Hanoi to sell affordable housing

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Hanoi authorities said the capital city will start selling affordable low income housing next month.

Around 800 low-cost apartments in Long Bien District are expected to be sold to eligible buyers by the end of September. Sales at other affordable housing projects will begin later in the fourth quarter.

Eligible buyers must be long-term residents of Hanoi in the low income bracket. They may or may not own a house already but the average housing area in their family must be smaller than 5 square meters per person.

The apartments can only be traded freely on the market after ten years.

In August of last year, the Hanoi Construction Department announced a plan to build 15,500 apartments, about 1.5 million square meters of residential space, for low income buyers by 2015. The project, financed by the central government, is expected to cost VND625 billion (US$35 million).

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