According to the recently released report on housing and real estate market information for Q2 2024 by the Ministry of Construction, there were 9 completed commercial housing projects with approximately 5,005 units, and 19 newly licensed projects with a scale of 10,230 units, marking a respective increase of nearly 29% and 27% compared to the same period in 2023. Meanwhile, there were 998 projects under construction, totaling around 437,153 units, a slight increase from the previous year.
Additionally, there were 50 projects with 13,167 units eligible for sale as future construction, a rise of 32% from the previous quarter and 6% from Q2 2023. Of these, the North had 17 projects, the Central region had 20, and the South had 13.
During the second quarter, according to the Ministry of Construction’s consolidated data from local reports, 20 projects for the construction of infrastructure to transfer land-use rights to individuals for self-built housing were completed, totaling approximately 1,979 lots/plots, a 20% decrease from the same period last year.
On the other hand, 493 projects are currently under construction, offering around 82,993 lots/plots, a 51% increase. Conversely, only 16 new projects were licensed, yielding 1,882 lots/plots, a significant drop of 64%.
Source: Ministry of Construction
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Only about 1% of the VND 120 trillion social housing loan package has been disbursed.
Regarding social housing projects, 9 were implemented nationwide in the second quarter. Of these, 3 were completed, providing 1,120 units; 1 was started, offering approximately 395 units; and 5 received investment approval for 2,876 units.
Cumulatively, up to now, there have been 920 social housing projects implemented nationwide, delivering 717,608 units. This includes 380 completed projects (196,471 units), 128 started projects (111,688 units), and 412 projects with approved investment proposals (409,449 units).
In terms of the VND 120 trillion credit package for social housing loans, in addition to the 4 initial participating banks BIDV, Vietinbank, Agribank, and Vietcombank, TPB and VPB have also joined the program, each committing VND 5,000 billion.
However, thus far, the banks have only disbursed VND 1,234 billion, including VND 1,202 billion to investors of 12 projects and VND 32 billion to homebuyers in 5 projects.
Over 17,000 Units of Housing Inventory
According to the Ministry of Construction, the real estate inventory of 60 out of 63 localities in the second quarter of 2024 was approximately 17,105 units/lots (including apartments, detached houses, and land plots). Specifically, there were 2,999 apartment units, 7,045 detached houses, and 7,061 land plots. The majority of the inventory is in the segment of detached houses and land plots within projects.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
Astonishingly high price for old and dilapidated apartment buildings reaching nearly 200 million VND/m2, rivaling the most luxurious condominiums in Hanoi
Old collective apartments with prices starting from 100 million VND/m2 are usually the first-floor units that can be used for commercial purposes, while the upper-floor units are priced at 60-80 million VND/m2 for residential purposes.
In 2023, GELEX earns nearly 1,400 billion VND
In the face of macroeconomic pressures over the past year, GELEX Corporation has implemented flexible strategies to maintain stability and strive for sustainable growth.
