Luật Đất đai càng sớm thực thi, thị trường BĐS càng nhanh hồi phục
The early implementation of the revised Land Law 2024 is expected to accelerate the recovery of the real estate market. To achieve this, Prime Minister has instructed the relevant ministries and agencies to present detailed guidelines for the enforcement of the Land Law as soon as possible. This will provide the basis for the government to propose the effectiveness of the law from July 1st instead of January 1st, 2025 as previously planned.
Boosting the Real Estate Market
Experts in the field agree that the early enforcement of the Land Law 2024 from July 1st will facilitate the revitalization of the real estate market, which in turn will have a positive impact on the economy. Tran Van Binh, Vice Chairman cum Secretary General of the Vietnam Real Estate Brokers Association, remarked that the early implementation of the Land Law 2024 is expected to unlock legal barriers and create momentum for the real estate market in the near future. He stated, “The Land Law 2024, along with the Housing Law 2023 and the Business Real Estate Law 2023, will directly impact the development of the real estate market. The early enforcement of these laws will shorten the recovery process of the real estate market. Therefore, the market will soon enter a new normal phase. Thus, the real estate market will have the opportunity to recover in 2024 when these laws officially come into effect.”
Positive Impacts
According to TS Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association, the purpose of the Land Law 2024 is to modify existing inconsistencies, supplement necessary regulations, and resolve issues for investors, businesses, and the real estate market. Therefore, the sooner the law is put into action, the better. This effort by the government aligns with the desires of the business community and the public.
Removing Obstacles
Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), believes that the application of the Land Law 2024 from July 1st will quickly resolve many bottlenecks in the real estate market. For example, one of the most important changes brought by the Land Law 2024 is the elimination of the old land price framework. Instead, land prices will be determined based on factors such as land use purpose, time of land use, input information, and other influencing factors, thus reflecting market prices. This change has long been awaited by businesses and the public.
Promoting Agriculture and Tourism
The new law also expands the limit for individuals to transfer agricultural land use rights, as well as introduces regulations for the concentration and accumulation of agricultural land. These changes will promote large-scale agricultural development, encourage the participation of businesses, and ensure national food security and the growth of agricultural production.
Furthermore, the law provides a legal framework for the development of tourism real estate, which was previously a regulatory gap that hindered the approval of commercial housing projects. The effective enforcement of the new law will help localities approve these projects and resolve obstacles in many areas.
Expert Opinions
Dang Hung Vo, a real estate expert, agrees that the old Land Law is no longer suitable and has hindered the development of the real estate market and the overall economy. The new law aims to change this, and therefore, early implementation is reasonable.
Nguyen Quoc Hiep, Chairman of the Vietnam Construction Contractors Association, shares that all businesses are hoping for the early enforcement of the Land Law 2024, as many real estate companies are facing difficulties due to overlapping and conflicting regulations in the current laws.
“Real estate plays a critical role in the economy, with the Land Law serving as its backbone. Therefore, the early enforcement of the Land Law 2024 will not only support businesses but also determine the recovery of the market,” said Hiep.
The implementation of the Land Law 2024 is expected to have a significant impact on the real estate market, driving its recovery and benefiting the economy as a whole. As the government works towards its early enforcement, businesses and individuals eagerly anticipate the positive changes that will come with it. For more finance and economics news, visit Business Today.