Hanoi set a target to build about 5.84 million square meters (sq.m) of built-up area by 2022, including single-family homes of 4.5 million sq.m and apartments of 1.34 million sq.m.

Customers look at a real estate project in Hanoi. Photo: Cong Hung/The Hanoi Times

The target figures are included in an approved plan for housing development in the city in 2022, partly contributing to promoting housing development and managing the real estate market, along with urban renewal and reconstruction efforts.

In 2022, the average floor area per capita in Hanoi is estimated at 27.6 square meters, slightly higher than the 27.3 square meters of last year. The number is based on the assumption that housing projects in the city will be completed in the remaining months of 2022.

In the coming time, Hanoi’s authorities are expected to accelerate urban and housing projects in the city, focusing on those suffering delays in the 2021-2022 period. 

The plan is to clear hurdles during the construction progress, speed up site clearance works and deal with investors failing to realize their contract commitments.

Meanwhile, Hanoi would invite investors to study the possibility of building social housing projects and those for low-income groups.

Statistics from the municipal Department of Construction revealed that during the 2016-2020 period, Hanoi had built an additional 35 million sq.m of housing and attracted investment into 69 real estate development projects with 4.3 million sq.m of apartments.

For the 2021-2030 period, the Hanoi People’s Council set the goal of mobilizing VND880 trillion ($37.7 billion) for housing projects, including VND11.7 trillion ($501 million) from the State budget.

By 2030, Hanoi would have 5.55 million square meters of social housing, and 100% of industrial parks would provide social housing for laborers.