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Property inventory drops 60% in two years

A recent report released by Ministry of Construction (MoC) reveals an improving property market during 2015.

According to the MoC’s report, Vietnam property sector showed positive recovery with improved performance last year. Notably, the disbursement of the Government’s VND30 trillion ($1.4 billion) housing credit support package and property inventory are considered highlights of the market.

The data of MoC reveals, as of December 20, 2015, total property inventory was estimated at around VND50.9 trillion ($2.29 billion), down 42.3% year-on-year and 60.4% compared to the same period of 2013.

Price stability and increasing liquidity are considered evidence of the positive recovery of the domestic real estate market. 

During the year, the transaction volume increase significantly, primarily in the small- and medium-sized apartment segment and some medium- and high-class projects.

Hanoi market recorded 19,350 successful transactions, up1.7 times over 2014 while the figure in Ho Chi Minh City hit 18,700 ones, up 1.8 times.

Besides, the market structure also changed. During 2015, there were 42,000 apartments (from 63 projects) converted from commercial housing to social housing.

The report also announced that at the end of the year, total capital lent under the Government’s housing credit support package stood at VND27 trillion ($1.21 billion) with VND17.7 trillion ($796.5 million) completely disbursed.

In addition, capital lent to home buyers was VND19.2 trillion ($864 million) while VND7.7 trillion ($346.5 million) went to businesses.

(Vietnam Economic Times)

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