The Ministry of Construction has informed housing and real estate market in the second quarter of 2022, as well as proposed a bunch of solutions to restore the market.

Accordingly, the Ministry of Construction has requested localities nationwide to transparently disclose information on construction planning and progress of infrastructure and real estate projects.

The focus shall be on urgently developing a housing development programme by 2025 with a vision to 2030, and a 5-year and annual housing development plans in accordance with the Law on Housing.

Importance will be attached to reviewing and making a list of housing and real estate projects in the localities, and identifying specific reasons for delays in some projects despite being granted with investment policies from the municipal authorities. On that basis, relevant agencies will solve legal problems and prepare investment procedures for housing projects to increase supply for the market.

Localities have been urged to widely publicise and display lists of projects, land funds and housing and real estate development procedures in a bid to call for more investment and facilitate domestic and foreign investors to easily access and invest into local housing and real estate projects. Also, they are encouraged to select investors to implement new real estate and housing projects so as to increase supply for the market.

The Ministry of Construction has asked localities to further promote the implementation of land use right auctions, and the biddings of projects using land, in order to select investors to help increase the supply of commercial housing projects for the real estate market, as well as arrange land funds for the development of affordable housing projects for workers and low-income earners in accordance with the law.

Also, a number of solutions have been proposed by the Ministry to restore the real estate market.

Specifically, functional bodies will focus on controlling, detecting, preventing and strictly handling violations in land use right auction activities, as well as taking more effective measures to manage and prevent the division of land lots for sale in areas where investment activities are not allowed and there is a lack of infrastructure system.

Drastic actions will be taken to control the operation of real estate trading floors and real estate brokers.

On the other hand, heed will be on taking timely measures to stabilise the market, prevent land price fever and real estate bubbles, and strictly handle cases of violations of the laws on real estate business, land and construction, and other relevant laws.

Reporting by TRIEU TUNG - Translating by M.DUNG