According to the HCM City Real Estate Association, the the city needs to build more apartments to mitigate the housing shortage. (Source: VNA)
HCM City (VNS/VNA) – Ho Chi Minh City faces a housing shortagecaused by the rapidly rising population and shortage of new housing projects.
According to the HCM City Real Estate Association (HoREA), the city has aroundnine million permanent residents.
The population increases by 183,000 each year while there are more than 100,000foreigners working and living in the city.
In the event, a city Department of Construction survey found 476,000 familieshave been unable to find housing, and most have to live with their parents orrelatives.
To mitigate the shortage, the city plans to build 10,000 houses for low-incomepeople and 35,000 hostels for industrial park workers and students.
Le Hoa Binh, director of the department, said this year it has built more 35.2million square meters of accommodation.
The city expects to have another 38.2 million square meters by the end of theyear. Binh said with the construction, the shortage would be completely metthis year.
Le Hoang Chau, president of HoREA, said to resolve the housing shortage, thecity needs to build more apartments.
HoREA has called on the city to build more housing at reasonable prices forlow-income people and simplify administrative procedures for social housingprojects.
In five suburban districts, Cu Chi, Can Gio, Binh Chanh, Hoc Mon, and Nha Be,it has called for upgrading traffic infrastructure to connect them with thecity’s central areas to attract people to live there. – VNS/VNA
The purchasing power of apartments in Ho Chi Minh City has decreased significantly and yet, the demand for land for residential purposes is still recording positive signals.
Vietnam has to date completed 87 social housing projects with some 28,800 apartments for workers at industrial parks (IPs), meeting just 28 percent of the demand, according to the Ministry of Construction.
The HCM City housing market showed signs of unsustainability in 2018 due to an imbalance between supply and demand, a property industry business group said.
Many giant housing real-estate developers in Ho Chi Minh City are flocking to the hospitality segment by developing or distributing new projects in tourism areas.
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According to the HCM City Real Estate Association, the the city needs to build more apartments to mitigate the housing shortage. (Source: VNA) 
