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Speculation drives up Hanoi housing prices – NA report

The Saigon Times

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HCMC – Vu Hong Thanh, chairman of the National Assembly (NA) Economic Committee, has attributed the sharp rise in apartment prices in Hanoi to speculation,

Delivering a report on the opening day of the 15th NA’s 7th sitting on May 20, Thanh said falling deposit interest rates had led to depositors finding alternative avenues of investment, such as speculating on apartments.

This speculation has driven up apartment prices in Hanoi.

He also said social housing projects had had a tough time due to time-consuming and complicated procedures, and difficult access to funding sources.

Capital disbursements from the VND120 trillion social housing loan package have remained slow, according to the report.

In major cities, land prices have risen again after strong falls in recent years.

Thanh said speculation had made it difficult for those having real needs for a home to gain access to land.

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