The Vietnam real estate market is experiencing significant developments as the demand for affordable housing continues to rise, particularly for workers near industrial areas. Recently, the Department of Construction of Da Nang announced the opening of sales for social housing units at the Bau Tram Lakeside urban project, developed by Saigon-Da Nang Investment Company.
With 250 apartments available, the pricing starts at 540 million VND per unit, including VAT and maintenance fees. This pricing is particularly attractive compared to the commercial apartment projects currently on the market, making it suitable for many workers.
Bau Tram Lakeside boasts a strategic location, situated close to major industrial zones such as Lien Chieu and Hoa Khanh, with travel distances ranging from 1 to 4 kilometers. This proximity provides practical benefits for workers, saving time and commuting costs, and facilitating a more balanced work-life dynamic.
According to the Da Nang Department of Construction, households or individuals interested in purchasing these social housing units will need to directly contact the developer for guidance and to submit their purchasing applications. The guidance period for submissions will be from February 20, 2025, to the end of the document acceptance phase from March 22 to April 4, 2025. Applications can be submitted at the management office of the social housing project located at Bau Tram Lakeside.
Importantly, prospective buyers of social housing are not permitted to use these properties as collateral, with exceptions only permitting mortgages to finance their purchase. They also cannot transfer the ownership of the housing for at least five years from the date of completing their payments, per the signed contract. Only after obtaining land use rights certificates will they be able to sell, mortgage, or lease the units.
This move aims to address the housing needs of workers at Lien Chieu industrial park. Having stable housing is expected to positively impact these workers’ lives, allowing them to concentrate more on their jobs and settle more deeply within the community.
On the topic of when to buy property, Nguyen Quoc Anh, Deputy General Director of Batdongsan, emphasized the importance of careful financial planning. He suggested, "Buyers should have at least 30-40% of the home value saved up, and be confident about maintaining their cash flow over the next three to five years to sustain their living expenses.” Despite many developers and banks offering financing up to 80-85% of the property's value, potential buyers must thoughtfully assess their repayment capability. If financial readiness is lacking, it may be wiser to rent beforehand.
Overall, this initiative to open social housing sales reflects the growing recognition of the need for accessible housing options, especially for low-income families. The soaring demand, combined with government efforts, could lead to more substantial growth within this sector. The shift toward social housing not only suggests promising trends for the real estate market but also reflects broader economic changes concerning workers' welfare and satisfaction.
With the real estate sector adapting to meet the needs of the population, this project stands as more than just new buildings; it embodies the hope of stability and community investment for various workers striving to fulfill their dreams of homeownership.