According to a survey by Lao Dong Newspaper reporters at old social housing projects in Hanoi, most of them have increased in price compared to the time of opening for sale. For example, the NHS Trung Van Social Housing project (Nam Tu Liem, Hanoi) was opened for sale in mid-2023 at a price of 19.5 million VND/m2. Up to now, although the project has not been handed over, the selling price has increased to more than 40 million VND/m2. Over the past year, the selling price of apartments has increased by more than 18%.
Or the Dong Mo Dai Kim social housing project (Hoang Mai, Hanoi) was opened for sale in 2016 with a price of about 14 million VND/m2. However, the price has now increased to 42-47 million VND/m2. The price of apartments in this project has increased about 3 times compared to the time of opening for sale.
Ecohome 3 Co Nhue social housing project opened for sale in 2019 at a price of 16.5 million VND/m2, currently the transfer price has increased to 40-43 million VND/m2 (depending on the unit, floor and remaining furniture).
Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) - said that the supply structure is increasingly leaning towards high-end, high-value products, serving investment and speculation purposes. This prolonged phase difference has caused housing prices to continuously increase, including social housing.
According to data from the Hanoi Department of Construction, Hanoi currently has 40 projects being implemented, of which 18 projects are expected to be completed in the 2021-2025 period with about 870,000m2 of floor space, with an estimated more than 12,000 apartments. The remaining 22 projects are expected to be completed after 2025 with about 22,400 apartments. However, from the beginning of 2021 to the end of April 2023, Hanoi only had 4 completed social housing projects with about 5,300 apartments.
Meanwhile, social housing currently accounts for 80% of people's needs, however, in recent times, the supply of social housing has been very lacking, not meeting the demand.
Director of Hanoi Department of Construction Vo Nguyen Phong said that to supplement the social housing fund to serve low-income people, Hanoi city is continuing to review land funds and propose plans to build new social housing.
At the same time, review and adjust planning to supplement land funds in sync with trade union institutions to serve the housing needs of low-income people, workers and laborers.
In the Hanoi City Housing Development Plan for the 2021-2025 period, Hanoi City will spend more than 220 billion VND to complete and adjust buildings that have been abandoned for more than ten years at the Phap Van - Tu Hiep student dormitory project into social housing.
Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam said: "The three amended laws related to real estate are being positively received by buyers, brokers, trading floors and real estate investors. The real estate market in 2024 is expected to increase transparency thanks to changes in the Law. The supply of social housing is also likely to improve with new preferential and support policies."
