Hanoi plans to build 44 million square meters of housing in 2021-2025

Hanoi plans to build 44 million square meters of housing in the 2021-2025 period to meet growing demands from the public.

Hanoi to push for housing development in the 2021-2025 period. Photo: Doan Thanh

Upon breaking down, social housing projects would make up 1.25 million square meters, other 560,000 square meters correspond to resettlement houses, while commercial housing totals 19.69 million square meters, and detached houses  22.5 million square meters.

The municipal Department of Construction revealed the plan as part of the city’s push for urban infrastructure development during the five-year period, serving as a legal basis to attract investment capital and ensure the healthy development of the real estate market.

Meanwhile, the combined area of houses for rent in social housing projects should be at least 30% of the total floor area and the average floor area per capita would be 29.5 square meters.

In 2021, the city completed 12 property development projects with a combined floor area of 545,895 square meters, equivalent to 5,022 apartments and 469 detached houses.

Meanwhile, the local authorities have issued nearly 12,200 construction licenses for building five million square meters of floor area.

It is estimated that by the end of 2020, the average floor area per capita stood at 27.25 square meters, higher than the target set in the national housing development strategy, which is  26.3 square meters.

This resulted in a total floor area in Hanoi of 224.73 million square meters, an increase of nearly 50 million square meters against 2016.

To date, Hanoi has completed the removal of temporary houses and pushed the rate of permanent and semi-permanent houses to 99.1%, exceeding the target of 91.2%, while the rate of apartments in housing projects is   92%.

The Department, however, acknowledged the lack of progress in promoting social housing projects for low-income groups, with 1.25 million square meters of floor area dedicated for this goal so far, significantly lower than the target of 6.22 million square meters.

In the coming time, Hanoi would focus on revising the remaining land portfolio and prioritizing social housing projects by providing additional incentive policies, especially for workers in industrial parks, noted the Department.