Business

New real estate-related laws a catalyst for domestic market: insiders

The Land Law, the Law on Real Estate Business, and the Housing Law, all to be effective from August 1, are expected to help remove pending roadblocks to real estate projects and promote the transparency of the market, according to insiders.

Improved transport infrastructure helps real estate in Thuong Tin district welcome investment waves. (Photo: Truong Son Land)
Improved transport infrastructure helps real estate in Thuong Tin district welcome investment waves. (Photo: Truong Son Land)

Hanoi (VNA) – The Land Law, the Law on Real Estate Business, and the Housing Law, all to be effective from August 1, are expected to help remove pending roadblocks to real estate projects and promote the transparency of the market, according to insiders.

The Vietnam Association of Real Estate Brokers (VARS) forecast the real estate market will see a marked recovery for the remainder of the year amidst improvements in economic growth, interest rate, and public investment disbursement.

Vo Hong Thang, Director of Consulting & Project Development, DKRA Group, told Lao dong (Labour) newspaper that businesses have pinned a high hope on the legal documents that will help them shorten the licensing period, thus saving their investment capital.

VARS Vice Chairman Nguyen Quoc Khanh stressed the need to handle capital-related issues to ensure the smooth recovery of the market although the new laws would exert positive impacts.

According to Do Viet Chien, Vice President of the Vietnam National Real Estate Association, the documents will facilitate the implementation of the project on building 1 million social housing units, towards 1.06 million units by 2030.

However, investors still find it hard to access land and capital, while facing administrative obstacles, he noted, suggesting localities adjust their housing programmes and plans with specific targets set for 2024-2025 and review their land fund for social housing./.




VNA
#industrial real estate industry #social housing #Land Law #Real Estate Business Law #housing loan program #Vietnam News Agency
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