The Ultimate Property Guide: Redefining the Real Estate Game

Real Estate Market Rebooted on a New Legal “Track”

The Land Law 2024, Housing Law 2023, and Real Estate Business Law 2023—the three pivotal laws of the real estate market—officially came into effect on August 1st, five months earlier than initially decided.

Experts believe that this new legal framework is a significant boost, creating a “track” for the market to reboot and operate with enhanced transparency, health, and sustainability after a period of stagnation.

On the other hand, a prolonged lack of supply, coupled with persistent real estate demand, has led investors to closely monitor regulations directly impacting supply.

Notably, the Real Estate Business Law 2023 tightens regulations on land subdivision sales. As per the new law, for projects with land in urban areas of type III and above, and in cases where land use rights are auctioned for investing in construction projects as stipulated by the Land Law, developers are not permitted to subdivide and sell land parcels. Instead, they must build houses according to the approved plan before transferring ownership. In the short term, this will slow down the supply of urban real estate in cities, as developers need more time to complete the paperwork under the new legal framework and may even have to prepare more substantial resources to invest in projects.

Additionally, according to the Land Law 2024, land valuation based on market principles requires enterprises to have strong finances to ensure the speed of project implementation. However, this regulation will likely lead to an upward trend in real estate prices in some localities, with increased compensation costs for site clearance, higher investment costs, and consequently, higher finished real estate prices due to cost transfer into the final product. Thus, projects that were granted land and completed their financial obligations before August 1st now hold an advantage with a better price baseline and could even be a reference for pricing future developments.

Observations suggest that after the real estate market’s ups and downs, investors are becoming more discerning in their investment choices. Experts believe that a “Right Property” product—one that meets legal, potential, and aesthetic criteria, focusing on safety, efficiency, and sustainability—will be the standard for investors’ decisions.

Firstly, legal compliance entails products with red books (land use rights certificates), auction products, and those eligible for business operations. Secondly, potential refers to well-priced products in locations with robust economic growth and well-planned infrastructure for the future. Lastly, meeting market tastes involves well-planned real estate with aesthetic appeal and a full range of amenities.

Indicators of a “Right Property” Product in Thai Binh City

Located in the heart of the new southern urban area of Thai Binh City, along the central Le Quy Don axis, Glory Downtown is a pioneer in developing the region’s commercial park model. With a scale of 1.62ha and 128 shophouse products, the project is attracting investors’ interest and becoming a bright spot in the Thai Binh real estate market as it embodies the complete criteria of a “Right Property.”

Firstly, Glory Downtown meets the crucial legal criterion, possessing urban land obtained through auctions, with neat site clearance and land handed over before August 1st. Notably, according to the new Real Estate Business Law, the limited land fund of Glory Downtown becomes even more scarce as Thai Binh is currently a type II urban area, aiming to become a type I urban area by 2025. The project’s solid legal foundation and long-term ownership not only ensure a safe investment channel but also offer infinite potential for owners to exploit.

Glory Downtown ticks all the boxes for a “Right Property”

Secondly, Glory Downtown’s 128 products are deemed “potential-right” as they are poised to benefit from the expansion plan of Thai Binh City’s center for the period 2021–2030, with a vision towards 2050. The area’s developing modern and bustling urban infrastructure is a clear testament to the project’s potential for price appreciation.

Notably, the project also holds a distinct potential for price increases, having completed its financial obligations before August 1st, thus enjoying a better price baseline than future developments in the area.

Moreover, the products at Glory Downtown encapsulate the heart and soul of the developer, featuring meticulously designed modern architecture that optimizes functionality, interspersed with green landscapes, and a host of internal amenities. These include four-season gardens, outdoor sports equipment, children’s playgrounds, and a seven-story commercial center planned within the project premises.

Notably, the presence of lush American palm trees and layers of dreamy Northwest ban flowers has transformed Glory Downtown into a living work of art, satisfying the “aesthetic” criterion of a “Right Property.”

The developer’s representative affirms that Glory Downtown, with its convergence of “Right Property” elements, offers investors a safe, efficient, and sustainable investment opportunity. This assurance, coupled with the project’s unique attributes, has garnered special attention from investors as the real estate wave surges towards Thai Binh, driven by FDI attraction and gradually materializing potentials.