A bird's-eye view of Hà Nội. — VNA/VNS Photo Trung Nguyên

HÀ NỘI — Hà Nội plans to restrict the resale of commercial housing in newly proposed multi-functional urban areas for three years in a move aimed at curbing speculation and stabilising the property market.

The policy is seen as a significant step by city authorities to discourage short-term property flipping, ease pressure on housing prices and prioritise genuine housing demand amid sharp increases in the capital’s real estate costs.

The measure is a key feature of the city’s newly approved multi-functional urban development plan under Decision No. 2636, signed by Chairman of the Hà Nội People’s Committee Vũ Đại Thắng on May 25 and published on the capital’s official e-portal.

Under the rules, buyers of commercial apartments or houses in designated multi-functional urban areas will not be permitted to transfer ownership within three years of full payment.

If owners wish to sell before the end of the three years, they may only resell the property to the project developer at a price not exceeding the original contract value.

The plan sets out the development of multi-functional urban areas across eight development directions linked to nine strategic growth corridors under the capital’s 100-year master plan.

City authorities said the model aims to create integrated living and working spaces that generate employment and support livelihoods within urban areas themselves.

Priority will be given to projects located near major transport corridors and public transport hubs, alongside requirements to ensure adequate housing supply, including social housing, resettlement housing, public service housing, rental housing and commercial housing.

Hà Nội aims to develop around 132 million square metres to 192 million square metres of commercial and resettlement housing floor space within these multi-functional urban projects.

The city also plans for all such developments to meet smart city standards under its broader urban development strategy.

By 2030, Hà Nội expects to complete and bring into operation between two and three multi-functional urban areas.

Even before formal approval of the scheme, the city began construction of two large-scale multi-functional urban projects in early February.

The Bắc Thăng Long Urban City project covers nearly 700ha across Phúc Thịnh and Thiên Lộc communes in the former Đông Anh District and Mê Linh Commune. Located between Ring Roads 3 and 3.5, it will connect directly with the Thăng Long and Thượng Cát bridges and is scheduled for completion by 2032.

A second multi-functional urban project is being developed in Thư Lâm and Đông Anh communes. Covering around 696ha, it lies near the Hà Nội–Thái Nguyên Expressway and is about 18km from the Bắc Thăng Long Urban City project. — BIZHUB/VNS