Real estate transactions freeze in Van Don and Bac Van Phong
By An Chi
July 16, 2018 | 07:47 AM GMT+7
After the National Assembly of Vietnam halted passing the draft law on Special Economic Zones, almost all real estate transactions in Van Don and Bac Van Phong froze with investors and estate agents withdrawing from the market.
Land prices in Phu Quoc are still rising slightly
According to Vietnam Association of Realtors (VAR), no land transaction has been carried out in Van Don and Bac Van Phong special economic zones (SEZs) since the National Assembly halted passing the Law on SEZs in the June session.
In Van Don, at the beginning of the second quarter, the real estate market continued to be active regarding land plots for projects and residential purpose. The number of exchanges increased suddenly, and investors from Hanoi and northern provinces flooded there.
However, that the draft law on SEZs has not been passed has paused numerous real estate transactions. Investors and estate agents have massively fled out of the market. Currently, land prices in the region remain high, but the liquidity is very low.
Phu Quoc’s real estate market has seen fewer effects, but it is also not as exciting as it used to be.
According to VAR, in Phu Quoc, prices of well-planned public and urban-area land are still rising but slowly. The transactions on small- and medium-size land plots almost levelled off compared with the first quarter of 2018.
According to Nguyen Van Dinh, Vice President of Vietnam Association of Realtors, pausing the process of passing the draft law on SEZs was considered an opportunity to cleanse the market and choose the suitable investors for a more professional business environment.
Although Phu Quoc’s real estate market has declined compared with the previous period, the qualified projects of such reputable investors as CEO Group and BIM Group still receive the attention of the market.
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