The Ministry of Construction is proposing a price framework for classifying high-end apartments.

Deputy Minister of Construction Nguyen Van Sinh provided this information at a press conference on the afternoon of October 19th.

According to the Deputy Minister, previously there were no regulations defining what constitutes luxury, mid-range, or affordable apartments. However, a price range has now been established, whereby apartments priced below 25 million VND/m2 are considered low-income housing, and those above 40 million VND/m2 are considered luxury housing.

“ This classification system is designed to categorize projects, thereby determining first, second, and third-class apartment buildings. Based on this classification, the selling price and service fees for the apartments will be determined. This will ensure fairness and transparency ,” Deputy Minister Sinh emphasized.

Luxury apartments will have prices above 40 million VND/m2.

At a press conference this afternoon, the Ministry of Construction also announced that in the third quarter of 2023, 21 commercial housing projects, comprising 7,633 units, were completed and met the conditions for selling housing units under construction.

In the second quarter of 2023, 15 projects with 3,028 units were newly licensed, the same number as in the second quarter. Of these, 4 projects were in the North, 7 in the Central region, and 4 in the South.

There are 47 projects eligible to sell housing units under construction, comprising 8,208 units. The number of apartments in these eligible projects increased by 132.28% compared to Q2/2023.

In the land plot segment, 36 projects with 1,627 plots/land parcels were completed in Q3 2023, an increase of 144%, and 224 projects with 40,981 plots/land parcels are under construction, equivalent to 68.71% compared to Q2.

23 new projects were licensed with 1,810 plots/land parcels, the number of plots/land parcels in newly licensed projects is 94% compared to the second quarter.

Commenting on the real estate market, Mr. Hai said that in the third quarter of 2023, the supply of real estate saw a significant increase, with both the number of completed commercial housing projects and the number of infrastructure investment projects for transferring land use rights for housing construction increasing.

However, the number of commercial housing projects granted construction permits in the third quarter was only equivalent to that of the second quarter of this year.

Chau Anh

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