Over the past 3 years, the supply of affordable housing products (under 25 million VND/m2) in big cities like Hanoi has almost disappeared.
Ms. Vo Thi Kim Dung (28 years old, from Thanh Chuong, Nghe An) said that for many months she has been continuously searching for information about new apartment projects opening for sale in Hanoi and asking brokers for advice.
She and her husband have only been married for half a year, and this is their first time buying a house, so they want to find a new project, and are willing to live in a suburban district. However, she has not found a new apartment with 2 bedrooms and a budget of over 2 billion VND, even though the location is far from the center of Hanoi.
Ms. Kim Dung gave an example of a new apartment project consisting of two 21-storey buildings in Van Canh commune, Hoai Duc district, where the smallest apartment with an area of 60 square meters costs more than 3.7 billion VND. The current income of her and her husband cannot cover the loan of nearly half the value of the apartment.
Meanwhile, in 2019, with more than 2 billion VND, Kim Dung's brother's family bought a two-bedroom apartment in a 45-storey 3-tower project on To Huu Street, Duong Noi Ward, Ha Dong District.
According to statistics from the Ministry of Construction, in the third quarter of 2024, the country had 16 completed commercial housing projects (3,314 units), 23 newly licensed projects, 55 projects eligible to sell future housing, and 939 projects are currently under construction with a scale of about 426,158 units.
The market has many positive signs, but supply still cannot meet the real demand of the majority of people, low-income and middle-income earners in urban areas. In Hanoi and Ho Chi Minh City alone, apartment prices increased by 4-6% per quarter and 22-25% per year.
According to the Ministry of Construction, the reason is that real estate businesses are facing difficulties with legal procedures, especially in determining land prices, calculating land use fees, clearing land, and allocating land. Many projects that have been or are under construction have had to be suspended, delayed, or delayed.
Recently, the National Assembly passed a Resolution on piloting the implementation of commercial housing projects through agreements on receiving land use rights or having land use rights.
With the Resolution passed, experts assess that it will create conditions for businesses to implement projects and increase real estate supply.
Economist, Associate Professor, Dr. Dinh Trong Thinh commented that difficulties in accessing land and land use rights are major barriers, directly affecting real estate supply.
This has caused the market to become unbalanced, pushing up real estate prices in recent times. Mr. Thinh said the Resolution will create a clear legal framework, helping to speed up project implementation, increase supply, reduce price pressure, and contribute to stabilizing the real estate market.
