Condotel is gloomy, Hanoi adds list of land acquisition projects, note when mortgaging other people's red books

The resort villa segment has modest market demand, Hanoi considers adjusting and supplementing the list of land acquisition projects, things to note when using other people's red books as mortgage... are the latest real estate news.

Bất động sản mới nhất: Condotel ảm đạm, Hà Nội bổ sung danh mục dự án thu hồi đất, lưu ý khi thế chấp sổ đỏ của người khác

Latest real estate: Condotel supply nationwide in August 2023 recorded a decrease of more than 75% compared to the previous month and a decrease of more than 77% compared to the same period last year. (Illustration photo - Source: Condotelnhatrang.com.vn)

The entire Central region has no new condotels for sale.

A recent real estate market report by DKRA company shows that the supply of new resort villas, resort shophouses and hotel apartments (condotels) continues to decrease sharply compared to the second quarter of 2022. The reason for the continuous sharp decrease in supply is that in the current sluggish context, investors are more cautious in bringing products to the market.

Specifically, in August 2023, the resort villa segment had modest market demand, with consumption only 15% compared to the same period last year. Most transactions in the month focused mainly on products priced under VND 10 billion/unit.

For resort shophouses, in August, new supply continued to decline, approximately 99% compared to the same period and concentrated locally in the Southern region. In particular, the North and Central regions still lacked new projects for sale.

The demand for resort shophouses is very low, with consumption limited to 1% compared to the same period in 2022. Primary selling prices have not fluctuated significantly.

Notably, the supply of condotels nationwide in August recorded a decrease of more than 75% compared to the previous month and a decrease of more than 77% compared to the same period last year.

In August, new supply recorded only 100 units, mainly concentrated in the Southern region (87 units) and the Northern region (13 units). The Central region continued to record no new supply for sale.

Market demand remains quite low, with only 17 new units sold in August, equivalent to 14% compared to the same period in 2022.

The primary selling price of the condotel segment has not fluctuated much compared to last month and continues to remain high due to the current high cost of capital. Specifically, in the South, the selling price fluctuates from 55.5 to 81.7 million VND/m2, while in the North, the price is in the range of 35.5 to 44.2 million VND/m2.

Previously, according to data from the Vietnam Association of Realtors (VARS), in the second quarter of this year, high-end resort products (priced over 10 billion VND) recorded almost no transactions, having to compete directly with loss-cutting products of investors who had previously purchased. The transaction volume was mainly from resort products with full legal documents, priced under 40 million VND/m2.

According to the real estate market report of the Ministry of Construction , in the second quarter of 2023, although there were positive signals about policy mechanisms and bank interest rates were on a downward trend, the inventory was assessed to continue to increase compared to the same period last year.

The inventory ratio is mainly in the segment of individual housing real estate, land plots of projects and resort apartments. Meanwhile, in the first 6 months of this year, the tourism real estate segment had 08 completed projects, bringing to the market 3,385 resort and office-accommodation products, an increase of over 133% compared to the fourth quarter of 2022.

The Ministry of Construction stated that the selling price of resort real estate continues to decrease, however, the decrease is not as much as at the end of last year because current capital costs are still high, but market liquidity is quiet, with almost no transactions recorded.

Ba Ria - Vung Tau approved urban planning of more than 2,200 hectares

The People's Committee of Ba Ria - Vung Tau province has just approved the 1/5000 scale Master Plan for Kim Long urban area, Chau Duc district until 2030. Kim Long urban area includes the entire administrative boundary of Kim Long urban area, Chau Duc district, bordering Xa Bang, Bau Chinh, Quang Thanh, Lang Lon communes and Xa Bang commune.

The general planning of Kim Long urban area has a total area of nearly 2,212 hectares, the nature of which is the economic, cultural, commercial, agricultural and forestry service and tourism center at the inter-commune sub-region level in the North of Chau Duc district. It is forecasted that by 2025, the population will be about 16,500-17,000 people; by 2030, the population will be about 19,500-20,000 people.

It is forecasted that by 2025, urban construction land will be about 368 hectares, of which civil land will be about 170 hectares and non-civil land will be about 198 hectares. It is forecasted that by 2030, urban construction land will be about 438 hectares, of which civil land will be about 211 hectares.

Kim Long urban area is oriented to develop into 4 sub-areas. In which, urban area No. 1 (about 600ha) is located along both sides of Kim Long Central Road and National Highway 56. This is the central area of the urban area, including administrative, educational, medical, commercial and service works, mixed development areas, high-density housing combined with Kim Long Residential - Resettlement Area, Tam Bo Lake tourist area and natural landscape conservation area (Hau Can Mountain, Ga Buoi Mountain).

Urban subdivision No. 2 (about 224ha) in the north of the city. This is the area to renovate and improve the existing residential area along Highway 56; develop spiritual tourism associated with the Kim Long Tunnels relic site.

