Property inventory sees sluggish fall
Real estate inventory continues to fall but the pace is slowing down, mostly in suburban projects with poor infrastructure facilities, according to the Agency for Management of Housing and Real Estate Market under the Ministry of Construction.
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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.
