Vietnam's inventory of property covers 3,300 units

[Compass Real Estate Platform] By the conclusion of the first quarter of the year the inventory of Vietnam's apartment has been estimated at around 3,300 units, which drop 5,700 units, according to the Ministry of Building, over the same period previous year.

The Ministry noted that in the first quarter of 2021 absorption capacity was better than the period of 2020 and the last quarter.

While the provinces and cities with large urban areas such as Hanoi, Hai Phong, Ho Chi Minh City and Quang Ninh as well as localities with strong urbanisation rates – Nghe An, Hung Yen, Lam Dong and Ba Ria-Vung Tau – have still maintained the stable development of the property market, the absorption rate in localities such as Phu Tho, Vinh Phuc and Ha Tinh provinces has been low.

The absorption rate for residential property has gradually been improving, but the volume of transactions and the potential for absorption for tourism and resort real estate has been limited, according to research firms. For the resort property segment, the average transaction rate in the quarter was just about 30%.

The transaction rates for projects of complete legal standing, progress and transparency developed by some significant respectable investors.

In January-March, the Ministry stated that there were 25,386 successful property purchases using statistics from the Construction Departments of reported locations. Compared with the fourth quarter of previous year, the total transaction volume declined by around 86%. There were just 5571 successful transactions in Hanoi, with 3449 successful transactions in Ho Chi Minh City.

In the North, 11,011 successful transactions were carried out; in the central and southern areas 8,307 successful transactions were made. The successful transactions were generally predominantly in the affordable housing sector. Compared to the previous quarter, the number of high-end housing transactions fell.

In the first quarter of 2021, the government reported that the number of suitable residences for sale was rising. There are 47 projects in the North with 14 451 units, 21 projects in the Central Region with 5,788 apartments and 20 projects with 5,780 in the South. There were 10 projects in Hanoi alone in the city of Ho Chi Minh with 7062 flats and five projects with 3,449 flats.

For the January to March period, 2.041 apartments – or around 36 per cent compared to the fourth quarter of 2020 – and 250 condotels were the number of properties the ministry evaluated. Notably, no bureaux and resort villas were evaluated over the timeframe.

Author ៖ Samnang, Editor-in-Chief ៖ Sunnie, Editor-in-Chief / Producer ៖ Nicole

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