VNARP seeks further chances in Hanoi real estate market
The delegation of Vietnamese National Association of Real Estate Professionals in the United State (VNARP) had a visiting and working trip in Hanoi.
March 29, Hanoi Mayor Nguyen Duc Chung met with the delegation, led by Mr. Ron Gonzales, former Mayor of San Jose (USA).
As informed by Mr. Ron Gonzales at the meeting, the purpose of the delegation’s visiting and working trip in Hanoi this time was to learn about the possibility of cooperation and investment in real estate market of the capital in particular, Vietnam in general.
In addition, VNARP delegates discussed the potential of cooperation with the capital, specifically expecting the city authorities would continue paving the way for real estate enterprises to carry out investment activities in Hanoi.
In September, the International Real Estate Conference (IREC) will take place in Hanoi, VNARP representatives also expected the city government to coordinate and participate in the event.
Agreeing with the delegates’ proposals, Hanoi Mayor Nguyen Duc Chung shared information about the capital’s socio-economic development in 2017, in particular, the city’s GDP reached 8.5%; the city’s revenue exceeded budget by 2.8%; about 26,000 enterprises were newly established, up 14% compared to 2016; the FDI reached $3.45 billion, ranked second in the country, in which real estate was one of the areas that attracted large investment amount by domestic and foreign enterprises coming to Hanoi.
Specifically, the real estate market in Hanoi in 2017 consumed 36,000 apartments, more than 3,000 adjacent houses and villas. Hanoi’s real estate market growth rate, as assessed by international real estate associations, increased quickly compared to other cities in the region.
Addressing the great potential for real estate development in Hanoi, Mayor Nguyen Duc Chung affirmed that the city government would create favorable conditions for domestic and foreign businesses to conduct studies and investment in potential market segments in the capital.
In particular, it is expected that in 2018, Hanoi will issue 130 new investment projects in the real estate sector, including new urban areas, office buildings and social housing for low-income people. By 2020, the city government strives to meet basic social housing needs as well as achieve a minimum housing area of 26.8m2 per person.
Currently, Hanoi has “ordered” domestic and foreign enterprises to build 21,000 resettlement apartments for projects requiring land recovery. Some market segments with strong potential such as building satellite urban areas and tourist facilities always welcome domestic and foreign enterprises to participate in investment research, according to Hanoi Mayor.
The meeting's overview
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As informed by Mr. Ron Gonzales at the meeting, the purpose of the delegation’s visiting and working trip in Hanoi this time was to learn about the possibility of cooperation and investment in real estate market of the capital in particular, Vietnam in general.
In addition, VNARP delegates discussed the potential of cooperation with the capital, specifically expecting the city authorities would continue paving the way for real estate enterprises to carry out investment activities in Hanoi.
In September, the International Real Estate Conference (IREC) will take place in Hanoi, VNARP representatives also expected the city government to coordinate and participate in the event.
Agreeing with the delegates’ proposals, Hanoi Mayor Nguyen Duc Chung shared information about the capital’s socio-economic development in 2017, in particular, the city’s GDP reached 8.5%; the city’s revenue exceeded budget by 2.8%; about 26,000 enterprises were newly established, up 14% compared to 2016; the FDI reached $3.45 billion, ranked second in the country, in which real estate was one of the areas that attracted large investment amount by domestic and foreign enterprises coming to Hanoi.
Specifically, the real estate market in Hanoi in 2017 consumed 36,000 apartments, more than 3,000 adjacent houses and villas. Hanoi’s real estate market growth rate, as assessed by international real estate associations, increased quickly compared to other cities in the region.
Addressing the great potential for real estate development in Hanoi, Mayor Nguyen Duc Chung affirmed that the city government would create favorable conditions for domestic and foreign businesses to conduct studies and investment in potential market segments in the capital.
In particular, it is expected that in 2018, Hanoi will issue 130 new investment projects in the real estate sector, including new urban areas, office buildings and social housing for low-income people. By 2020, the city government strives to meet basic social housing needs as well as achieve a minimum housing area of 26.8m2 per person.
Currently, Hanoi has “ordered” domestic and foreign enterprises to build 21,000 resettlement apartments for projects requiring land recovery. Some market segments with strong potential such as building satellite urban areas and tourist facilities always welcome domestic and foreign enterprises to participate in investment research, according to Hanoi Mayor.
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