Ministry of Construction: Affordable housing is absent, apartment prices continue to increase

In the third quarter of this year, the national housing supply had about 3,300 additional completed apartments, mainly mid-range, high-end and super luxury apartments. Apartment prices continued to increase by 4-6% compared to the previous quarter.

The Ministry of Construction said that in the third quarter of 2024, apartment prices in Hanoi and Ho Chi Minh City increased by 4-6% compared to the previous quarter - Photo: NAM TRAN

In one quarter, the whole country has 3,300 more apartments.

Information on housing and real estate market in the third quarter of 2024 announced by the Ministry of Construction on October 30 noted that in the quarter, the whole country had 16 completed real estate projects with a scale of about 3,314 units, the number of projects equal to 76.1% compared to the same period in 2023.

Specifically, the number of completed real estate projects in the North is 7 projects ( Hanoi 2 projects), the Central region is 3 projects, the South is 6 projects (HCMC 2 projects).

The number of newly licensed real estate projects nationwide is 23 projects, with a construction scale of 11,669 units, equal to 153.3% compared to the same period in 2023.

Of which, the North has 16 projects (Hanoi has 4 projects), the Central has 5 projects, the South has 2 projects (HCMC has 1 project).

The number of projects eligible to sell future housing nationwide in the third quarter of this year was 55 projects, with a construction scale of about 21,300 units, equal to 117% compared to the same period last year.

In addition, the country has 939 real estate projects under construction with a scale of about 426,158 apartments.

Regarding the supply of social housing, according to the Ministry of Construction, in the third quarter of this year, the country had 8 social housing projects implemented with a scale of about 4,960 units.

Of these, only 1 project was completed with a scale of 200 apartments, 4 projects started construction with a construction scale of 2,084 apartments and 3 projects were approved for investment policy with a construction scale of 2,676 apartments.

Apartment prices continue to rise

Regarding real estate transaction prices, the Ministry of Construction said that in the third quarter of 2024, apartment prices in Hanoi and Ho Chi Minh City continued to increase. The prices of old and new apartments increased by 4-6% compared to the previous quarter, and by 22-25% compared to the same period last year.

According to the Ministry of Construction, the reason for the recent increase in real estate prices is due to the impact of a number of factors such as: increased land-related costs, and affordable housing products not being enough to meet market demand.

This situation has pushed up apartment prices, with some areas seeing localized increases of 35-40% depending on location compared to the previous quarter.

There are almost no affordable apartments (priced under 25 million VND/ ^m2 ) for sale on the market, mid-range apartments (priced from 25 - 50 million VND/ ^m2 ) still account for a high proportion of transactions and supply, the rest are luxury and super luxury apartments (priced over 50 million VND/ ^m2 ).

According to a survey by the Ministry of Construction, the selling prices of some apartment projects in Hanoi are as follows: Ecolife Tay Ho is about 72.6 million VND/ ^m2 , Sunshine Garden is about 54.2 million VND/ ^m2 , Chelsea Park is about 62.3 million VND/ ^m2 , Trang An Complex is about 70.8 million VND/ ^m2 .

The Zurich project is about 46-55 million VND/ ^m2 , Lumi Prestige project is priced from 69 million VND/ ^m2 , The Ninety Complex project is about 60-75 million VND/ ^m2 , The Sapphire project is about 47-61 million VND/ ^m2 , mixed-use residential area 107 Nguyen Tuan Vihacomplex is about 75-97.2 million VND/ ^m2 .

In Ho Chi Minh City, the selling prices of some apartment projects in the third quarter are as follows: The Horizon Phu My Hung is about 125.4 million VND/ ^m2 , The Ascent is about 64.2 million VND/ ^m2 , Lu Gia Plaza is about 46.4 million VND/ ^m2 .

Diamond Centery project from 61-73.3 million VND/ ^m2 , Stown Tham Luong project from 29.8-43.5 million VND/ ^m2 , Urban Green project from 52-59.7 million VND/ ^m2 , Glory Heights project from 40-80 million VND/ ^m2 , The Aurora Phu My Hung from 88-90 million VND/ ^m2 , The Beverly Solari project from 46.83-65.6 million VND/ ^m2 .

Continue to propose taxes to prevent speculation, buying and selling in a short period of time to make a profit

To limit speculation and resale in the real estate market, the Ministry of Construction continues to recommend the Ministry of Finance to research, propose, and advise competent authorities on tax policies to limit speculative activities and short-term resale for profit.

At the same time, research policies on taxation of second homes and land, and taxation of abandoned and unused homes and land, ensuring that they are consistent with Vietnam's socio-economic conditions and international practices.

Source: https://tuoitre.vn/bo-xay-dung-nha-o-binh-dan-vang-bong-gia-ban-chung-cu-tiep-tuc-tang-2024103012203831.htm