Business

Real estate market warms up

The real estate market has seen positive changes in the first 11 months of 2014, with the number of successful transactions increasing considerably, the Vietnam Economic News cited the Ministry of Construction as saying.
The real estate market has seen positive changes in the first 11 monthsof 2014, with the number of successful transactions increasingconsiderably, the Vietnam Economic News cited the Ministry ofConstruction as saying.

Deputy Minister of Construction NguyenTran Nam assessed that the real estate market has begun to recover. Thenumber of transactions on the market increased continuously in 2013 and2014. There were almost 1,000 successful real estate transactions inHanoi in the first 11 months of 2014, a 200 percent increase on thenumber recorded in 2013, while 2013’s figure was 1.5 times higher thanthat in 2012. The number of successful real estate transactions in HoChi Minh City reached 8,850 units during in the first 11 months of thisyear, up 135 percent from 2013.

About 293 trillion VND ininvestment was poured into the real estate market in the first threequarters of 2014, up 12 percent from the same time in 2013, while thecountry’s credit growth was only six percent during the same period.

Thedeputy minister also attributed the real estate market’s recovery tothe securities market’s improvement. Experts have predicted that thereal estate market will finish 2014 in a better shape.

TranKim Chung from the Central Institute for Economic Management (CIEM) wasquoted as saying that house prices remained stable and had stoppeddecreasing. Housing prices ropped by more than 30 percent in 2011-2013but recently became stable and had stopped falling. Meanwhile, theprojects with good locations, which have been completed or will becompleted soon, increased by just 1-2 percent compared to 2013.

Dr.Hoang Kim Huyen from the National Financial Supervisory Commission saidthat investment in the real estate market has tended to increase again.

Dat Xanh Mien Bac Real Estate and Services Joint Stock Company(Dat Xanh Mien Bac) General Director Vu Cuong Quyet said that most ofinvestors have offered products with reasonable prices so few projectswere suffering losses.

CEN Group Deputy Chairman Pham Thanh Hung said that there will be no wave of projects experiencing losses as many believed.

DatXanh Mien Bac General Director Vu Cuong Quyet said that projects thatare being completed have the potential to increase prices but investorswho have entered the market for a short period of time will be carefulin increasing prices as demand remains lower than supply on the realestate market. Therefore, real estate prices are expected to remainstable.-VNA
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