News roundup: Vietnam’s amended Land Law to attract foreign investments, and other headlines

For PropertyGuru’s real estate news roundup, the amended Land Law encourages overseas Vietnamese (OVs) and Vietnamese-origin foreigners to own land and invest in the country. In other headlines, what is digital real estate, and why is it alive and kicking? And a former gaul (or jail) converted into a museum is up for sale along with its art collection.

Amended Land Law helps increase Vietnam’s advantages in attracting investment

The amended Land Law, freshly passed at the 15th National Assembly (NA)’s 5th extraordinary session in early 2024, is a positive step for foreign nationals of Vietnamese origin, encouraging them to invest in Vietnam, said Le Thuy Tien, director of Mori Pharmacy Ltd and Mori Healthcare in Japan.

According to Tien in VietnamPlus, the amended law is expected to help Vietnam attract more foreign investment, thus promoting Vietnam’s economic development in various aspects.

Allowing overseas Vietnamese (OVs) and Vietnamese-origin people to own land when investing in Vietnam is the correct direction and a sound financial and diplomatic policy of the Vietnamese Government, she said.

Digital real estate is alive and kicking

A bamboozling concept to some and mere stupidity to others, nothing quite garners such a dismissive response as the mentioning of Metaverse real estate in the commercial real estate (CRE) space.

The crux of the divisive responses is largely due to the word “Metaverse.” The word alone seems to stir up the most impassioned of responses, whether it be vexation towards Mark Zuckerberg or a more macro angst at Silicon Valley’s increasing grip on our lives (and let’s not forget China in this equation).

Conversely, our views on the Metaverse should not cloud the fact that a thriving market for digital real estate exists. Within decentralised metaverses where free markets can form, market value has grown 80 percent year-on-year for the previous two years. Samsung, McDonald’s, JP Morgan, and LVMH are just a handful of well-known companies to operate within decentralised Metaverses.

Digital real estate provides users the space to express their online identity, innovate for economic gain, and enjoy social games with friends. It is drastically different from its physical counterpart in numerous ways and will always be more volatile, but at its core, if you can make a unique experience that is extremely popular with users, the potential is enormous, according to a report in The Green Chronicle.

Gaol, or jail, for sale: Renowned Australian artists selling gaol-turned-museum with multimillion dollar art collection

Some real estate is just bricks and mortar, but once in a while a listing comes along that’s more than a simple property, but also the sum of its parts.

That’s the case for renowned artists and creative directors David Bromley and his wife Yuge who’ve decided to not only part with their utterly unique gaol-turned-art museum in Victoria’s Castlemaine, but also its entire contents – if the buyer fits, that is.

“It took us five years to get it to the stage where we felt when the doors were open it would really astonish people. There are options in the purchase of the property that if someone wants part or all of it we’ll negotiate. We’re open and we’re going into this prepared for any scenario. Having said that, in our eyes it’s actually one gigantic installation, a curated piece,” he told realcommercial.com.au.

Monika Tu of Black Diamondz Property and Kim McQueen McQueen Real Estate Daylesford are marketing the rare site and collection for AUD10 million.

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