PM figures out measures for enhancing sustainable development of real estate market
09:54 | 24/04/2019

VGP – The PM has issued Directive No. 11/CT-TTg on launching measures to enhance the sustainable and strong development of real estate market. 

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The Directive aims to overcome shortcomings and obstacles in real estate development such as redundancy of luxury apartments and houses, lack of social housing and low-cost apartments as well as lack of synchronous, trusted and transparent real estate database and information. 

Accordingly, the Ministry of Construction is tasked to complete the project on amending and supplementing the Construction Law, the Housing Law and the Real Estate Business Law as well as supplement building standards on apartments, condotel, resort villa, officetel and officetel, which are expected to finish in the third quarter of 2019. 

The ministry also joins hand with other ministries, agencies and localities to inspect and require the investors of urban areas and housing projects to synchronously build technical and social infrastructure projects and fire protection system as well as strengthen inspection of land planning and hiring. 

The Ministry of Finance coordinates with other relevant ministries and agencies to consider some financial institutions such as housing savings fund, real estate investment fund and real estate trust fund to mobilize more resources for the real estate market and reduce the dependence on mobilizing resources from credit organizations. 

The State Bank of Viet Nam continues monitoring the monetary policy flexibly and well as controlling credit scale in line with the macro-economic situation and credit related to real estate business as well as encouraging credit organizations to allocate credits for social housing, low-cost commercial housing and housing for lease projects.  

According to the Foreign Investment Agency under the Ministry of Planning and Investment, real estate business ranked second in size since early this year, with total registered capital of US$6.5 billion in 87 new registered projects.

Regarding the country’s housing development strategy, the average housing area of the nation will reach 25 square metres per capita by 2020. To achieve this goal, 100 million sq.m of new housing will be built each year, 70 per cent of which will be in urban areas.

By Thuy Dung 

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