Unsold properties nationwide were valued at about 27.89 trillion VND (1.23 billion USD) as of late May (Photo: VNA)

Hanoi (VNA) – Unsold properties nationwide were valued at about 27.89 trillion VND (1.23 billion USD) as of late May, down 10 percent from the end of 2016.

The figure declined 474 billion VND (20.87 million USD) from April, according to the Ministry of Construction’s department of housing and property market management.

Unsold land for housing accounted for more than 3.37 million square metres worth 13.2 trillion VND (581.33 million USD), the biggest proportion of total unsold property value.

It was followed by low-rise housing (3,492 units worth 7.38 trillion VND or 325 million USD), condominium apartments (3,325 units worth 4.83 trillion VND or 212.7 million USD), and land for commercial purposes (648,140 square metres worth 2.48 trillion VND or 109.2 million USD).

Although unsold properties continued to decrease, the rate of decrease slowed down. Most of the unsold land is part of uptown projects lacking infrastructure, the management department said.

The value of unsold real estate in Hanoi was still higher than in Ho Chi Minh City in May. It was estimated at 5.45 trillion VND (240 million USD) in Hanoi and 5.18 trillion VND (228.13 million USD) in HCM City, down 23 billion VND (1 million USD) and 100 billion VND (4.4 million USD) from April, respectively.-VNA