News roundup: Vietnam may limit property transactions of individuals, and other headlines – Asia Property Awards

For PropertyGuru’s real estate news roundup, Vietnam may develop regulations about caps on the number of property transactions and revenues individuals make in a year to limit speculation. In other headlines, Thailand’s cabinet resurrected the controversial issue of offering more welcoming residential property measures for foreign buyers. And as Dubai’s real estate market continues to grow, the rise in property supply is likely to provide some relief to rent prices.

Property transactions of individuals in Vietnam might be limited

Vietnam may develop regulations about caps on the number of property transactions and revenues individuals make in a year to limit speculation, heard a meeting to discuss the draft decree detailing several points of the Law on Real Estate Business.

The meeting will tackle the fact that individuals buy and sell many real estate assets in a year with great value to speculate and make profits without establishing real estate businesses.

VietnamPlus reports that Deputy Prime Minister Tran Hong Ha asked the Ministry of Construction to study to raise specific regulations carefully.

Thailand real estate: Buyers without borders

The Thai cabinet resurrected last June 2024 the controversial issue of offering more welcoming residential property measures for foreign buyers.

The previous government attempted to do likewise but eventually pulled back after receiving overwhelmingly negative feedback, according to Bangkok Post.

This time, Thailand Prime Minister Srettha Thavisin defended the idea of increasing the foreign ownership quota for condos to 75 percent and extending leasehold contracts to 99 years, as soon as this topic was leaked to the media.

Dubai’s rising property supply to ease rent price growth in 2024: Report

As Dubai’s real estate market continues to grow, the rise in property supply is likely to provide some relief to rent prices in the market. In its latest Dubai residential market note, CBRE expects rent prices in Dubai to continue to increase but not at the same pace. Several key prime residential neighbourhoods are heading towards single-digit growth in 2024 as affordability constraints begin to catch up.

According to data from the Dubai Land Department, the number of rental registrations in the year to date to May 2024 reached a total of 255,178, marking an annual increase of 5.9 percent. A 12.2 percent growth in rental registration renewals drove this increase. Meanwhile, Middle East Economy reports that new contract registrations declined by 3.7 percent. Tenants in Dubai prefer to renew their rent registrations as the rate of rental growth in certain areas has continued to rise.

The Property Report editors wrote this article. For more information, email: [email protected].