Urban subdivision No. 3 (about 472ha) is the central area of the city, located along Kim Long - Lang Lon road and Ngai Giao - Cu Bi road. This is mainly an existing residential area combined with agricultural production, associated with educational and sports facilities, and at the same time developing the Kim Long Basin tourist area.

Urban subdivision No. 4 (about 916 hectares) is a space for agricultural production development, associated with the protection of the basin and Kim Long lake (the lake that supplies water to the entire Kim Long urban area).

In addition to the general height regulations for each area, the planning also includes a number of key urban projects. In particular, natural highlights include the protection of the natural landscape and topography typical of the urban area such as: Tam Bo Lake, Kim Long Lake, Hau Can Mountain, Ga Buoi Mountain, and rice fields in the Kim Long Basin area.

Artificial highlights include some locations that are allowed to build high-rise buildings to create urban highlights such as: Commercial centers, areas along Kim Long Central Road, Kim Long Residential - Resettlement Area; some cultural and historical highlights (Kim Long tunnels, Kim Long Basin area) forming and creating urban characteristics...

Hanoi: Consider adjusting and supplementing the list of land acquisition projects

The Office of the Hanoi People's Committee has just issued Notice No. 798/TB-UBND, the conclusion of the City People's Committee at the meeting to consider adjusting and supplementing the list of land recovery projects; the list of projects to change the purpose of rice-growing land in 2023 in the city.

Previously, on August 29, 2023, at the headquarters of the City People's Committee, Chairman of the City People's Committee Tran Sy Thanh chaired the meeting of the City People's Committee in August 2023 to consider approving the list of land recovery projects in 2023; projects to change the purpose of rice-growing land in 2023 in the city.

Based on the meeting content, the City People's Committee voted and unanimously approved the selection criteria, updated the list of additional land recovery projects; list of projects to convert rice-growing land purposes in 2023 in Hanoi to be submitted to the City People's Council at the Special Session in September 2023 at the request of the Department of Natural Resources and Environment.

The City People's Committee assigned the Department of Natural Resources and Environment to be responsible for receiving opinions from delegates attending the meeting, checking and carefully reviewing the list and specific projects, ensuring compliance with the provisions of the Land Law and guiding decrees, selection criteria, and feasibility in implementation.

For land acquisition projects, the Department of Natural Resources and Environment reviews, updates and fully supplements information on implementation progress, capital sources, and legal bases of projects using state budget capital to ensure conditions according to regulations; fully updates the actual implementation status and legal bases of the Tay Mo Housing Area project in Tay Mo ward, Nam Tu Liem district; coordinates with People's Committees of districts, towns and related units to review and fully update eligible land acquisition projects to be submitted to the City People's Council at the September 2023 session (especially cases of bidding to select investors to implement the project).

The Department of Natural Resources and Environment shall coordinate with the People's Committee of Gia Lam district and relevant units to complete and supplement the dossier to submit to the City People's Council for approval and permission to change the purpose of using rice-growing land for the Dinh Xuyen Industrial Cluster project in Dinh Xuyen commune, Gia Lam district in accordance with regulations. In addition, the Department of Natural Resources and Environment shall preside over and coordinate with the People's Committees of districts, towns and relevant units to explain, provide and supplement relevant dossiers (if requested) to serve the examination work of the committees under the City People's Council on the above content.

Notes when using someone else's red book as mortgage

In life, there are still cases of taking other people's red books to mortgage. However, if a person intentionally takes another person's red book to mortgage or illegally mortgage another person's land use rights, he or she may be fined or prosecuted.

To legally mortgage another person's red book, the borrower must have the consent of the mortgagor and the mortgagor must sign a mortgage contract for land use rights with the bank. (Photo: Ha Phong)

This provision is stated in Clause 3, Article 4 of Circular 07/2019/TT-BTP. Accordingly, mortgage registration is also carried out in the case of mortgage to secure the performance of civil obligations of the mortgagor, to secure the performance of civil obligations of another person or of both the mortgagor and another person.

It can be understood that the mortgagor uses his land use rights to register a mortgage at the bank to secure the loan obligation of another person.

However, to legally mortgage someone else's red book, the borrower must have the consent of the mortgagor and the mortgagor must sign a mortgage contract for land use rights with the bank.

Pursuant to Article 500 of the 2015 Civil Code, a contract on land use rights, including a mortgage contract on land use rights, is an agreement of the parties.

Article 317, Clause 1 of the Civil Code stipulates that property mortgage is the use of the mortgagor's property to secure the performance of an obligation without specifying whether this obligation must belong to the mortgagor or another person.

Therefore, it is entirely possible to mortgage someone else's red book if the red book has been approved by the owner of the land use rights recognized on the red book and agrees to sign a mortgage contract with a third party.

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