The Ministry of Construction has just sent a report to the Government on the implementation of Resolution No. 33 of the Government on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market.
The report shows that in the second quarter of 2023, the supply of real estate and housing is still limited, with only 7 completed projects with 2,424 units (852 apartments; 1,572 individual houses). The number of projects is only about 50% compared to the first quarter of 2023 and about 29.17% compared to the second quarter of 2022.
“The implementation was delayed or stopped completely because many projects encountered difficulties in legal matters, capital sources…”, the report of the Ministry of Construction stated.
Regarding the volume of real estate transactions, synthesizing data from the Department of Construction of localities with reports (58/63 provinces), in the second quarter of 2023, there were 96,977 successful transactions.
Of which, the number of transactions of apartments and individual houses had 29,725 successful transactions (equal to about 43.03% compared to the second quarter of 2022). The transaction volume mainly focused on the land segment with 67,525 successful transactions (equal to about 31.57% compared to the second quarter of 2022).
Real estate stagnates, apartment prices in Hanoi and Ho Chi Minh City still increase (Photo: Huu Thang).
Regarding selling prices, in the second quarter of 2023, new apartment transaction prices in some major cities such as Hanoi and Ho Chi Minh City are assessed to have increased in some areas, although the real estate market is showing signs of slowing down.
Meanwhile, resort real estate prices continue to decrease, but the decrease is not as much as at the end of last year because current capital costs remain high.
The selling price of villas and project land in many localities in the quarter continued to decrease by about 2% to 5% compared to the previous quarter. In particular, there were projects with shophouses adjacent to the project being advertised for sale at a discount of about 10% -15% compared to the original price.
Regarding the implementation of the Project "Investing in the construction of at least 01 million social housing apartments for low-income people and industrial park workers in the period of 2021-2030", the report said that in the period of 2021-2025, 41 social housing projects in urban areas and workers' housing with a construction scale of about 19,516 units have been completed. Currently, 294 projects are continuing to be implemented, with a construction scale of about 288,499 units.
In the first 7 months of 2023 alone, 10 social housing and housing projects for industrial park workers have been started, with a total of about 19,853 units. Of which, 7 social housing projects have a scale of 8,815 units; 3 worker housing projects have a scale of 11,038 units.
There are 24 projects in 11 provinces and cities eligible to borrow the 120,000 billion VND credit package (Photo: Pham Tung).
Regarding the credit program of about 120,000 billion VND for preferential loans to develop social housing, workers' housing, and renovate and rebuild apartments, the Ministry of Construction said that 11 People's Committees of provinces/cities under the Central Government have announced a list of 24 projects eligible for loans with a total investment capital of 31,673 billion VND, and a loan demand of 12,442 billion VND.
Regarding solutions to promote the safe, healthy and sustainable development of the real estate market, the Ministry of Construction said that in the coming time, it will continue to focus on implementing and completing the tasks and solutions assigned by the Government and the Prime Minister.
In particular, focusing on promoting the development of social housing according to the Project approved by the Prime Minister. Disbursing public investment capital and preferential loan sources to create motivation, spread, and promote production and business activities.
“It is necessary to thoroughly understand that this is an urgent and important task that needs to be focused on solving according to the principle that difficulties and problems that fall under the authority of whichever level must be solved. We must end the situation of pushing things around, avoiding responsibility, and prolonging the time to solve them,” the Ministry of Construction emphasized .
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