Many new high-rise apartment buildings have been constructed along the Thang Long Boulevard in Hoai Duc district, Hanoi. (Photo: Huy Hung/VNA)
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The Ministry of Construction has recently sent an official dispatch to the Hanoi People’s Committee regarding the enhancement of real estate market management in the city.
According to Deputy Minister of Construction Nguyen Van Sinh, in recent times, many localities, including Hanoi, have proactively implemented the provisions of the law on real estate business, investment, land, housing, etc.
The localities have also actively taken steps to remove difficulties and obstacles for real estate projects in the area, leading to positive signs of recovery in the real estate market.
However, recently, public opinion has raised concerns about the rapid increase in apartment prices, causing the housing segment in alleys to also escalate in many areas. In some areas, apartment projects and complexes have seen unusually rapid and high increases in the prices of apartments and houses.
Some real estate consulting firms have even estimated that the average price of apartments in Hanoi has reached VND 56 million/m2.
The affordable housing segment has almost disappeared from the market. Experts and the public believe that there is a phenomenon of price inflation, price manipulation, and speculation.
In accordance with its function of state management of the real estate market as prescribed in Article 78 of the 2014 Law on Real Estate Business, the Ministry of Construction requests that the Hanoi People’s Committee inspect and review the real estate trading activities of enterprises, investors, real estate transaction floors, and real estate brokers in the city.
In particular, the Ministry of Construction requires that inspections focus on projects and apartment complexes where there have been unusual price increases as reflected in public opinion. From there, measures should be taken to rectify and handle acts of price inflation, price manipulation, speculation, and violations of real estate business laws (if any).
The Ministry of Construction requests that the Hanoi People’s Committee concentrate on effectively directing these contents and submit a report to the Ministry before April 20, 2024.
Thu Hang
