Thu. May 23rd, 2024

Public housing needs official boost

Villas for sale at the Phu My Hung area in HCM City. Priority should be given to perfecting institutions related to real estate development. — VNS Photo Viet Thanh

HA NOI (VNS)— Priority should be given to perfecting institutions related to real estate development, said Deputy Prime Minister Hoang Trung Hai, who is also head of the Central Steering Committee on Housing Policy and the Real Estate Market, at the committee’s first meeting of the year in Ha Noi on Friday.

Hai urged the committee to demand more interdisciplinary inspections nationwide to focus on difficulties in financing progress, mortgage lending rates, and planning residential areas that are resilient to climate change.

He especially pointed to the need to enforce the requirement that 20 per cent of land allocated for housing projects be reserved for low-income housing.

Minister of Construction Trinh Dinh Dung said that difficulties in the real estate market needed to be resolved in line with the National Housing Development Strategy for 2013, and, in light of the nation’s 32-per-cent urbanisation rate, he predicted a growing shortage for affordable housing in the next few years. He urged the Government to direct local authorities to pay greater attention to developing such housing.

Dung stressed that preferential credit for home buyers at low interest rates of 5-6 per cent per year would do the most to ensure sources of financing for real estate developers to build affordable housing. — VNS

By vivian