Apartment prices increase 25% year on year

Phan Anh |

Surveys in some major cities show that apartment prices are still increasing sharply. In addition, prices of villas and townhouses are also on the rise.

At the regular press conference for the third quarter of 2024 held on October 17, the Ministry of Construction said that according to surveys and reports from several major provinces and cities such as Hanoi and Ho Chi Minh City, apartment prices increased by an average of 5-6.5% in the second quarter and 25% annually depending on the region.

Also according to the Ministry of Construction, the selling prices of villas and townhouses in the project all tended to increase compared to the previous quarter; Office rental prices and commercial premises increased slightly by about 1-3%.

Regarding the implementation of the Project "Investing in the construction of at least 1 million social housing units for low-income earners and industrial park workers in the period of 2021-2030", the Ministry of Construction informed that it had successfully organized the Project implementation conferences, met with the Ministry of National Defense, the Ministry of Public Security to give comments on the Decree detailing a number of articles of the Housing Law on the development and management of social housing;

It is proposed that the Ministry of Public Security and the Ministry of National Defence each build 5,000 social housing apartments for the armed forces; coordinate with The State Bank of Vietnam and the Vietnam Bank for Social Policies to work with the Hanoi People's Committee on promoting the development of social housing in Hanoi.

Toan canh hop bao thuong ky quy III nam 2024 cua Bo Xay dung. Anh: Phan Anh
Overview of the regular press conference of the third quarter of 2024 of the Ministry of Construction. Photo: Phan Anh

According to the report, from 2021 to present, 619 social housing projects have been implemented nationwide with a scale of 561,816 units, of which: Number of completed projects: 79 projects with a scale of 40,679 units;

Number of projects that have started construction: 128 projects with a scale of 111,688 apartments; Number of projects that have been approved for investment policy: 412 projects with a scale of 409,449 apartments. The number of apartments that have started construction and completed to date has reached about 35.6% of the Project's target set for 2025, which is 428,000 apartments.

Regarding the support capital of 120,000 billion according to Resolution No. 33/NQ-CP dated March 11, 2023 of the Government: Currently, in addition to 4 state-owned joint stock commercial banks (BIDV, VietinBank, Agribank, Vietcombank), there are 4 more banks: TPbank, VPBank, MBBank and Techcombank that have registered to participate in the program with the registered amount of each bank being 5,000 billion VND (increasing the interest rate support capital to 140,000 billion VND).

Through synthesis, up to now, only 34/63 Provincial People's Committees have issued documents, announcing 83 projects eligible for preferential loans on the Electronic Information Portal.

Regarding the implementation of some planned targets, the Ministry of Construction said that in the first 9 months of the year, the growth rate of the construction industry is estimated to increase by 7.48% over the same period. The national urbanization rate is estimated to reach over 43.7%;

The rate of urban master planning reached 100%, of which: The rate of zoning planning for 22 type I urban areas and 2 special type urban areas reached about 79% compared to the urban construction land area; the average rate of detailed planning nationwide reached about 39% compared to the urban construction land area.

The rate of communes with new rural construction planning nationwide is about 98.9% (currently, some communes in localities are merging and are reviewing new rural construction planning, so the data has decreased compared to previous years).

The average national housing area is estimated at 26.5m2 of floor space per person, an increase of 0.9m2 compared to 2023; The proportion of urban residents provided with clean water through a centralized water supply system: 93%.

Regarding the work of building and perfecting institutions, the Ministry of Construction said it is actively drafting the Prime Minister's Decision regulating the order and procedures for local adjustments to the general planning for construction of functional areas and local adjustments to the general planning of Da Nang city's urban areas; some circulars such as:

Circular promulgating the process of assessing the safety of construction works during exploitation and use; Circular on guidance on quality management of construction materials and products; Circular guiding the process and technical regulations for greenhouse gas inventory and measurement, reporting, and appraisal of greenhouse gas emission reduction in the construction industry...).

Also at the meeting, Mr. Nguyen Viet Hung - Deputy Minister of Construction said that he has implemented drastic and urgent direction to research, draft and promulgate guiding documents for the 2023 Housing Law and the 2023 Real Estate Business Law to ensure progress and quality.

Phan Anh
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