Multi million dollar real estate agents

The Hanoitimes - Population in Phu Quoc likely triples in 2030, resulting high demand for hospitality industry. The administration upgrading has made Phu Quoc the first island city in Vietnam, opening up an era for the locality equal in size to Singapore. The tourism-based island city is destination for upcoming real estate investment. Photo: Kiengiangtravel The move is considered a momentum for the island that is well-known for tourism, creating favorable conditions for the mushrooming of real estate projects, local experts have predicted. It triggers a question on how Phu Quoc’s real estate attractive to investors. The expertise might offer a broader view of the potential there. Dang Phuong Hang, managing director, CBRE Vietnam, said that real estate ecosystem models like hospitality will match the tourism-based island. The development of tourism will support the growth of three-pillar model namely hospitality real estate, entertainment, and high-end housing segment, she added. Phu Quoc’s real estate sector has significant room to grow thanks to youngling market, plenty of investment opportunities, and reasonable prices. In addition, well-equipped resort projects are expected to drive up the service prices. Enormous potential for real estate market is obviously seen in newly-established wards like Duong Dong and An Thoi, Hang said. "The city status will enable Phu Quoc to make master growth planning, including strategies for tourism industry. The city’s population is forecast to triple by 2030, forming elite groups that demand high-end services," Hang said. Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association (VNREA), said the three-pillar ecosystem [hospitality real estate/resort – entertainment – high-end housing segment] is the most suitable model for the island tourism city of Phu Quoc. Notably, the well-invested infrastructure and more convenient transport have fueled the increasing flows …

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The Hanoitimes - Hanoi has its own attractions that become special to outsiders. Executives of global real estate services provider Savills have opined that Hanoi has appeared to become a key part of Vietnam’s growth story as the city has “its own attractions” in the real estate sector. Hanoi, with more than 1,000 years of history, is Vietnam’s cultural center as well as its administrative hub. The French colonial era left Hanoi with a number of historic buildings and tree-lined boulevards that have garnered it the title of the Paris of the East. The population of 8.1 million doubles if the nine surrounding provinces are taken into account. In addition, Hanoi benefits from Vietnam’s thriving economy: 2019 GDP growth was 7.02%, above the 2019 government target of 6.6% to 6.8%. Retail sales were US$163 billion, up 13% on year. Troy Griffiths, deputy managing director of Savills Vietnam, said “Hanoi offers a wealthy population by Vietnamese standards and that population is growing rapidly. The city’s infrastructure is rapidly evolving, with metro lines, roads and bridges which will improve connectivity and boost real estate values.” Meanwhile, the city’s stock of modern real estate is growing and domestic developers are maturing to deliver international grade assets, Griffiths adds. Part of Hanoi. Photo: Do Hung Last year, Japan’s Sumitomo Corporation joined forces with Vietnam’s BRG Group to develop a 272-ha smart city in Dong Anh district, north of the city's center. The extension of Metro Line 2 from central Hanoi to Noi Bai International Airport will pass through the project site, which will be home to a new station. Other foreign developers and investors active in Hanoi include Keppel Land, CapitaLand, Mitsubishi Estate, Gaw Capital Partners and Hongkong Land. The city’s growing population fuels demand for residential property. Apartment sales rose 26% to nearly 40,000 in 2019, with new supply of 37,700 units. Supply looks …

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Legal conflicts and gaps The real estate market, after five years of recovery and robust development from 2014 to 2018, the supply of real estate investment projects to the market had decreased sharply in 2019 and 2020. By the end of 2018, many legal conflicts and gaps in the legal system related to the real estate market had been pointed out. It was great efforts of the Ho Chi Minh City Real Estate Association (HoREA), the Vietnam Chamber of Commerce and Industry (VCCI), and the Central Institute for Economic Management (CIEM) to study and identify these legal shortcomings. Legal conflicts between laws related to the real estate market often show in the form of the inconsistency of administrative order and procedures in the approval and handling of pending projects. For example, the Investment Law 2014 uses the term ‘investor’ to refer to people who want to make investments and those who already have investment projects. Meanwhile, the Construction Law 2014 clearly distinguishes that ‘investors’ are people who propose investment projects, and ‘builders’ are those whose investment projects have been approved. The lack of inconsistency in legal terminology has caused stagnancy in the approval of investment projects. For the handling of pending projects, according to the Investment Law, after 12 months of inactivity, the investment certificate will be revoked. However, according to the Land Law 2013, the investors, who use the land behind schedule, will be extended for 24 months. During the extension period, if the project is still behind schedule, the land will be withdrawn. So, the land is wasted for two years, and the pending project remains unresolved. The legal gaps show in the form of large projects using a large area of land, on which there are many different types of land, but each type of land is regulated by its specialized law. Project land may include land acquired while in use, which is handled according to the Land Law 2013; public land managed by …

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