Ghost month hampers real estate sales
The property market tends to stagnate in August, a normal thing for this time of the year as August coincides with the seventh lunar month, traditionally called the Ghost Month.
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Meanwhile, some people have taken advantage of this time to make deals at better prices as property sellers also want their business affairs to remain smooth during the Ghost Month, according to real estate agents.
As a result, the unsold property inventory has shrunk though the pace of reduction has slowed down.
Total unsold real estate is valued at nearly VND36 trillion (US$1.6 billion) nationwide, down over VND14.9 trillion (or 29.3%) from the end of 2015 and VND1.5 trillion from Q2 this year.
Notably, up to VND16 trillion of the inventory is housing land at nearly 4.4 million square metres. It is followed by low-rise houses (4,951 units worth some VND9.9 trillion), and condominium apartments (4,883 units – nearly VND6.9 trillion).
More than 1 million square metres of land for commercial purposes worth VND3.25 trillion remain unsold.
Ho Chi Minh City posts the largest unsold property value in Vietnam at present, about VND6.6 trillion – a decline of over VND3.5 trillion (or 35%) from 2015 and VND216 billion against the end of Q2.
The value of unsold real estate in Hanoi is around VND5.8 trillion, down VND923 billion (or nearly 14%) from 2015 and VND64 billion from Q2.
