Hanoi will review 750 real estate projects this year as part of measures to help develop the property market healthily and sustainably, according to  Vice Chairman of the Hanoi People’s Committee Duong Duc Tuan.

After a review, the city plans to cancel four projects, withdraw over 2,600 ha of land, and stop some 60 projects that are still unable to identify their land area for construction.

Speaking at a national teleconference held on February 17 to seek measures to develop the real estate sector, Mr. Tuan said Hanoi’s property market is yet to prosper, especially last year, due to low supply, tightened credit policies, and high prices of construction materials.

The total number of apartments offered to the market in 2022 fell 25 per cent year-on-year.