Real estate inventories taper off over 16%

Real estate inventories nationwide saw a reduction of over 16 per cent as of November 20, from the same time last year.

Customers visit model of a real estate project in HCM City. - VNA/VNS Photo

This has dropped to an estimated value of over VND26 trillion (US$1.14 billion).The highest inventories were recorded in residential land. They were estimated at more than 3.1 million square metres and valued at VNĐ12.4 trillion.

This was followed by town houses, with 3,129 units worth over VND7 trillion. Unsold apartments stood at 2,924 units, equivalent to some VND4.2 trillion, while commercial land was at 604,151 square metres, valued at nearly VND2.4 trillion.

Unsold properties in HCM City were at VND4.78 trillion, while Hà Nội saw a total inventory value of VND5.3 trillion.

The Ministry of Construction forecast that housing prices will remain stable in the short term and that the tourism property market will experience robust development in the time to come.

Apartment prices in Ha Noi declined 0.5 per cent from the previous quarter and individual housing segments increased 0.13 per cent.

In stark contrast, apartment prices in the southern hub went up 0.8 per cent; however, luxury units dropped 0.5 per cent in price. Individual housing segments escalated 1.65 per cent from the third quarter.

Source VNA