Illustrative photo (Source: VNA)

Hanoi (VNA) - Real estate inventory continues to fall but the pace is slowing down, mostly in suburban projects with poor infrastructure facilities, according to the Agency for Management of Housing and Real Estate Market under the Ministry of Construction.

Vietnam’s real estate inventory had an estimated value of 37.49 trillion VND (1.68 billion USD) as of the end of June, down 26 percent or 13.4 trillion VND (603 million USD) from the end of December 2015.

Real estate inventory in Hanoi is at about 5.89 trillion VND (265 million USD), a decline of 858 billion VND (38.61 million USD) from last December. This equates to a 13 percent reduction in units available; mainly in residential apartments, with only 171 units worth 191 billion (8.6 million USD) left, and low storey-houses with 1,939 units, worth nearly 5.7 trillion VND (256.3 million USD) unsold.

HCM City saw a higher property inventory of over 6.8 trillion VND (306.6 million USD), yet with a better decline of nearly 3.3 trillion VND (148 million USD), or 33 percent from last December.

The city recorded the highest inventory in residential apartments with 2,588 unsold units, worth over 4.4 trillion VND (198.3 million USD), followed by 264,629 square metres of residential land, approximately 1.2 trillion VND (54 million USD); 275 units of low-rise houses, worth 770 billion VND (34.65 million USD); and 34,318 square metres of commercial land worth 437 billion VND (19.6 million USD).

The property market has seen a stable growth in the first half this year, in various sections from low-price to high-end and tourism resorts.

A slight increase in price and demand has been seen in medium-sized apartments in favourably located projects with well developed infrastructure facilities, according to the Agency.-VNA