Prime Minister: Must answer the question of why apartment prices are high and stay high

Prime Minister Pham Minh Chinh requested clarification on whether or not there is real estate market manipulation to correct hoarding, price gouging, and market distortion.

On the afternoon of September 22, Prime Minister Pham Minh Chinh , Head of the Central Steering Committee on housing policy and real estate market, chaired the first session to complete the Steering Committee and assess the housing situation and real estate market in the first 9 months of 2025, and tasks for the last months of 2025.

The meeting was held directly at the Government Headquarters, online with 34 provinces and centrally-run cities. Also attending the meeting were Deputy Prime Minister Tran Hong Ha, Deputy Head of the Steering Committee; Ministers, Heads of ministerial-level agencies, Government agencies; leaders of ministries, branches, members of the Steering Committee; leaders of provinces and cities; leaders of business associations and economic groups.

At the meeting, Prime Minister Pham Minh Chinh emphasized that currently, the whole country is striving to achieve the growth target of 8.3-8.5% in 2025 and double digits in the following years to achieve the two 100-year goals. To achieve this goal, the Politburo has issued and the whole country is implementing important resolutions and major orientations to develop the country to become increasingly prosperous and the people to become increasingly happy and prosperous.

General Secretary To Lam recently had a working session with the Government Party Committee Standing Committee and relevant ministries and branches on urban and rural development in the new situation. The Prime Minister stated that real estate and the real estate market play an important role, contributing to promoting economic development, promoting growth, promoting urban development, creating new development space, contributing to improving people's quality of life, creating a new face for the country, and developing urban areas in a modern and civilized direction.

The real estate market is an important channel for capital mobilization and allocation that has a great influence on other economic sectors such as construction, finance, construction materials, services, etc. In which, housing development is an important link in the social security network, one of the pillars of social security policies, ensuring progress, social equity, and an effective solution to promote socio-economic development.

Emphasizing the Party and State's greatest goal of gaining independence and freedom for the nation and improving the material and spiritual life of the people, Prime Minister Pham Minh Chinh pointed out that since the beginning of his term, the Government has been very determined in developing social housing, implementing the Party's major policy, ensuring that people can "settle down and make a living." Accordingly, it is necessary to create supply sources and restructure real estate products, especially the social housing segment thanks to suitable prices for low- and middle-income people. However, the real estate market and the development of social housing are still not as expected.

Prime Minister Pham Minh Chinh chairs the first meeting of the Central Steering Committee on housing policy and real estate market. (Photo: Duong Giang/VNA)

Emphasizing the need to improve urban quality, the Prime Minister said that compared to expectations and requirements, there is still much work to be done and it is necessary to frankly review to remove obstacles, answer the question of why apartment prices are high and remain high; clarify whether or not there is manipulation of the real estate market to rectify hoarding, price increases, price inflation, and market distortion.

The head of the Government proposed to increase supply, balance supply and demand according to market mechanisms; clearly identify difficulties, obstacles, and bottlenecks in housing policy and the real estate market, from which to analyze causes, lessons learned, and find solutions to create breakthroughs and differences in housing policy and the real estate market from now until the end of the year and next year, contributing to promoting growth.

The Prime Minister requested the Steering Committee to focus on reviewing and examining assigned tasks; clearly identify difficulties, obstacles, and bottlenecks in the development of the real estate and social housing market, especially in terms of institutions; evaluate the good and bad aspects, and lessons learned for leadership and direction in the coming time.

According to the Steering Committee, in the first 9 months of 2025, the whole country had more than 1,000 commercial housing projects, of which 960 projects were under construction, with a total scale of nearly 149,000 apartments and more than 249,000 individual houses.

Along with that, the whole country has 692 social housing projects being implemented, with a scale of more than 633,000 units, of which 165 projects have been completed, with more than 110,000 units. The number of completed projects, started construction, and approved investment policies by 2025 reached 59.6% of the target. In particular, the whole country has completed the elimination of more than 334,000 temporary and dilapidated houses nationwide.

The total number of real estate transactions reached about 430,000, a slight increase compared to the same period in 2024. The market showed signs of recovery but remained localized. The apartment segment increased slightly in major cities, mainly in the mid-range segment; land transactions stagnated.

Delegates attend the first meeting of the Central Steering Committee on housing policy and real estate market. (Photo: Duong Giang/VNA)

As of July 31, outstanding credit for the real estate sector reached more than VND4 million billion, an increase of nearly 17% compared to the end of 2024; accounting for 23.68% of total outstanding debt to the economy.

Along with that, credit packages for social housing loans under the direction of the Government have also been strongly implemented. The credit package of 30,000 billion VND under Resolution 02/NQ-CP of the Government has had 17 commercial banks participating, with outstanding loans reaching over 2,300 billion VND; the social housing loan program under Decree 100/2024/ND-CP of the Government has a total outstanding loan of over 19,000 billion VND; the loan program for social housing, worker housing, and renovation of old apartments under Resolution 33/NQ-CP of the Government has also been promoted./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/thu-tuong-phai-tra-loi-duoc-cau-hoi-tai-sao-gia-nha-chung-cu-lai-cao-va-cao-mai-post1063260.vnp