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Unsold real estate value drops 10 percent from late 2016

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.
Unsold real estate value drops 10 percent from late 2016 ảnh 1Unsold 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 trillionVND (1.23 billion USD) as of late May, down 10 percent from the end of 2016.

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

Unsold land for housing accounted for more than3.37 million square metres worth 13.2 trillion VND (581.33 million USD), thebiggest proportion of total unsold property value.

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

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

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