Society

Hanoi real estate prices exceed real value

The development of the real estate market is not in line with the law of demand and supply and that is the main cause for high real estate prices in Hanoi.
The development of the real estate market is not in line with the law ofdemand and supply and that is the main cause for high real estateprices in Hanoi.

At the seminar, “Developingreal estates in Hanoi: opportunities and challenges” held on July 27 inHanoi, Deputy Minister of Construction Nguyen Tran Nam said that with apopulation of more than 7 million people, the demand for housing,offices, infrastructure and services in Hanoi is huge.

Meanwhile, market supply does not meet demand. It is forecast that thereal demand for housing will be satisfied to a level of just 10-20percent in 2010. The lack of approval for Hanoi ’s master plan and800 delayed projects have also contributed to the low supply.

Vu Xuan Thien, deputy head of the Housing and Real Estate ManagementDepartment under the Ministry of Construction, pointed out other reasonsfor the high price such as the speculation and mob investing ofshort-term investors.

According to a report from theConstruction Ministry, estate prices increasingly surpass their realvalue. For example, the cost for building a 20-25 storied apartmentcomplex ranges from 16.7-17.5 million VND per sq.m, but the transactionprice in the market amounts to 28-32 million VND per sq.m.

To meet the strong demand for housing and stabilise Hanoi ’s realestate market in the future, deputy minister Nam said it wasnecessary to speed up the formulation of financial mechanisms forproperty market development, especially for housing development, amendpolicies and solve difficulties in implementing real estate projects./.
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