PROPERTY INVENTORY SEES SLUGGISH FALL

Vietnam’s real estate inventory had an estimated value of VND37.49 trillion  (US$1.68 billion) as of the end of June, down 26% or VND13.4 trillion (US$603 million) from the end of December 2015.

Real estate inventory in Hanoi is at about VND5.89 trillion (US$265 million), a decline of VND858 billion (US$38.61 million) from last December. This equates to a 13% reduction in units available; mainly in residential apartments, with only 171 units worth VND191 billion (US$8.6 million) left, and low storey-houses with 1,939 units, worth nearly VND5.7 trillion (US$256.3 million) unsold.

HCM City saw a higher property inventory of over VND6.8 trillion (US$306.6 million), yet with a better decline of nearly VND3.3 trillion (US$148 million), or 33% from last December.

The city recorded the highest inventory in residential apartments with 2,588 unsold units, worth over VND4.4 trillion (US$198.3 million), followed by 264,629 square metres of residential land, approximately VND1.2 trillion  (US$54 million); 275 units of low-rise houses, worth VND770 billion (US$34.65 million); and 34,318 square metres of commercial land worth VND437 billion (US$19.6 million).

The property market has seen a stable growth in the first half this year, in various sections from low-price to high-end and tourism resorts.

A slight increase in price and demand has been seen in medium-sized apartments in favourably located projects with well developed infrastructure facilities, according to the Agency.

Source: VIR