Hanoi needs VND90 trillion ($3.88 billion) to develop 7.2 million square meters of social housing in the next five years amid a shortage of low-cost residential real estate.
The novel coronavirus disease (COVID-19) has taken a toll on the real estate market in Ho Chi Minh City as many realty projects have been put up for sale, including those costing millions of dollars.
Foreigners own around 16,000 apartments in Vietnam, or 2 percent of the total housing supply, and this has not affected local people’s opportunity to buy houses, a report says.
Though the COVID-19 pandemic has cast a shadow over the global economy, the HCM City office space market has not been badly affected this year, according to property consultancy companies.
The Covid-19 outbreak has cost many real estate firms trillions of dong from their market capitalisation value.