A series of projects are about to be implemented.
First of all, we must mention the Phu Lam Social Housing Project, Phu Lam Ward, Ha Dong District, Hanoi City, invested by Hai Phat Investment Joint Stock Company.
According to the Hanoi Department of Construction, the project is eligible to receive applications for purchasing social housing (rented apartments for sale) after 5 years of leasing. The time to receive applications for purchasing social housing in the Phu Lam Social Housing Project is from January 20, 2025 to March 10, 2025.
The project consists of 5 high-rise buildings with a total of 1,902 apartments. The number of social housing apartments is 408, with areas ranging from 48-69m2.
Next is the CT2A high-rise apartment project in Thach Ban Residential Area, Thach Ban Ward, Long Bien District. The project is invested by the Ministry of National Defense's Housing and Urban Development Investment Corporation with a total of 414 apartments.
The project is allowed to receive applications for social housing purchase after 5 years of leasing.
The number of social housing units for sale (after 5 years of leasing) this time is 82 apartments with areas from 69.03m2 to 69.94m2 with the estimated selling price (including 5% VAT, excluding 2% maintenance fee) of 12.3 million VND/m2.
Another social housing project that is also eligible to open for sale and receive registration applications is expected to open in the fourth quarter of this year, the Ha Dinh social housing project, built on land plot NO1 of the Ha Dinh new urban area (Tan Trieu commune, Thanh Tri district).
The project is invested by a consortium of Urban Infrastructure Development Investment Company (UDIC), Hanoi Electricity and Water Construction Joint Stock Company Haweicco; and Hanoi DAC Housing Development and Trading Joint Stock Company.
By the end of 2024, Hanoi will welcome two social housing projects, namely the social housing project in Ha Dinh Urban Area (Tan Trieu Commune, Thanh Tri District, Hanoi). The project provides 440 apartments, of which 365 are social housing apartments for sale, rent, lease-purchase and 75 are apartments for commercial business.
Then, in mid-December 2024, the 319 Corporation, Ministry of National Defense started the social housing project in Uy No commune, Dong Anh district. The project is built on a land area of 15,286m2 (more than 1.5ha), with a total construction area of 6,880m2. Upon completion, the project will provide a total of 466 apartments ranging from 40m2 to nearly 77m2 to the market.
Expectation of apartment prices to decrease
According to the assessment of the Vietnam Real Estate Brokers Association, one of the ways to improve the selling price of apartments is to improve the market supply. In which, the development of social housing with low prices will help reduce the average selling price of apartments.
"When the supply of social housing increases, apartment prices will decrease to a level more suitable for people with real housing needs," Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association predicted.
Although the supply of social housing will increase sharply in 2025, contributing to a decrease in apartment prices, Ms. Pham Thi Mien - Deputy Director of the Vietnam Real Estate Research Institute, said that there are still concerns.
For example, the standards for purchasing social housing are still strict, the approval process is complicated and the verification of conditions, especially income, is still "stuck". Some cases of illegal transfers or resale by non-priority subjects reduce the access opportunities for those in real need.
For the people, Ms. Mien said that there are still many difficulties for people to access social housing due to difficulties in accessing loans. Interest rates are high and loan terms are short. The actual price of buying social housing is still beyond the ability of many people to pay, while the rent is too high.
"Strengthening the development of affordable housing and social housing is one of the urgent solutions. Therefore, state management agencies should consider attractive support policies for investors, such as "pouring" more preferential loans, exempting land tax, VAT... to reduce the cost burden, encouraging businesses to boldly invest in this segment," said Ms. Mien.
