Hanoi promotes the construction of social housing
According to the Project "Investing in the construction of at least 1 million social housing apartments for low-income people and industrial park workers in the 2021-2030 period", Hanoi is assigned the target of building 56,200 social housing units in the 2021-2030 period.
Since the end of 2024, the Hanoi real estate market has continuously received good news when many social housing projects were started and granted construction permits.
The Hanoi People's Committee has just approved 8 social housing projects with a total floor area of 255,722m2, providing 1,583 apartments. Of these, Thuong Tin district leads with 5 projects, followed by Long Bien district (2 projects) and Hoang Mai district (1 project).
In addition to approved projects, a number of social housing projects are being constructed at a rapid pace to ensure timely handover. Typically, the Handico and Viglacera consortium is preparing to start the CT3 project in the Kim Chung urban area, Dong Anh district. This project is expected to provide 1,104 apartments by 2025, providing accommodation for about 3,900 people.
In Thanh Tri district, the social housing project in Ha Dinh urban area also started construction in December 2024 after a long delay. With a scale of 9,300m2, the project is expected to meet the housing needs of 1,230 residents.
According to the Hanoi Department of Construction, in 2024, the city has 11 social housing projects expected to be completed, providing nearly 6,000 apartments with a total floor area of about 345,000 square meters.
In the 2026-2030 period, Hanoi plans to implement 50 social housing projects, providing nearly 57,200 apartments, equivalent to 3.2 million square meters of floor space. Of which, the city is appraising investment policies for 4/5 social housing areas concentrated in Dong Anh, Gia Lam and Me Linh districts. These projects have a total area of over 200 hectares, expected to provide more than 12,000 apartments.
Expectations to reduce apartment prices
According to experts, in the context of the real estate market facing a serious imbalance between supply and demand, especially the scarcity in the affordable housing segment, increasing the supply of social housing is an essential solution.
Mr. Nguyen Quoc Hiep, Chairman of the Vietnam Association of Construction Contractors, said that the significant increase in the number of social housing projects in 2024 has become a "bright spot" in the real estate market. The effective date of Decree 100 and the Housing Law (amended) has removed many obstacles, boosting the supply of social housing. The new regulations in this law not only help businesses develop social housing more conveniently but also provide better support for buyers.
It is expected that from 2025, many businesses will participate in developing social housing, helping to increase the supply of this segment in the near future.
Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association, also commented that the revised Housing Law offers more incentives for businesses oriented towards developing social housing, especially with open mechanisms and clear support policies.
Since the end of 2023, apartment prices in Hanoi have continued to increase sharply, not only in new projects but also in used projects. According to Mr. Nguyen Van Dinh, one of the ways to improve apartment prices is to increase the supply of social housing.
As the supply of social housing increases, apartments with more reasonable prices will help reduce the average price of the apartment segment, while meeting the needs of low-income people. Mr. Dinh predicted that when social housing is strongly implemented, apartment prices will decrease to a level more suitable for the financial capacity of people, especially those with real housing needs.
