Social housing prices for reselling are up to 80 million VND/m2
After 5-10 years of handover, social housing projects have met the transfer conditions according to regulations.
Recorded in the secondary market, social housing prices in Hanoi are climbing at an unprecedented rate, many apartments that have been used for 5-10 years are being resold for more than 70-80 million VND/m2, on par with the commercial segment.
At the Dai Kim Building project (Dinh Cong ward), many apartments are being offered for sale at 68 80 million VND/m2, equivalent to over 5 billion VND per apartment. Meanwhile, at the time of handover about 8 years ago, the price was only about 15 million VND/m2.
The IEC Thanh Tri social housing project, apartments with an area of 60-70m2 are also being advertised for sale at 50-57 million VND/m2, equivalent to about 3-3.8 billion VND per apartment. Rice City Linh Dam (Hoang Liet ward) recorded a transaction price of 70-80 million VND/m2, equivalent to 5-5.5 billion VND/unit.
Meanwhile, apartment prices in newly opened projects have also increased, but are still in a state of lack of supply, making the dream of settling down increasingly out of reach for low-income people.
Ms. Thu Thuy - an office worker renting a room in Ha Dong - said: "My finances can now buy a social housing apartment for about 20-25 million VND/m2. But people with too much demand, new projects are very difficult to open for sale, so I have switched to finding apartments in projects that have been handed over and are eligible for transfer". However, the price she recorded was nearly equivalent to commercial apartments, even in areas far from the center.
"If a social housing unit is advertised for sale at 50-70 million VND/m2, how can an average income person like us buy it? Going to see a few projects, the total price of each apartment is over 3-5 billion VND. I can't come to that price" - Ms. Thuy said.
Similar to Ms. Thuy, Mr. Le Tuan - working in the service sector in Cau Giay - also decided to buy a social housing transfer because he thought it would be much cheaper than a trader. But when he came to see the reality show, he was surprised that projects 5-10 years old were still being offered for sale at 60-70 million VND/m2, or even higher.
He shared: "I used to think that the transferred social housing would only be about 2 billion VND or less. But now many apartments are up to 4-5 billion VND, the price is too high, this level is very difficult for me to access".
Data from Batdongsan.com.vn shows that the price increase range at many social housing projects in the past two years has been very strong. Rice City (old Long Bien, now in Bo De ward) increased from 2.3-2.4 billion VND/house at the beginning of 2024 to 4 billion VND/house or more at present. Hope Residence (Viet Hung ward) increased from VND 2.1-2.2 billion/unit to VND 3.8-4.3 billion. Thach Ban project (Long Bien ward) increased from 2.1-2.2 billion VND/unit to 3.94.2 billion VND/unit. In the old Hoang Mai area, the @Homes project increased from VND2.63-2 billion/unit to VND4.7-5.2 billion/unit, while Rice City Linh Dam increased from VND2.3-2.5 billion/unit to VND4.9.5.3 billion/unit. Dong Mo Dai Kim social housing recorded an increase from 2.2-2,3 billion VND/unit to about 5 billion VND/unit.
New apartment prices have also increased, but there is still not enough supply
While the price of used social housing has increased, the primary market and newly opened projects have also increased to 30 million VND/m2 but are still not enough to meet the needs of the people.
The CT3 Kim Chung project is currently receiving applications for registration to buy, lease, and lease-purchase at 18.4 million VND/m2.
In addition to CT3 Kim Chung, Hanoi currently has 5 more social housing projects that are and are about to open for sale from the fourth quarter of 2025 to early 2026: Kim Hoa urban area project is expected to cost about 21.2 million VND/m2; CT1 Thuong Thanh Apartment is priced at 29.4 million VND/m2; N01 Ha Dinh Project is priced at about 25 million VND/m2; Social housing project in Dong Anh commune is priced at 20.6 million VND/m2.
Clear lack of layering in housing development policies
According to Dr. Tran Xuan Luong - Deputy Director of the Institute for Real Estate Market Research and Evaluation (VARS IRE), it can now be affirmed that social housing has not been successful due to the lack of clear layering in housing fund development policies.
In fact, we must have three housing funds: Commercial housing for high-income groups; stabilization housing for middle-income groups - sold within the prescribed price range, each person can only buy once; and social housing for disadvantaged groups, meritorious people, armed forces, people with disabilities... This fund does not sell but only leases or hires to buy" - Mr. Luong expressed his opinion.
According to him, the stable housing group needs to be designed so that workers can buy after 1015 years of accumulation, while traders should aim for high standards, associated with real market value.
