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Real estate market is gaining balance: ministry

The real estate market of Vietnam showed signs of recovery and more balanced development in the second quarter of this year with increases in the number of successful transactions of apartments, houses and land, according to the report of the Ministry of Construction.
Real estate market is gaining balance: ministry ảnh 1Ilustrative image (Photo: VNA)
Hanoi (VNS/VNA) - The real estate market of Vietnamshowed signs of recovery and more balanced development in the second quarter ofthis year with increases in the number of successful transactions ofapartments, houses and land, according to the report of the Ministry ofConstruction.

The absorption rates were high in most product segments while there were no newinventories, and the vacancy rate of office and commercial space for rentgradually decreased.

The ministry said there were almost no affordable apartments with prices from 25million VND to 30 million VND per sq.m at commercial housing projects incentral areas. Apartments at these prices were only available in a few projectsin areas away from the city centres.  

Some projects at this price range were xpHomes in Dan Phuong district, GemekPremium in Hoai Duc, Xuan Mai Complex in Ha Dong, Hanoi; Dream Home Riversidein District 8, Ehome S in District 9, HCM City; and FPT City Da Nẵng in NguHanh Son, Da Nang.

Mid-end apartment segment, with prices of about 30 million VND to less than 50million VND per sq.m, was still the main product in the market. In Hanoi,Keangnam in Nam Tu Liem, Molody Residences in Hoang Mai and Vinhomes Smart Cityin Nam Tu Liem were some at this price range while in HCM City, there were SunriseCity in Distict 7 and CityLand Park Hills in Go Vap and in Da Nang, the SangResidence in Ngu Hanh Son.

High-end apartments with prices of over 50 million VND per sq.m were mainlylocated near centres such as Heritage West Lake in Tay Ho district, T-Place inHoan Kiem, Grand Marina Saigon in District 1, Vinhomes Golden River Ba Son inDistrict 1 and Landmark Residence in Hai Chau district.

The ministry said housing prices were higher than the end of 2021, but theincrease rate slowed.  

In the second quarter, more than 69,000 transactions and 27,160 housing unitswere put on the market.

In general, the housing supply remained limited compared to the demand in thesecond quarter. There were no new inventories of apartments, houses and landplots as most projects opened for sale had good liquidity.

The limited housing supply in the first half of this year is due to the move totighten legal procedures for real estate projects. Besides, the capital flow inthe real estate market was narrowed down from the tightening of control oncredit and corporate bond issuance as well as the decline of the bond market.

The ministry’s statistics showed that only 29 commercial housing projects with6,753 apartments were licensed in the past quarter, equivalent to 42% of thesame period last year.

Mid-end apartments and land plots had the highest demand.

Sixteen land plot projects were completed in the second quarter with a total of7,324 plots, 78% higher than the first quarter. More than 200 projects wereunderway with 66,596 plots, and 10 new projects with more than 4,000 plots gotlicences in the quarter.

The inventories are mainly high-end apartments and houses, tourism property andespecially projects with poor infrastructure conditions.

To promote the healthy and sustainable development of the real estate market,the ministry said that it was necessary to speed up the drafting of the amendedLaw on Housing and Law on Real Estate Business to submit to the NationalAssembly for review.

Policies of investment, planning, construction, land, tax, credit, andauctioning real estate business must also be completed to removedifficulties and create favourable conditions for the development of thereal estate market./.
VNA
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