​Condominiums under construction (Photo: VNA)

Hanoi (VNA) – The property market tends to stagnate in August, a normal thing for this time of the year as August coincides with the seventh lunar month, traditionally called the Ghost Month.

The folk belief makes many people keep off making “big” business this month such as real estate sales and purchases.

Meanwhile, some people have taken advantage of this time to make deals at better prices as property sellers also want their business affairs to remain smooth during the Ghost Month, according to real estate agents.

As a result, the unsold property inventory has shrunk though the pace of reduction has slowed down.

Total unsold real estate is valued at nearly 36 trillion VND (1.6 billion USD) nationwide, down over 14.9 trillion VND (or 29.3 percent) from the end of 2015 and 1.5 trillion VND from Q2 this year.

Notably, up to 16 trillion VND of the inventory is housing land at nearly 4.4 million square metres. It is followed by low-rise houses (4,951 units worth some 9.9 trillion VND), and condominium apartments (4,883 units – nearly 6.9 trillion VND).

More than 1 million square metres of land for commercial purposes worth 3.25 trillion VND remain unsold.

Ho Chi Minh City posts the largest unsold property value in Vietnam at present, about 6.6 trillion VND – a decline of over 3.5 trillion VND (or 35 percent) from 2015 and 216 billion VND against the end of Q2.

The value of unsold real estate in Hanoi is around 5.8 trillion VND, down 923 billion VND (or nearly 14 percent) from 2015 and 64 billion VND from Q2.-VNA