According to the reporter's records on many real estate selling sites, the selling price of apartments of many social housing projects after many years of use has increased 4-5 times compared to the time of initial opening for sale.
Accordingly, many apartments of the Dong Mo social housing project (Dai Kim Building), Dai Kim ward, Hoang Mai district are being advertised for sale at more than 60 million VND/m2, equal to the selling price of many luxury apartments. Many 2-bedroom apartments are commonly advertised for sale by brokers for 3.3 - 4.2 billion VND.
Although offered at high prices, according to many real estate brokers, this price is "cheap" because surrounding commercial housing projects such as: Five Star Kim Giang Apartment, Riverside Garden... are priced at 80.90 million VND/m2.
It is known that the Dai Kim social housing project (Hoang Mai, Hanoi) was opened for sale in 2016 with a price of more than 14 million VND/m2. The project was handed over at the end of 2017 and has been in use for more than 7 years. Up to now, the price of apartments here has increased 4.2 times compared to the time of initial opening for sale.
Mr. Tran Van Minh (Ha Nam) shared that after two months of searching but unable to buy a commercial apartment because the price was too high, he decided to go to the Dai Kim social housing project. However, he was extremely surprised by the price here.
He shared: "Although the project has been in operation since around 2017 and the quality of houses is not as good as new, the price is still over 55 million VND/m2. With this price, it is difficult for me and my wife to pay."
Not only the Dai Kim social housing project, the 987 Tam Trinh, Yen So social housing project (Hoang Mai, Hanoi) at the end of 2017 had a selling price of about 14.2 million VND/m2 (excluding VAT). Meanwhile, commercial apartments in the same project are priced at about 18 million VND/m2. Up to now, this social housing project is also being offered for sale at 55 - 60 million VND/m2.
Many other social housing prices are also many times higher than the original price such as: Rainbow Linh Dam social housing project (Hoang Mai, Hanoi) costs up to 60 million VND/m2; Phuc Dong social housing (Long Bien) from 43 - 50 million VND/m2, Tam Trinh (Hoang Mai) costs 58 - 65 million VND/m2; Ecohome social housing project (Bac Tu Liem) ranges from 40 - 43 million VND/m2...
Talking to Lao Dong, Mr. Le Van Duc - a real estate broker in Hanoi - said: "Due to the high demand for buying houses but the scarcity of apartments, social housing apartments that have been built for many years like this are still priced. In the context of apartment prices being too high, social housing projects will be chosen by more people".
To cool down social housing prices, Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association (HoREA) - proposed that it is necessary to allow social housing projects to adjust the land use coefficient or construction density to a maximum of 1.5 times, in order to effectively take advantage of land area and create more apartments. This not only helps increase land use efficiency but also creates more favorable conditions for investors in developing social housing projects. At the same time, compensation and site clearance costs will be allocated less to each apartment, thereby reducing the cost of social housing.
