity for real estate businesses to improve project management. Along with clear and transparent policies, the Vietnamese real estate market will continue to develop sustainably, meeting the needs of both investors and consumers.
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