Real estate market sees slow decline in inventories
The real estate sector reported a reduction of 1.45 trillion VND (63.6 million USD) in inventory in February from December, 2016 to an estimated 29.6 trillion VND (1.3 billion USD).
Illustrative photo (Photo: VNA)Hanoi (VNA) – The real estate sector reported a reduction of 1.45 trillion VND (63.6 million USD) in inventory in February from December, 2016 to an estimated 29.6 trillion VND (1.3 billion USD), according to the Department of Housing and Real Estate Management under the Ministry of Construction.
Most of the inventory is residential land for projects located far from cities with insufficient infrastructure. This land totalled more than 3.5 million square metres, worth some 13.6 trillion VND (596.5 million USD).
This was followed by town houses with 3,726 units worth 8.1 trillion VND (355.3 million USD). Unsold apartments stood at 3,613 units, equivalent to 5.2 trillion VND (228 million USD). Inventory in commercial land was nearly 697,000 square metres valued at 2.6 trillion VND (114 million USD).
Unsold properties in Hanoi were estimated at 5.538 trillion VND (242.89 million USD) while Ho Chi Minh City saw total inventory value of 5.518 trillion VND (242.02 million USD).
To ensure transparency in the market, the two cities have announced property projects qualified to sell property. From September, 2015 to February, 2017, some 54,512 apartments were available in Hanoi while 32,420 units were eligible in Ho Chi Minh City.
The Department also said that transaction prices were stable in the two cities thanks to abundant supply.-VNA
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