Affordable housing is about to flood Hanoi's real estate market?

(Dan Tri) - Recently, many social housing projects in Hanoi have been implemented. Hanoi Department of Construction said that from now until next year, the city has 11 social housing projects expected to be completed with nearly 6,000 units.

Many social housing projects have been started.

Recently, Corporation 319, Ministry of National Defense held a groundbreaking ceremony for the social housing project in Uy No commune, Dong Anh district, Hanoi.

The project is built on a land area of ​​15,286m2 (more than 1.5ha), with a total construction area of ​​6,880m2. The scale includes 4 blocks of 9-storey buildings (total construction floor area of ​​all 4 blocks is about more than 61,000m2, construction density 45%). The total investment of the project is more than 600 billion VND.

Upon completion, the project will provide a total of 466 apartments ranging from 40m2 to nearly 77m2 to the market. The project is expected to be completed on October 30, 2026.

In early December, the joint venture of Urban Infrastructure Development Investment Corporation UDIC, Hanoi Electricity and Water Construction Joint Stock Company (Haweicco) and DAC Hanoi Housing Development Joint Stock Company as investors started construction of a social housing project in Ha Dinh Urban Area (Tan Trieu Commune, Thanh Tri District, Hanoi).

The project construction land is over 9,300m2 in Ha Dinh New Urban Area, Thanh Tri District. According to the plan, the project is 25 floors high, including 5 basement floors, 20 apartment floors and a basement, the construction area is over 3,700m2, the total floor area is 62,550m2.

Upon completion, the project will provide 440 apartments, including 365 social housing apartments for sale, rent, and lease-purchase and 75 apartments for commercial business. The population is approximately 1,230 people. The project is expected to be constructed within 30 months.

Previously, the Hanoi Department of Construction granted a construction permit to the consortium of Him Lam Thu Do Joint Stock Company and BIC Vietnam Joint Stock Company to build the CT1 high-rise apartment building under the Thuong Thanh social housing project and connect to regional infrastructure, Long Bien district. The construction permit is valid for construction commencement within 12 months.

The project is located on a plot of land with a total area of ​​over 5,100m2, construction area of ​​about 3,300m2. Total floor area of ​​the above-ground construction is nearly 63,500m2.

The licensed project is 22 floors above ground, 1 attic and 3 basements. When completed, the project will provide the market with about 600 apartments, with areas ranging from 64-77m2.

A social housing area in Hanoi (Photo: Tran Khang).

Hanoi Department of Construction said that from now until next year, the city has 11 social housing projects expected to be completed with nearly 6,000 apartments, equivalent to 345,000 square meters of floor space.

In the 2026-2030 period, there are 50 projects expected to be implemented with nearly 57,200 units, equivalent to 3.2 million square meters of floor space. Of which, the city is appraising the investment policy for 4 out of 5 independent social housing areas concentrated in Dong Anh, Gia Lam, and Me Linh districts. The projects have a total area of ​​over 200 hectares, providing more than 12,000 units.

How to increase social housing supply?

According to data from a research unit, since the beginning of the year, the supply of apartments in Hanoi has witnessed a significant recovery. However, the imbalance between supply and demand has become more serious when about 80% of the supply of apartments for sale in Hanoi are priced from 50 million VND/m2 or more.

Apartment prices have been rising steadily and reaching new highs in both the primary and secondary markets, far exceeding the affordability and income growth of the majority of people. This has shattered the dream of owning a home in the city for many people. Increasing the supply of social housing is considered the optimal solution for people.

Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association - acknowledged that in the past, the implementation of social housing projects faced many difficulties and obstacles, focusing on 5 factors: land fund, procedures, mechanisms, capital and market output. Currently, the issues of procedures, output and capital have been almost "untied" in recent legal regulations.

However, he said there are still some problems such as high interest rates causing concern, especially for home buyers. The output factor needs to pay more attention to policy beneficiaries, meritorious people, workers in industrial zones...

Accordingly, he emphasized that the leading role in building social housing still lies with the State agencies, especially the need to arrange land, capital, and development funds, and cannot wait for cheap capital from credit. Regarding the implementation procedures, the State also needs to simplify them.

To increase people’s access to housing, Mr. Le Dinh Chung - real estate expert - suggested that the State should promote the development of social housing projects outside the inner city to reduce implementation costs. From there, the opening price of social housing will be lower.

At the same time, he said that the State also needs to focus on synchronously implementing infrastructure in suburban areas connecting with the inner city, thereby attracting people to buy houses in suburban areas, reducing overload pressure on the center.

Source: https://dantri.com.vn/bat-dong-san/nha-o-gia-re-sap-o-at-do-bo-thi-truong-bat-dong-san-ha-noi-20241219012624052.htm