Hanoi (VNS/VNA) - The Ministry of Construction (MoC) plans to startreleasing quarterly reports on the domestic real estate market to increasetransparency, Minister of Construction Pham Hong Ha said at a recent ministrymeeting.

The quarterly report is a basis for building a database on housing and localproperty market because information about those factors is unclear, accordingto Ha.

The ministry will follow the local market and implement a plan to review themarket, forecasting market trends in the medium term and proposing solutions toensure the health of the property market.

Director of Housing and Real Estate Market Management Department Nguyen Trong Ninhsaid the ministry aimed to complete a project on economic security in housingand real estate market to submit to the Prime Minister in the third quarterthis year.

The social housing programme for low-income people in urban areas and workersin industrial parks has so far supplied 34 percent of a total of 12.5 millionsq.m that needs to be completed by 2020.

The programme must produce the remaining of 8.26 million sq.m by 2020 but itfaced difficulties in mobilising capital for the construction, Ninh said.

Ha said solutions were needed to develop social housing products, cheapcommercial apartments and rental apartments to complete goals on socialhousing. The solutions should focus on supply and financial support for buyers.

In the first half of this year, the construction industry had 8,711newly-established enterprises, accounting for 13 percent of national newlyestablished enterprises. Of which, there were 4,014 real estate tradingcompanies, a year on year increase of 22 percent.

The real estate market attracted considerable domestic and foreign investmentcapital, including foreign direct investment (FDI) worth 6.6 billion USD. TheFDI capital accounted for 18.6 percent of total FDI to the nation, rankingsecond after the manufacturing and processing industry.

All property projects attracted total capital of 4.8 quadrillion VND (206billion USD). Outstanding loans for real estate projects by the first quarterof this year reached 462 trillion VND.

Construction activity grew at 7.85 percent compared to the same period of 2018and the growth of trading real estate products increased by 4.43 percent.Average housing area nationwide is about 24.25 sq.m of floor per person, a yearon year increase of 0.25 sq.m.

Ha said although the construction industry's growth was quite good, it did notmeet its targets in the first half of this year. In fact, construction of somereal estate projects, especially in Hanoi and Ho Chi Minh City, were delayed,leading to a reduced supply. Property prices in some areas also increasedrapidly.

If those situations were not resolved, they would harm the property market, hesaid. – VNS/VNA