A survey by Batdongsan.com.vn recorded the increase in social housing prices over the past 2 years. Up to now, the price of social housing has increased as much as commercial housing.
For example, a social housing project in Kien Hung (Ha Dong) at the time of opening for sale was priced at only about 14 million VND/m2, but currently, the asking price is fluctuating between 48 - 57 million VND/m2. Or The Vesta Phu Lam social housing project (Ha Dong), the opening price is only about 15 million VND/m2, at present, the current asking price is fluctuating 48 - 55 million VND/m2.
In 2019, the Ecohome 3 social housing project was opened for sale with a transaction price of 15 - 17 million VND/m2. Up to now, apartments in this project are being traded at 53 - 63 million VND/m2.
The IEC Residences Tu Hiep social housing project also increased in price from 16 - 17 million VND/m2 to 48 - 55 million VND/m2. Dong Mo social housing (Hoang Mai district, Hanoi) the asking price at the time of initial opening was only 14 - 15 million VND/m2, but the selling price of apartments was about 56 - 60 million VND/m2. Rice City Linh Dam social housing (Hoang Mai, Hanoi) also increased from 13 - 15 million VND/m2, to 55 - 65 million VND/m2.
Although social housing prices are high, since Tet, social housing transactions have shown signs of slowing down. Many brokers said that the transaction volume is currently only about half of the same period last year.
Ms. Nguyen Thi Hoai Linh, a social housing broker in Ha Dong area (Hanoi), said that many customers are willing to spend more money to buy commercial housing if the price is only about 10 - 20% higher than social housing. According to Ms. Linh, there is still a common mentality of prejudice that social housing is of poor quality, causing many people to be reserved, although in reality, many of these types of projects are built with good standards, even surpassing some commercial housing projects.
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, even though they have been built for many years like this, are still priced. However, recently the number of transactions has shown signs of decline because prices are already high".
Dr. Su Ngoc Khuong - Senior Director of Savills Vietnam Investment Consulting - commented that fluctuations in construction material prices and a shortage of supply are pushing social housing prices up sharply in the secondary market. In reality, many apartments are being offered for sale at double or even double the original price after only a few years of handover.
From a sociological perspective, Mr. Khuong also commented on the long-term consequences if social housing continues to surpass people's access capabilities. Accordingly, when people have no place to settle down, it can create very high social evils. From a sociological perspective, this is a rather headache problem in developing countries.
