Hanoi (VNA) - Totalvalue of property inventory nationwide has reduced in the first 11 months ofthis year, according to the Ministry of Construction. Until November 21, total value stoodat 31.84 trillion VND (approximately 1.4 billion USD), 867 billion VND lowerthan the value in the period from the beginning of this year until October 20,and a reduction of 19 trillion VND compared to end-2015, the ministry said. It said property inventory wouldcontinue reducing but the fall would be slow, and the inventory would be mainlyland at projects located far from city centres without infrastructure. The ministry also said transactionson Hanoi’s real estate market in November increased by 3.9 percentmonth-on-month to 1,350 units. Meanwhile, HCM City had 1,330transactions on its municipal property market in November, a month-on-month increaseof 8.6 percent. Successful transactions were focused on mid- and high-gradeapartment projects or land in sub-urban regions. Selling prices in November slightlyincreased in the HCM City market but remained stable in Hanoi. However, someplaces in Hanoi saw increases of 10-15 percent in the selling price for land,including Dong Tru, Vinh Ngoc, Dong Hoi areas in Dong Anh District and An Khanh,An Thuong areas in Hoai Duc District, according to the ministry. The ministry said the structure ofproperty goods has been adjusted more reasonably. The nation had 63 projectsregistered to convert from commercial apartments to social apartments with atotal volume of 42,370 units.
Le Hoang Chau, chairman of HCM CityReal Estate Association (HoREA), said the domestic property market wouldcontinue to grow by the end of this year against the third quarter and pricesof property market would also have increase. ✅ The Vietnam Real Estate Associationalso agreed that the local property market would be hot by year-end.
According to the Savills Vietnam, inthe third quarter of 2016, the Residential Index was 93.5 in HCM City’s market,increasing 0.6 point quarter-on-quarter (QoQ) and 4.5 points year-on-year(YoY). There were approximately 7,500sales, increasing 7 percent QoQ and 43 percent YoY. The absorption rate was 19percent, increasing 2 percentage points QoQ and YoY. Low-grade apartment pricing wascloser to most Vietnamese purchasers’ affordability and hence captures a largerpool of end-users. Developers offering reasonably priced units typically targetareas with inexpensive and readily available land, and improved and plannedinfrastructure. In Hanoi’s market, the residentialindex was 105.8 in the third quarter, increasing 1 point quarter-on-quarter(QoQ) but decreasing 2.4 points year-on-year (YoY) with an average sellingprice of 27.6 million VND per sq.m. However, there were approximately 5,660sales, down 6 percent QoQ and 15 percent YoY. The primary absorption rate wasapproximately 33 percent, down 2 percentage points QoQ due to the Lunar JulyGhost month and 12 percentage points YoY, said Savills Vietnam. - VNA
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Illustrative image (Photo: VNA) 
