Realty inventories down by VND50 trillion
Realty inventories down by VND50 trillion
Real estate inventories fell 39%, or VND50 trillion, to VND77.8 trillion compared to last year’s first quarter, according to the Ministry of Construction.
Hanoi and HCMC saw nearly 10,000 and 8,850 successful transactions over the past 11 months, up 200% and 35% year-on-year respectively.
Liquidity of the realty market has also improved. Projects in the segment of medium-d apartments of 60-70 square meters priced at around VND1 billion each and budget housing projects are still attractive to buyers.
Statistics of the construction ministry show there are 74 projects seeking to split their 44,881 apartments into smaller ones nationwide. Nearly 60 others are being converted from commercial into budget projects with over 38,000 units.
Cash flow into the real estate market is on the rise, which is evident in a 12% increase in outstanding property loans in this year’s third quarter while the banking sector’s credit growth was only 6%. Realty credit totaled VND293 trillion in the period.
As covered by the Daily, a number of enterprises said the property market is showing signs of recovery this year. However, realty inventories remain unclear because of different calculations between enterprises and authorities.
