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Housing laws await huge alterations

Update: March, 16/2013 - 10:09

HA NOI (VNS) — The Law on Housing and the Law on Real Estate Business will soon see vast amendments, according to Minister of Construction Trinh Dinh Dung.

Problems in the current laws hindered the development of social housing as well as real estate management, Dung said; moreover, the real estate sector needed the State's intervention to ensure sustainable development because real estate products were frequently associated with State-owned land.

According to Deputy Minister Nguyen Tran Nam, the ministry has asked localities, relevant ministries and organisations and experts to suggest potential amendments to these laws. The current draft amendments to the Law on Housing concern financing, management and use of apartment buildings and housing information systems.

The draft revised laws will likely be proposed to the Government in June and to the National Assembly in October for ratification in 2014.

Wide range of choice

Developers in Ha Noi are releasing more affordable projects as Tet concludes, providing home buyers with a variety of choices.

Nam Cuong Group put 85 apartments in the CT3C building in the Tu Liem District Hong Quoc Viet Residential project on sale recently. Prices range from VND24-24.5 million (US$1,140 – 1,170) per sq.metre.

And Thien Duong Bao Son Tourism and Entertainment Company offered villas in Hoai Duc District' An Khanh Commune for sale, with areas from 200-600 sq. metres, according to Nguyen Thanh Hai, head of the Sales Department. Many apartments on sale cost around VND15 million ($715) per sq.m. These include those in the Phuc Thinh Tower in Hoai Duc District (VND13-14 million per sq.m), the OCT2 building in Tu Liem District (VND12.9-14.9 per sq. m) and Xa La and the Sun Garden project in Ha Dong District (VND14-18 million per sq. m).

According to the ministry, apartment prices decreased by 5-10 per cent in 2012. In Ha Dong, Thanh Tri, Dan Phuong and Hoai Duc districts, prices fell by up to 30 per cent. Many experts expected the real estate market to warm up this year as prices decreased and the Government offered support to home buyers to resolve bad debts and provide tax and land fee deferrals as well as preferential loans and interest rates. Yet investors worried about when these policies would see effects and called for detailed instructions to ensure that the support reached those who really needed it. — VNS

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