Apartment prices in Hanoi and Ho Chi Minh City continued to rise in the third quarter, going up by 0.24 percent and 0.35 percent from the previous quarter.
Proposals currently being pored over to recognise short-term leasing of apartments as a legal business will put pressure on popular homestay groups such as Airbnb.
The HCM City Real Estate Association has proposed the short-term apartment rental business be taxed, to better manage business operations on Airbnb and similar online platforms which is developing rapidly in big cities.
The current unpredictability of the Covid-19 pandemic has led to a huge slump in the property market with an explosion of online selling sites marketing townhouses and shops in apartment buildings across Ho Chi Minh City. Many traders are quite enthusiastic to sell properties online and reach out to customers without the fear of taxes or any checks by authorities.
Nguyen Thi Minh has been forced to reduce the rents for her two apartments in HCM City’s District 2 twice this year from US$1,300 a month each to $900 to keep her tenants.
Major Ho Chi Minh City-based developer Novaland has partnered with global hospitality group Minor Hotels to manage the first branded Avani in Ho Chi Minh City – Avani Saigon Hotel at The Grand Manhattan, a luxury apartment complex in District 1.
The Ministry of Construction (MoC) is completing a draft resolution to encourage the development of low-cost commercial apartments to submit to the Government in the third quarter of this year.
A new regulation permitting the construction of small apartment units in commercial projects has sparked controversy among developers and policymakers when it came into effect on July 1.
The apartment supply in Ha Noi is expected to surge in the second half of this year to meet higher demand in this segment, according to Savills Viet Nam.
The Scenia Bay Complex became the first housing project in Khanh Hoa Province allowed to sell apartments to foreigners, according to a recent announcement of the provincial Department of Construction.