Hanoi to spend $18B on housing development until 2025

By VNA   February 24, 2023 | 05:22 pm PT
Hanoi to spend $18B on housing development until 2025
Residential property seen in Nam Tu Liem District, Hanoi. Photo by VnExpress/Ngoc Thanh
Hanoi will spend VND437 trillion ($18.37 billion) on housing development in the 2021-2025 period.

Under a housing development plan between 2021 and 2025 which has been approved by the municipal People’s Committee, the city targets the average housing floor area per person to be 29.5 sq.m. The size of dwelling in the urban areas is 31 sq.m per person and 28 sq.m per person in rural areas.

The capital city also plans to develop 0.55 million sq.m of floor areas for resettlement purposes and speed up the renovation of old buildings, especially those deemed dangerous for living.

Regarding commercial projects, the city will strive to complete 109 projects that are capable of finishing in 2021-2025 with 19.4 million sq.m of floor.

Hanoi will continue to remove makeshift houses and raise the permanent housing rate in the city to 90%.

Of the total investment of VND437 trillion, VND5.8 trillion will be used for social housing, resettlement housing projects, and apartments upgrading. The investment will be sourced from the city’s budget.

The city will also mobilize social resources for the development of commercial houses and other real estate projects.

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