Hanoi's social housing supply is improving
According to the target assigned in the Government's Project "Investing in the construction of at least 1 million social housing apartments for low-income earners and industrial park workers in the period of 2021-2030", by 2025, Hanoi must complete 18,700 apartments.
To realize that goal, Hanoi City is implementing many solutions to support investors to speed up the progress of social housing projects in the area.
The latest report from the Hanoi Department of Construction shows that the city is expected to have 19 projects completed in the 2021-2025 period, reaching about 78.3% of the target in the development plan. It is expected that by the end of 2025, the city will complete 3 projects with 1,700 apartments, meeting the housing needs of low-income workers.
Some social housing projects in favorable locations are preparing to start construction such as the social housing project in Kim Chung New Urban Area, Dong Anh District; High-rise housing area - social housing of the Housing Project in Uy No Commune, Dong Anh District; social housing project in land plot NO1 of Ha Dinh Urban Area (Tan Trieu Commune, Thanh Tri District)...
Assessing the supply of social housing in 2025, Ms. Pham Thi Mien - Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute (VARs IRE) analyzed that the supply of social housing will be significantly improved in 2025, because many regulations of new laws have removed difficulties, creating favorable conditions for investment and development of social housing.
In which, the investor does not have to carry out procedures for determining land prices; land use fees and land rents are exempted and does not have to carry out procedures to request exemption of land use fees and land rents, except in cases where a maximum of 20% of the total residential land area is reserved for construction of infrastructure - technical systems to build business, commercial and service works, and commercial housing.
At the same time, enjoy preferential value added tax and corporate income tax according to tax laws.
Hanoi forecasts to have 2,000 more serviced apartments in the next 3 years
Not only social housing, the supply of serviced and commercial apartments in Hanoi is also bright this year. Ms. Do Thi Thu Hang - Senior Director, Consulting and Research Department of Savills Hanoi - said that the increase in FDI capital has a direct and indirect impact on the serviced apartment market in Hanoi.
Investment in serviced apartment projects is increasing rapidly, especially for class A apartments serving experts from countries such as Japan, Korea, Singapore.
The serviced apartment segment in Hanoi is becoming the priority choice of foreign experts, especially in the context of increasing demand from neighboring industrial parks.
The demand for serviced apartments is increasing thanks to the strong development of industrial parks in the North, including Bac Ninh, Hai Phong and Bac Giang. These localities attract large amounts of FDI capital, while also strongly developing infrastructure and service facilities.
Realizing the strong development of the serviced apartment market, investors have been building thousands of apartments to meet the increasing demand. In the next three years, Hanoi is expected to provide more than 2,000 new serviced apartments, especially in central areas such as Tay Ho and Ba Dinh.
These are areas with complete infrastructure and are ideal residences for foreign experts. The West Lake area is also expected to contribute a large number of serviced apartments to the total expected supply.
