Real estate inventory had an estimated value of 56.28 trillion VND (2.55 billion USD) by the end of October, down 40.4 percent compared with December 2013, according to statistics from the Ministry of Construction.
The Sun Avenue project in HCM City
This estimated value shows a reduction of 3.1 trillion VND (140 million USD) against the previous month.
The ministry found that property inventory in the apartment segment was 9,562 units, worth 15 trillion VND (680 million USD), while that of low-rise houses was 7,883 units, worth 14.1 trillion VND (641 million USD).
Inventory for residential land was 7 million square metres, worth 22.5 trillion VND (about 1 billion USD), and commercial land was 1.6 million square metres, worth 4.5 trillion VND (204 million USD).
HCM City saw the highest property inventory of 11 trillion VND (500 million USD), with 516 low-rise houses worth 1.4 trillion VND (63 million USD) and over 264,000 square metres of residential land worth 1.2 trillion VND (54 million USD).
In October alone, the inventory in the city saw a 354 billion-VND (16 million USD) drop compared with the previous month.
Real estate inventory in Hanoi was about 7.3 trillion VND (331 million USD), a decline of dropped 247 billion VND (11.2 million USD) from the previous month, mainly in low-rise houses, with 2,272 units worth nearly 6.7 trillion (300 million USD).
According to the Vietnam Real Estate Association, housing demand in Hanoi and Ho Chi Minh City is still huge. Thus, there’s no need to worry about surplus supply.