Ministry of Construction plans price framework for classifying luxury apartments

Deputy Minister of Construction Nguyen Van Sinh gave the above information at a press conference on the afternoon of October 19.

According to the Deputy Minister, there were no regulations on which apartments were considered high-end, medium-end, and low-end. But now a price range has been determined, according to which, apartments under 25 million VND/m2 are low-income apartments, and over 40 million VND/m2 are high-end apartments.

“ This level is set to classify projects, from which we will determine first, second, and third class apartments. Based on the classification, we will determine the selling price and regulate apartment service fees. This will create fairness and transparency ,” Deputy Minister Sinh emphasized.

Luxury apartments will cost over 40 million VND/m2.

At the press conference this afternoon, the Ministry of Construction also said that in the third quarter of 2023, there will be 21 commercial housing projects with a scale of 7,633 units completed and eligible to sell future housing.

The number of newly licensed projects in the second quarter of 2023 is 15 projects with 3,028 units, the number of newly licensed projects is the same as in the second quarter. Of which, there are 4 projects in the North, 7 projects in the Central region, and 4 projects in the South.

The number of projects eligible to sell future housing includes 47 projects with 8,208 units, the number of apartments in projects eligible to sell future housing increased by 132.28% compared to the second quarter of 2023.

In the land segment, in the third quarter of 2023, 36 projects with 1,627 plots/plots were completed, an increase of 144%, and 224 projects with 40,981 plots/plots were under construction, equal to 68.71% compared to the second quarter.

23 newly licensed projects with 1,810 plots/plots, the number of plots/plots in newly licensed projects is equal to 94% compared to the second quarter.

Commenting on the real estate market, Mr. Hai said that in the third quarter of 2023, real estate supply had a clear growth, the number of completed commercial housing projects, and the number of infrastructure investment projects to transfer land use rights for housing construction all increased.

However, the number of newly licensed commercial housing projects in the third quarter was only equivalent to the second quarter of this year.

Chau Anh

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