News roundup: Vietnam’s industrial real estate market stable in the first months of 2024, and more news

For PropertyGuru’s real estate news roundup, Vietnam’s industrial property market remained steady in the first months of 2024. In other headlines, India’s Maharashtra Real Estate Regulatory Authority cancelled registrations of 20,000 real estate agents, while the Malaysian state of Perak requires 57,407 units of new affordable houses by the year 2030.

Vietnam’s industrial real estate market stable in year’s first months

The industrial real estate market, particularly in the southern region of Vietnam, held steady in the first months of this year, which experts said was mainly thanks to rebounding imports and exports, and an increasing influx of foreign investment.

The average land rent price in the tier-1 market in the southern region was USD189 per sq.m, up 2.4 percent year-on-year, according to property consulting firm CBRE Vietnam in VietnamPlus.

Experts said apart from electronics, automobile, and spare part manufacturers, tenants from new industries in the high-tech field such as electric vehicle manufacturing, semiconductors, and green materials have expressed their interest in Vietnam.

Localities’ orientation for new business and increasing interest in high-tech industries are expected to create a boom in this sector in the future.

India’s MahaRERA cancels registrations of 20,000 real estate agents

The MahaRERA registrations of over 20,000 real estate agents was cancelled by the Maharashtra Real Estate Regulatory Authority (RERA) on 23 May 2024 owing to the agents failing to get the competency certificates.

As per the MahaRERA, all agents must complete their training, pass the RERA Maharashtra certification exam, and finally register their certifications with the Maharashtra regulatory body. Failure to follow this process and get certification in the RERA-specified time frame will result in the MahaRERA suspending the MahaRERA agent registration for one year. Effective 01 January 2023, the regulatory body made it compulsory for all agents to undergo training and get the MahaRERA agent certification.

Housing.com reports that as per the MahaRERA website, around 43,888 agents have registered with the regulatory body since it was established in 2017. On 23rd May, the regulatory body suspended registrations of 20,000 agents, resulting in only 23,888 agents with valid MahaRERA registrations.

Malaysia’s Perak requires over 57,000 new houses by 2030 – MB Saarani

The Malaysian state of Perak requires 57,407 units of new affordable houses by the year 2030, according to Menteri Besar Datuk Seri Saarani Mohamad.

He said in Bernama that this projection is based on various development projects being implemented or to be implemented in the state such as the Lumut Maritime Industrial City (LuMIC), the Automotive High Technology Valley (AHTV), and the opening of the Kerian Integrated Green Industrial Park (KIGIP).

“As more projects are being developed in the state, more jobs will also be created, hence the need to provide housing, including low-cost, medium-cost, and affordable houses,” he told reporters after launching the Perak Malaysian Real Estate and Housing Developers’ Association (REHDA) building in Taman Istana on 20 May.

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