Real estate inventories taper off over 16%
Real estate inventories nationwide saw a reduction of over 16 percent as of November 20, from the same time last year, to an estimated value of over VND26 trillion (US$1.14 billion).
Highest inventories were recorded in residential land. They were estimated at more than 3.1 million square metres and valued at VND12.4 trillion (US$544.8 million).
This was followed by town house with 3,129 units worth over VND7 trillion (US$307.5 million). Unsold apartments stood at 2,924 units, equivalent to about VND4.2 trillion (US$184.7 million) while that of commercial land was at 604,151 square metres valued at nearly VND2.4 trillion (VND105.5 million).
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| Real estate inventories nationwide saw a reduction of over 16 percent as of November 20. |
Unsold properties in Ho Chi Minh City were VND4.78 trillion (US$210.1 million) while Hanoi saw a total inventory value of VND5.3 trillion (US$232.9 million).
The Ministry of Construction forecast that housing price is stable in the short term and the tourism property market will experience robust development in the coming time.
Apartment prices in Hanoi declined 0.5% from the previous quarter and individual housing segment increased 0.13%.
In stark contrast, apartment prices in the southern hub went up 0.8%, however, luxury units dropped 0.5% in their prices. Individual housing segment escalated 1.65% from Quarter 3.
