The domestic real estate market has potential risk as housing structure is irrational with more deluxe apartment blocks and shortage of social houses and affordable houses for a majority of residents, PM said in his direction No. 11/CT-TTg on solutions for a “healthy real estate market”.
Besides, housing prices are higher than people’ income and local administrators are unable to call for social contribution to build the latter houses for most people.
Therefore, the PM ordered to have a comprehensive inspection of land planning and hiring land in giant industrial parks and groups of industrial parks, urban development projects, residential quarters and resorts to detect violations. Relevant departments and agencies should establish financial institutions to call for social contributions for the real estate market and property speculation prevention.
Local People’s Committees were told to keep an eye on housing market and impose measures to curb land price fever and property bubbles in their jurisdictions.
PM Phuc wanted to inspect and review property projects approved before the direction was issued especially deluxe housing projects.
Additionally, he also asked to reclaim delayed projects as per the regulations of land use while administrators must be as quick as possible to help investors who want to convert their projects into social housing ones as well as resolve setbacks of social housing products and low-cost housing projects.
