Thanh told the ongoing National Assembly session that house prices, particularly apartment prices are soaring, making it difficult for many people to access the housing they need.

“Speculation and manipulation of real estate prices have caused the prices to skyrocket, restricting transactions almost exclusively to speculators, while regular people and businesses find it impossible to afford real estate,” said Thanh, adding, “Preventing the decline of the real estate market and controlling the number of new houses built will help to correct the imbalance between supply and demand and make housing more affordable.”

Documents guiding the implementation of three laws related to the real estate market – the 2023 Real Estate Business Law, the 2023 Housing Law, and the 2024 Land Law – are urgently needed, Thanh said.

The Economic Committee called for actions to revitalize the capital market, make it easier for people and businesses to borrow capital, and stimulate the domestic market.