The government is stepping in to control rising housing costs. It has asked ministries and local agencies to find out what’s causing the sharp increase in property prices and how to fix it.
A recent report shows that the real estate market is not growing in a balanced way. There are too many luxury homes, such as villas, and not enough affordable housing for everyday workers. This makes it hard for many people especially the young and low-income earners—to buy a home.
Officials believe several factors are driving prices up. These include the high cost of land, rising prices of building materials, and steep loan interest rates. Speculators are also playing a big role by buying land just to resell it later at a much higher price. This behavior limits the number of homes being built and pushes prices even higher.
To solve this, the government has told agencies to take action. They must create plans to reduce construction costs and increase the supply of housing. There will also be stricter rules to stop people from using land auctions to inflate prices.
Planning must match real needs. Authorities should keep enough land for housing and not give it all away for shops or office buildings. The goal is to make homes more available and affordable.
The problem is already clear in the numbers. In the first quarter of the year, some areas saw land and housing prices rise by 20% to 40%. Experts blame this on rising material costs, loan rates, and limited housing supply due to legal delays.
To make the market more transparent, the government is building a digital platform. This platform will handle all parts of real estate deals—from tax payments to land registrations. It will work like a stock exchange and give people clear price data while also reducing fraud and tax evasion.
Officials also plan to make it easier and faster to approve housing projects. They want to cut down the time and cost of paperwork by 30%, so more projects can start sooner.
With these changes, the government hopes to control property prices, stop speculation, and make housing more affordable for everyone.
