Speed up home buying
Three important amended laws on real estate, including the Land Law, Housing Law, and Real Estate Business Law, which took effect from August 1, 2024, have had some impact on the purchase of houses and land plots by people with real housing needs in Can Tho.
Sharing with reporters, Mr. Nguyen Quoc Thang - a sales staff (Ninh Kieu district, Can Tho city) - said that buying a house as soon as possible will be more beneficial for the couple's economy.
“According to the information I have consulted, the new laws will help the real estate market become more open and transparent, and buyers can be more proactive in searching for houses and land . However, the prices of real estate products, especially land, may fluctuate somewhat due to the regulations tightening the subdivision and sale of land. Therefore, my wife and I are looking for an apartment or a place to buy before prices fluctuate in the near future,” said Mr. Thang.
Sharing the same view, Ms. Nguyen Thi Thuy Trang - office worker (Ninh Kieu district, Can Tho city), is also speeding up buying a house because of concerns about rising prices.
“The prices of houses and apartments are high compared to my family’s budget, so after half a year I still haven’t decided on a place. My husband and I planned to wait for the prices of houses and apartments to decrease before buying, but there is still no sign of that, and some places have even increased. Therefore, instead of hesitating, we are urgently looking for apartments and houses through brokers and friends,” said Ms. Trang.
Houses in alleys are sought after
According to Mr. Thang, finding a house or apartment on the main street frontage is both difficult and expensive. Therefore, his family has changed their target to land and houses in alleys with the hope of soon finding a new place to live that suits their family's economic situation.
“Although it is located in an alley, it is quite easy to get around because it is not far from the main road. If I buy a house in an alley, I only need to borrow about 500 million VND from the bank. Not to mention, the current interest rate for home loans at banks is quite preferential, ranging from 5 - 7%/year,” Mr. Thang shared.
Ms. Trang said that many banks are currently offering preferential loan policies to attract and create opportunities for consumers to access. Taking out a home loan at the present time is appropriate. However, in order not to put financial pressure on the family, Ms. Trang and her husband are looking for a house in an alley with a price of no more than 3 billion VND.
Sharing with Lao Dong, Dr. Nguyen Van Dinh - Vice President of Vietnam Real Estate Association - said that when the laws come into effect, businesses will not be able to fight the enemy empty-handed, and developing projects will be much more difficult.
“Investors must be real players. Virtual surfing and wave riding will not be possible when the new legal regulations come into effect,” said Mr. Dinh.
Regarding the impact of new laws related to real estate, Mr. Vuong Duy Dung - Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) - said: "The most important thing is that market information must be publicly announced on the website system of functional agencies such as the Ministry of Construction or the website of enterprises. At that time, the subjects can refer to it, and the operations of the trading floors will also be transparent."
Dr. Nguyen Tri Hieu - economic expert - advised home buyers: "Borrowers need to carefully consider how the interest rate after the preferential period is calculated and what the margin is. In order to avoid being burdened by the pressure of repaying bank loans, they should calculate so that the amount of money to repay the bank loan, including both principal and interest, does not exceed 50% of monthly income."
