Shall the national and local real estate market database update foreign direct investment (FDI) into the real estate business?
What contents will the national real estate market database update?
Pursuant to Article 10 of Decree 44/2022/ND-CP of Vietnam stipulating as follows:
“Article 10. National real estate market database
1. The system of legal documents on the real estate market promulgated by the National Assembly, the Government, ministries and branches according to their competence.
2. Information and data on real estate projects and real estate transactions of all projects nationwide are aggregated from the database on the local real estate market according to the regulations in Clause 2 Article 11 of this Decree.
3. Tax information and data on real estate transfer and real estate transfer through nationwide real estate exchanges are aggregated from a database on the real estate market of the local property as prescribed in Clause 3 Article 11 of this Decree.
4, Information and data on nationwide real estate brokerage certificates issued in the period, compiled from the database on the local real estate market according to the provisions of Clause 4 Article 11 of this Decree.
5. Other information and data related to the real estate market include:
a) Information on credit balance for business activities in the field of real estate;
b) Information on foreign direct investment (FDI) in real estate business;
c) Information on the issuance of corporate bonds related to the real estate business.”
According to the above regulations, the national real estate market database will update the information specified above.
Shall the national and local real estate market database update foreign direct investment (FDI) into the real estate business?(Image from the internet)
What is the information that the local real estate market database will update?
Pursuant to Article 11 of Decree 44/2022/ND-CP of Vietnam stipulating as follows:
“Article 11. Database on local real estate market
1. The system of legal documents on the real estate market promulgated by the locality according to its competence.
2. Information and data about the real estate project and the real estate transaction situation of the project in the locality are specified in Article 12 of this Decree.
3. Information and data on real estate transfer, purchase and sale through the local real estate trading floor, and tax on real estate transfer are specified in Article 13 of this Decree.
4, Information and data on real estate brokerage certificates issued in the period:
a) The number of the decision to grant the certificate;
b) Certificate number;
c) Full name, date of birth, permanent address of the person who is granted the certificate of real estate brokerage.
5. Information and data on foreign direct investment (FDI) in the real estate business in the area.”
According to the above regulations, databases on the local real estate market will be built on the basis of the information mentioned in the above regulation.
What types of information will information and data on real estate projects include?
Pursuant to Article 12 of Decree 44/2022/ND-CP of Vietnam stipulating as follows:
“Article 12. Information and data about real estate projects
1. General information about real estate projects:
a) Information about the investor;
b) Location information;
c) Legal information about the project;
d) Scale of project area; total investment, detailed planning 1/500 or master plan of the project's premises approved by a competent authority;
dd) Construction permit or notice of commencement of the project;
e) Notify the project is eligible for housing (if it is a project with houses).
2. Information on the type of real estate project includes:
a) Housing construction investment project, urban area construction investment project;
b) Investment projects to build trade centers and offices for tax;
c) Investment projects to build eco-tourism areas, resorts, hotels,
d) Investment projects on construction of technical infrastructure of industrial parks and industrial clusters:
d) Other real estate construction investment projects.
3. Information and data on the quantity and area of real estate, including:
a) Separate houses (villas, townhouses);
b) Apartment to live in,
c) Land for construction of houses (in the form of subdivision, land sale);
d) Commercial premises - services, offices for lease,
d) Tourist villas, tourist apartments, hotels,
e) Workshop, production land in industrial parks, industrial clusters.
4. Information and data on real estate transactions of the project:
a) Quantity and area of real estate to be traded in the project period;
b) Average selling and rental price of real estate traded during the project period,
c) Real estate inventory of the project.”
According to the above regulations, information and data about real estate projects will include general information about real estate projects; information on the type of real estate project; information and data on the quantity and area of real estate and information and data on the real estate transaction situation of the project.
Decree 44/2022/ND-CP of Vietnam will take effect from August 15, 2022.
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