Real estate inventories taper off over 16 percent


Hanoi – Real estate inventories nationwide saw a reduction of over 16 percent as of November 20, from the same time last year, to an estimated value of over 26 trillion VND (1.14 billion USD).

Highest inventories were recorded in residential land. They were estimated at more than 3.1 million square metres and valued at 12.4 trillion VND (544.8 million USD).

This was followed by town house with 3,129 units worth over 7 trillion VND (307.5 million USD). Unsold apartments stood at 2,924 units, equivalent to about 4.2 trillion VND (184.7 million USD) while that of commercial land was at 604,151 square metres valued at nearly 2.4 trillion VND (105.5 million USD).

Unsold properties in Ho Chi Minh City were 4.78 trillion VND (210.1 million USD) while Hanoi saw a total inventory value of 5.3 trillion VND (232.9 million USD).

The Ministry of Construction forecast that housing price is stable in the short term and the tourism property market will experience robust development in the coming time.

Apartment prices in Hanoi declined 0.5 percent from the previous quarter and individual housing segment increased 0.13 percent.

In stark contrast, apartment prices in the southern hub went up 0.8 percent, however, luxury units dropped 0.5 percent in their prices. Individual housing segment escalated 1.65 percent from Quarter 3.

Source: VNA

Photo: CBR Investment AG