Hanoi targets completing the construction of 21,100 houses totaling 4.11 million sq m of housing area,  in 2023, according to the city’s Department of Construction.

Under a housing development program in the 2021-2030 period the department submitted to the municipal People’s Committee for approval, Hanoi will also build 400 social houses totaling 28,000 sq m this year.

The average housing floor area is expected to reach 28 sq m per person by the end of the year.

During the 2021-2030 period, housing demand among local citizens is predicted to hit 89 million sq m. To meet demand, an estimated VND880 trillion ($37.5 billion) in investment capital is needed.

The city developed 1.34 million sq m of housing last year, or 190 per cent of the annual target. This included 985,000 sq m of commercial housing and 257,000 sq m of social housing.