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Real estate inventory falls 22%

Released at: 16:22, 17/01/2015

Real estate inventory falls 22%

MoC report paints a positive picture of the country's real estate sector in 2014.

by Nguyen Quynh

A recent report from the Ministry of Construction (MoC) showed that there were many positive signs in Vietnam's real estate sector in 2014, especially in property inventory and the disbursement of the government's VND30 trillion ($1.4 billion) housing credit support package.

Inventory was estimated at VND74 billion ($3.44 million) as at December 15, 2014, a fall of 21.8 per cent compared with the same day of 2013 and 42.52 per cent against early 2013.

Hanoi saw 11,450 successful transactions, double the figure of 2013. In Ho Chi Minh City there were 10,350 successful transactions, an increase of 30 per cent. The MoC figures also indicate that housing prices were more stable after two years of continual falls.

The market's structure also changed, with 60 projects converting from commercial housing to social housing, with 38,879 apartments, and 74 adapted to reduce their total area to meet market demand.

Regarding the disbursement process of the government's support package as at December 15, the total capital loaned by the five banks in the program stood at VND9.417 trillion ($451.8 million), with VND4.882 trillion ($237 million) disbursed. By the end of 2014 disbursement had doubled compared with earlier in the year, due to amendments to the government's Resolution No.61 on expanding those who can access loans and extending lending terms.

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