Real estate inventory continues to fall in May

16:40 | 01/06/2015 Economy- Society

Vietnam’s real estate inventory was estimated at 67.4 trillion VND (3.13 billion USD) by the end of May this year, according to statistics recently announced by the Ministry of Construction (MoC).

Real estate inventory continues to fall in May

Apartment blocks under construction in Me Tri Thuong urban area in Hanoi (Photo: VNA)

This estimated value showed a reduction of over 1.3 trillion VND (62.2 million USD) compared to April and a fall of 47.5 per cent compared with the first quarter of 2013.

Statistics indicated that property inventory in the apartment segment was at 12,908 units, worth 19.79 trillion VND (920 million USD), while that of houses was 9,066 units, worth 16.13 trillion VND (750 million USD).

The inventory of residential land was 8.4 million square metres, worth 26.97 trillion (1.25 billion USD), and commercial land - at 1.6 million square metres, worth 4.5 trillion VND (209 million USD).

In the first four months of 2015, there were 5,850 successful transactions, an increase of two fold and a half compared to the same period of 2014.

Source VNA

Outstanding real estate loans in the first quarter were valued at 333.7 trillion VND (15.4 billion USD), up 2 percent compared to the same period last year.

The MoC figures also indicated that housing prices were more stable compared to two years ago.

In the first quarter of this year, the price of nearly-completed projects increased slightly, about 5-10 percent compared to the same period last year, particularly those at convenient locations with complete technical and social infrastructure.

The market's structure also changed, with 60 projects converting from commercial housing to social housing, with 38,897 apartments, and 74 others asking to reduce the size of apartments to meet market demand.

Theo ven.vn