Real estate inventory drops as market deals taper off
The real estate sector reported a reduction of 1.75 trillion VND (77.8 million USD) in inventory in January from last month to an estimated value of 49.1 trillion VND (2.2 billion USD).
Hanoi (VNA) - The real estate sector reported a reduction of 1.75 trillion VND (77.8 million USD) in inventory in January from last month to an estimated value of 49.1 t✅rillion VND (2.2 billion USD).
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 20.8 trillion VND (924.4 million USD), followed by town houses with 7,474 units valued at 13.27 trillion VND (589.8 million USD). Unsold apartments were calculated at 7,520 units worth 10.6 trillion VND (471 million USD) while that of commercial land was at over 1.5 million sq.m, equivalent to nearly 4.4 trillion VND (195.5 million USD).
Unsold properties in HCM City were valued at 9.5 trillion VND (242.2 million USD), a decline of 621 billion VND from December 2015. Most of the inventories were seen in the apartment segment with 3,952 units (6.7 trillion VND), townhouses with 399 units (1.1 trillion VND) and residential land with 265,000 sq.m (1.2 trillion VND).
Meanwhile, Hanoi saw a total inventory value of 6.56 trillion VND (291.5 million USD), falling 191 billion VND from the previous month, mainly in townhouse inventory with 2,129 units worth 6.26 trillion VND. However, thanks to good liquidity, low inventory was reported in the apartment segment with 268 unsold units worth 299 billion VND.-VNA
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