Tan Hoang Minh Group has sent a letter to the Party, State and Government leaders, and HCM City People’s Committee about its decision to withdraw from Thu Thiem land purchase that it won at auction in mid-December.

Around 26,000 apartment units are expected to be launched in Hanoi in 2022, signaling a vibrant outlook for the segment, according to real estate service provider Cushman & Wakefield (C&W) Vietnam.

The real estate market has ended a year of profound impacts with some very encouraging news as both domestic and foreign developers are finally speeding up the construction of new projects.

The National Assembly this morning began discussing the amending of eight laws.

Price escalation is occurring everywhere, from rural to urban areas. People are buying land at surprisingly high prices.

Despite the ongoing impacts of the Covid-19 pandemic, housing development is still being promoted.

Land fevers, apartment price escalation, new tendencies and land auctions were the key features of the real estate market in 2021.

The real estate market is predicted to recover and develop healthily in 2022 after experiencing a year of upheavals in 2021.

The natural lifestyle and return to nature has prompted the wealthy to spend a lot of money to own a living space in the middle of nature.

The real estate market is witnessing a boom in land plots for sale in many provinces as new projects are rolled out in large numbers.

Prices at land auctions in the last months of the year have been climbing to new highs.

Contrary to all predictions, real estate prices continued to rise in 2021 despite Covid-19, which was expected to affect demand.

Four land plots in advantageous positions in the new urban area of Thu Thiem in HCM City were sold for VND37.346 trillion through an auction recently.

One of the businesses participating in a bidding session on December 10, 2021 had to pay VND2.4 billion per one square meter to obtain a land plot in Thu Thiem new urban area. The sky high price has raised worries rather than joy.

Concerns about high inflation are causing many people to buy properties to hoard.

Many retailers have left apartment buildings where they had done business for years. Some shophouses on the first floor of buildings are deserted and dark in Hanoi at night.

The Vietnamese government expects to review and approve a new land law in 2022, which Fitch expects will offer clearer guidance on the land use, valuation and compensation.

Property prices keep rising despite Covid-19. Some apartments have seen prices soar by VND500 million over a period of several months.

Shophouses, which are considered ‘money spinners’, have been unused for many months amid the impact of the pandemic. They cannot be sold or leased.

If HCM City increases the land price coefficient too sharply and makes it closer to the market price, this will cause difficulties for land users and affect social welfare, analysts say.