Ministries collaborate on real estate

Deputy Prime Minister Hoang Trung Hai (photo) has requested the Ministry of Construction and Ministry of Natural Resources and Environment to collaborate in clarifying the scope of responsibilities related to developing real estate and land for socio-economic purposes.

The Ministry of Construction was urged to review its procedure and incentive policies to speed up the implementation of real estate projects, especially office buildings, housing in urban areas, low-income housing and rentals.

Most real estate companies agree that the market for office buildings and low and middle-income housing is white hot.

According to a second quarter report from Viet Nam Real Estate (Vietrees), the imbalance between supply and demand has pushed office rental rates in the country to rank among the highest in the world.

A survey by Savills Viet Nam Ltd. indicates that the average rent rates for prime retail in HCM City and Ha Noi are among the cheapest in the region, while the average rents for prime offices in the two cities rank in the top 10. In particular, HCM City’s ranks after Hong Kong, Tokyo and Singapore.

Though the Government has tried to lure investors into building rentals and low-income houses, those markets are stagnant.

VNS

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