According to a recent report by the Real Estate Brokers Association, the social housing market is currently experiencing uneven demand, with some places lacking supply while others are unable to sell out.
For example, in some social housing projects in Da Nang, people had to line up from 4am to submit their applications to buy houses. These projects were also almost sold out as soon as they were launched. Meanwhile, in the industrial capital of Bac Ninh with a large number of workers, some projects, despite being opened for sale many times, only sold 1/3 of their products.
Hundreds of people lined up to buy social housing in Da Nang.
This issue was also mentioned in a report sent to the Ministry of Construction by the People's Committee of Bac Ninh province. Accordingly, although tens of thousands of houses for workers have been invested in, it seems that workers in the province are not interested in buying houses.
To date, many completed apartments in 7 completed or partially completed worker housing projects have been put on the market, but the number of workers working in industrial zones registering to buy houses is very small. The project owners have put 1,681 worker housing units up for sale many times, with about 1,324 remaining units.
Explaining this issue, the People's Committee of Bac Ninh province said that the majority of workers are from other provinces with unstable residence and frequent job changes. In addition, workers' income is still low, so buying a house also faces many problems.
For that reason, Bac Ninh province also recommends that the Ministry of Construction study and amend regulations and policies related to investment in the construction of synchronous technical infrastructure and social infrastructure in large-scale social housing projects, ensuring the goal of reducing social housing prices, in accordance with the income and payment capacity of social subjects. At the same time, specify the method of determining selling, renting, and leasing prices in the case of large-scale social housing areas with full infrastructure.
Many social housing projects in Bac Ninh cannot find buyers.
Previously, when talking about the problems that the social housing market is facing, Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, said that, in addition to procedural issues, the interest rate in the preferential loan package of 120,000 billion VND for social housing is still too high. This creates a burden for home buyers.
Many people who are eligible to buy do not have money and do not dare to borrow from banks with the interest rate of the 120,000 billion VND credit package of up to 7.7%/year, lasting only 5 years and only 1-1.5%/year lower than the commercial loan interest rate. Meanwhile, those who have money are not included in the target group of workers and people eligible to buy.
In addition, the regulations on the subjects of social housing purchase are no longer suitable. For example, the need to meet the conditions on housing, residence and income level. In which, the condition on residence is to have permanent residence registration at the place where the project is implemented or temporary residence registration for one year or more.
Or the regulation that social housing buyers are not subject to personal income tax, meaning their monthly salary cannot exceed 11 million VND, is outdated. While social housing prices have nearly doubled in 5 years, the method of determining low income - an important condition for buying a house - remains the same as 8 years ago.
At a recent workshop, the Ministry of Construction also acknowledged that the social housing development program, although having achieved remarkable results, has not yet met expectations. The main reasons are the lack of land, difficulties in selecting investors, lack of preferential capital, insubstantial and insufficient incentive mechanisms; and complicated and lengthy investment and development procedures. In addition, some organizations and individuals have not complied with the law on social housing because sanctions are lacking or not strong enough.
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