The Hanoi People’s Committee has asked the municipal Department of Construction to closely monitor the real estate market to prevent price hikes and ease the risk of a market bubble.

The Department was also instructed to increase inspection and supervision efforts to detect violations relating to real estate trading regulations and strictly punish violators in line with existing regulations.

This is part of the city’s efforts to implement the Prime Minister’s Directive issued in August on solutions for the safe, healthy, and sustainable development of the real estate market.

Local authorities has also asked the Department to promptly review and prepare annual and five-year housing development programs during the 2021-2030 period.

The city also sought measures to promote the development of social housing projects and worker housing.