News roundup: overseas Vietnamese applaud revised property laws, and other headlines

BERMIX STUDIO/Shutterstock

For PropertyGuru’s real estate news roundup, overseas Vietnamese rejoice over the revised laws on land, housing, and real estate business that will allow them to invest in domestic housing and real estate. In other headlines, Hong Kong home prices are down for the 10th month in a row in February, causing mainland Chinese to snap up properties. And get to know the revised rates and property taxes in Guidance Value Bangalore: 2024.

Overseas Vietnamese applaud revisions to land and real estate-related laws

The regulations related to overseas Vietnamese (OVs) in the revised laws on land, housing, and real estate business were disseminated to expatriates at a hybrid conference on 26th March.

According to VietnamPlus, the conference was held by the State Committee for OV Affairs under the Ministry of Foreign Affairs, the National Assembly’s Committee for Economic Affairs, the Ministry of Construction, and the Ministry of Natural Resources and Environment. It was connected with over 50 places both at home and abroad via videoconferencing and live-streamed on social networks for OVs to follow.

At the event, officials presented the new points directly related to OVs in the three revised laws, saying the rights of OVs, including those holding Vietnamese nationality or Vietnamese-origin people, are now expanded and stipulated in a more detailed manner.

OVs said the revised laws have met many of their aspirations and opinions contributed during the amending process. With the new points of these laws, OVs’ rights in the fields of land, housing, and real estate business have been expanded, demonstrating the Party, State, and National Assembly’s attention to Vietnamese abroad.

They hoped that documents guiding law enforcement would further detail those new regulations so that OVs could invest more strongly in domestic housing and real estate.

Hong Kong February home prices ease for the 10th month, down 1.7 percent

Hong Kong private home prices fell for the tenth month in a row to the lowest since September 2016 in February, and they are expected to remain suppressed even after the government recently removed the decade-long curbs on the property market.

Home prices in one of the world’s most expensive property markets dropped 1.7 percent in February from the previous month, official data showed on 26th March, following a revised 1.2 percent fall in January.

In late February, Hong Kong removed all additional stamp duties for foreign and second home buyers, as well as on those selling flats within two years of buying them, in a bid to boost the city’s depressed real estate market and the property market immediately celebrated with a jump in transactions.

According to a report in CNA, mainland Chinese are also snapping up homes in Hong Kong, accounting for up to a third of new property sales, property developers and agents said, after a pandemic-induced lull spanning more than three years.

Guidance value Bangalore 2024: Revised rates, property tax impact provides a detailed explanation on guidance value and how it impacts on property registration fees and stamp duty.

This overview will be a helpful guide for those who are interested in property investments in Bangalore.

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