Real estate inventory drops as market deals taper off

The Department of Housing and Real Estate Management under the Ministry of Construction said that vibrant transactions in the real estate market have tapered off in property inventories in the month. 

The highest inventories were recorded in residential land with over 6 million square metres (sq.m) worth more than VND20.8 trillion (US$924.4 million), followed by town houses with 7,474 units valued at VND13.27 trillion (US$589.8 million). Unsold apartments were calculated at 7,520 units worth VND10.6 trillion (US$471 million) while that of commercial land was at over 1.5 million sq.m, equivalent to nearly VND4.4 trillion (US$195.5 million). 

Unsold properties in Ho Chi Minh City were valued at VND9.5 trillion  (US$242.2 million), a decline of VND621 billion from December 2015. Most of the inventories were seen in the apartment segment with 3,952 units (VND6.7 trillion), townhouses with 399 units (VND1.1 trillion) and residential land with 265,000 sq.m (VND1.2 trillion). 

Meanwhile, Hanoi saw a total inventory value of VND6.56 trillion (US$291.5 million), falling VND191 billion from the previous month, mainly in townhouse inventory with 2,129 units worth VND6.26 trillion. However, thanks to good liquidity, low inventory was reported in the apartment segment with 268 unsold units worth VND299 billion.