Ho Chi Minh City plans to complete four social housing projects this year, with over 2,800 units. Meanwhile, the city will start eight other social housing projects with nearly 8,000 apartments in the year.
The supply of new apartments in 2025 is predicted to reach 40,000 units in the two major markets of Hanoi and Ho Chi Minh City, however it will remain difficult to cool down prices, even with a significant increase in supply, said insiders.
Hanoi’s authorities have granted approval for more than 1,200 apartments in two prominent residential projects, Lumi Hanoi and Heritage West Lake, to be sold to foreign buyers.
More than 17,100 apartments and land plots of real estate projects across the country remain on the market in the second quarter of this year, with land plots and houses doubling that of apartments, the Ministry of Construction (MoC) reported on August 14.
The supply of new apartments in Hanoi increased fourfold in the second quarter of 2024 from the previous quarter, Nguyen Hoai An, Senior Director for the research and consulting division at CBRE Vietnam, said at a press conference on July 9.
Although apartment prices are no longer skyrocketing, this segment still records the best liquidity compared to other product segments in the real estate market.
Apartment absorption was relatively positive in Hanoi in the first quarter but weaker in Ho Chi Minh City compared to the same period last year while supply remains limited in both metropolises, reported real estate services and investment company CBRE.
The southern province of Dong Nai targets some 10,000 units of social housing built by 2025, the provincial Department of Construction said at a meeting on March 21.
Prime Minister Pham Minh Chinh cut the ribbon to inaugurate Nhu Nguyet bridge 2 and attended a groundbreaking ceremony of a social housing project for workers in the northern province of Bac Giang on June 16.
Hanoi’s hotel market is experiencing a period of recovery as it caters to a surge in domestic and international arrivals, which have pushed up occupancy rates and improved business performance.
The Vietnamese real estate market showed mixed results in 2022 with a boom in the first half of the year and a downturn in the second half, according to Nguyen Manh Ha, Vice Chairman of the Vietnam National Real Estate Association.
The Ministry of Construction (MoC) has submitted a plan to build over 1.8 million apartments under a social housing scheme for low-income earners and workers in industrial zones (IZs) by 2030.
The luxury and mid-priced apartment segments will continue to lead the market in 2022, while affordable apartments will remain scarce, according to property consultant DKRA Vietnam Joint Stock Company.
The domestic real estate market in the first quarter had the lowest transaction volume in the past four years due to the impact of the COVID-19 pandemic, the Vietnam Association of Real Estate Brokers (VARS) said.
The domestic real estate market in the first quarter of this year witnessed the lowest transaction volume in the past four years due to the impact of the COVID-19 pandemic, according to the Vietnam Association of Real Estate Brokers (VARS).
Nine social housing projects for low-income earners with more than 4,100 apartments measuring 205,500 sq. m were completed and put into use in 2019, which did not meet the target set by the national housing development strategy to 2020 with a vision to 2030.
Local demand for real estate products with long-term ownership exceeds supply as most of Vietnamese people prefer this kind of deal, experts said during a recent conference.
Prime Minister Nguyen Xuan Phuc has recently issued Directive No.11/CT-TTg on several solutions to promoting stable and transparent development of the property market.
The HCM City Department of Construction allowed developers Quoc Cuong Gia Lai and Ha Do to sell future properties at their projects in districts 7 and 10, respectively.
