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Wednesday,  Sep 20,2017,14:41 (GMT+7)

Real estate inventories drop slightly

Van Ly
Wednesday,  Jul 26,2017,23:16 (GMT+7)
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Real estate inventories drop slightly

Van Ly

HANOI – The total value of real estate inventories nationwide has dropped by VND3.68 trillion (US$162 million), or around 12%, against late last year to VND27.34 trillion (US$1.2 billion), shows data of the Vietnam Real Estate Association (VNREA).

The decline of real estate inventories has slowed recently, which relates mainly to those projects being far from city or town centers and having inadequate infrastructure, according to the Housing and Real Estate Market Management Agency under the Construction Ministry.

Residential land lots in stock total more than 3.3 million square meters worth about VND13 trillion, followed by low-rise residential blocks with over 3,400 units worth nearly VND7.3 trillion.

There are 3,200 unsold apartment units worth VND4.6 trillion. More than 648,000 square meters of commercial residential land which costs a total of VND2.48 trillion remains unsold.

Hanoi and HCMC account for about 40% of the total value of real estate inventories nationwide.

Statistics of VNREA indicate the number of transactions in quarter two rose slightly compared to the previous three months. Projects carried out by well-known investors and those having sufficient infrastructure and located adjacent to public transit routes sold well.

Data of Hanoi, Danang, Nha Trang, and HCMC-based real estate exchanges under the Vietnam Association of Real Estate Professionals shows that transactions in the April-June period increased by 13.7% against quarter one, with medium-end condos taking the lead in Hanoi and HCMC, and land plots in Danang.

In the previous quarter, property developers in Hanoi put up over 6,700 new apartments for sale, none of them from affordable housing projects.

More than 5,400 condos were sold in Hanoi at a total value of about VND11.4 trillion, with the low-cost housing segment making up 55% of the total. Their prices inched up 2-3%. Notably, residential blocks located at prime locations and equipped with amenities saw their prices rising.

VNREA forecast the number of condo transactions in Hanoi could rise later this year, as known developers will market a large number of apartments in the medium segment. Over 20,000 new apartments, half of them in this segment, will be launched in the months to come.

Meanwhile, over 9,800 condos in HCMC worth VND25.9 trillion found buyers in the second quarter, with the medium segment representing around 47% of the total. VNREA predicted 25,000-27,000 new mid-end apartments will be marketed in HCMC.

 

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