PM asks to prevent land price fever, property bubbles

Vietnamese Prime Minister Nguyen Xuan Phuc has asked people’s committee leaders in cities and provinces to keep an eye on the property market and adopt measures to prevent land price fever and property bubbles.

(Illustrative photo: SGGP)

(Illustrative photo: SGGP)

In his direction No. 11/CT-TTg on measures for a “healthy real estate market”, the PM said the property market has potential risk as housing structure is irrational with more deluxe apartment blocks and shortage of social houses and low –priced houses for a majority of residents.
Additionally, housing prices are higher than residents’ income and local administrators are unable to call for social contribution to build the latter houses for most residents.
Subsequently, 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.
Furthermore, relevant agencies should establish financial institutions to call for social contributions for the real estate market and property speculation prevention.
Municipal and provincial people’s committees were asked to keep an eye on housing market and impose measures to curb land price fever and property bubbles in their jurisdictions.
In addition, the PM ordered to inspect and review property projects approved before the direction was issued especially deluxe housing projects.
Besides, PM Phuc required 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-priced housing projects.

By PHAN THAO - Translated by UYEN PHUONG

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