Present supply of social houses not meet market demand: Ministry

07-Aug-2021 Intellasia | SGGP News | 7:17 AM Print This Post

According to the Ministry of Construction, the present supply of social houses has not met the market demand.

Present supply of social houses not meet market demand: Ministry ảnh 1 Present supply of social houses does not meet market demand, according to the Ministry of Construction

In its report on the second quarter real estate market, the Ministry of Construction reported social housing projects for low-income people in big cities.

According to the report, the prices of houses in urban areas tend to increase compared to the general income as well as the growth rate of the economy because the price of land in some localities has been adjusted up and the price of some construction materials has also increased dramatically in recent years.

For instance, a few social housing projects in Hanoi have the average selling price of VND13.5-16 million per square metre such as IEC Thanh Tri (1,167 apartments with the price at VND15,8 million per square metre; Ecohome in Bac Co Nhue Chem (3,040 apartments, at VND16 million per square metre; CT4 Kim Chung, Dong Anh (484 apartments, at VND13.5 million per square metre.)

Elsewhere in HCM City, a few social housing projects are being sold at the average price of VND13-25 million per square metre such as An Phu Tay (311 apartments at VND13 million per square metre ); Phu Tho DMC in Ly Thuong Kiet Street in District 10 (1,088 apartments, at VND25 million per square metre).

In the Central City of Da Nang, social housing construction projects are also very limited, with the average selling price much lower than that of Hanoi and HCM City at about VND7.2-12.7 million per square metre.

In Can Tho City, Gia Phuc social housing project costs VND9.5 million per square metre with the rent of VND68,904 per square metre a month while apartment project Nam Long-Hong Phat has the selling price of VND12 million per square metre, the rent VND58,750 a month.

A housing project for low-income people in the Northern City of Hai Phong’s An Duong District has the price from VND8 to VND10.6 million per square metre and the rent from VND55,000 to VND73,000 per square metre a month while another project in the same district fetches VND 14.5 million per square metre with the rent at VND89,000 per square metre a month.

The Ministry of Construction announced that it is studying, reviewing, and amending the Law on Housing, the Law on Real Estate Business, formulating a National Housing Development Strategy to 2030 and a vision to 2040 to balance the housing supply and the market demand, contributing to the stabilisation of real estate market.

The Ministry of Construction also suggested localities promote the supply of social housing for low-income people in urban areas, industrial park workers, and affordable commercial housing for middle-income people. Moreover, local administrations should adjust the structure of the housing and real estate market to suit the needs of the market.


Category: Business, Vietnam

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