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The social housing project Ehome S is located at Mizuki Park urban area in Binh Hung Commune of Binh Chanh District. (Photo: Hoang Hung) |
The Ministry of Construction sent a report to the National Assembly about the number of apartments and houses being successfully transacted equaling 43 percent over the same period last year.
The real estate transactions are mostly among the land plots decreasing 68 percent over the same period in 2022.
The Minister of Construction identified that the real estate still remained uncertainty from the risk of a bubble market, lack of supply in segments and the product structure not matching demand.
In the second quarter, the number of completed projects reached 50 percent over the first quarter and equaled 29 percent over the same period last year.
Many projects have been ceased or are being slowly implemented due to difficulties in legal and capital matters.
Besides, the real estate prices have surged highly causing difficulties for people in need. The apartment prices in the capital city of Hanoi and Ho Chi Minh City bounced in the second quarter despite the slowdown real estate market.
In the resort real estate segment, the price has been decreasing due to high capital costs.
The Ministry of Construction said that the selling price for villas and land plots projects in many localities has been down from two to five percent over the first quarter. Notably, some shop-houses have been offered for sale from ten to 15 percent.
Meanwhile, the real estate market has been short of the affordable segment. According to the Economic Committee of the National Assembly, the proportion of the segment decreased from 20 percent in 2019 to under five percent in 2022.
Many solutions have been carried out to remove the difficulties and boost the real estate market, especially the social housing project, comprising the completion and submission of the National Assembly to promulgate the draft Housing Law (amended) and Real Estate Business Law (amended) will be approved. Of which the management agencies proposed the National Assembly to soon apply policies for social housing project which is expected to be valid in 45 days after the National Assembly approves the law.
The working team of the Prime Minister will continue to work with localities of Hanoi and Ho Chi Minh City to review the difficulties and remove obstacles related to real estate projects.
The working team has received 108 official letters reflecting the difficulties and petitions of localities and enterprises related to 168 real estate projects. The number of official letters is being reviewed and handled.
In order to increase the supply in accordance with the demand and employee income, the Ministry of Construction proposed a construction project of at least one million apartments under social housing projects for low-income workers and employees at the industrial parks in the period of 2021 – 2030 which is set to be accelerated.
