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Property inventory falls to 3,300 apartments in Q1

The country’s apartment inventory was estimated at some 3,300 units by the end of the first quarter of the year, falling 5,700 units compared to the same period last year, according to the Ministry of Construction (MoC).
Property inventory falls to 3,300 apartments in Q1 ảnh 1The absorption capacity of the real estate market in the first quarter of 2021 was better than the same period in 2020. (Photo: thoibaotaichinh.vn)

Hanoi (VNS/VNA) - The country’s apartment inventory was estimated atsome 3,300 units by the end of the first quarter of the year, falling 5,700units compared to the same period last year, according to the Ministry ofConstruction (MoC).

This shows that theabsorption capacity of the real estate market in the first quarter of 2021 wasbetter than the same period in 2020 and the previous quarter, the ministryadded.

While the provincesand cities with large urban areas such as Hanoi, Hai Phong, Ho Chi Minh Cityand Quang Ninh as well as localities with strong urbanisation rates (Nghe An, HungYen, Lam Dong and Ba Ria-Vung Tau) have still maintained the stable developmentof the property market, the absorption rate in localities such as Phu Tho, VinhPhuc and Ha Tinh provinces has been low.

According to marketresearch firms, while the absorption rate of residential real estate hasgradually been improving, the transaction volume and absorption capacity fortourist and resort real estate has been limited. The average transaction ratein the quarter was only about 30 percent for the resort property segment.

Projects which havefull legal status, ensuring progress and transparent information developed bysome large reputable investors have higher transaction rates.

The MoC said in thethree month period, according to data from the Department of Construction ofthe localities that have reported, there were 25,386 successful real estatetransactions. The total transaction volume decreased by about 86 percentcompared to the fourth quarter of 2020. In Hanoi alone, there were 5,571successful transactions while in HCM City there were 3,449.

There were 11,011successful transactions in the North; 8,307 in in the Central region and 6,068in the South. In general, the successful transactions were mainly in theaffordable housing segment. The number of high-end residential real estatetransactions decreased compared to the previous quarter.

The ministry said thenumber of apartments eligible for sale in the first quarter of 2021 increased.In the North, there are 47 projects with 14,451 apartments, the Central region21 projects with 5,788 apartments and the South 20 projects with 5,780apartments. In Hanoi alone, there were 10 projects with 7,062 apartments andHCM City five projects with 3,449 apartments.

In the January-Marchperiod, the number of properties assessed by the ministry was 2,041 apartments(equivalent to about 36 percent compared to the fourth quarter of 2020); and250 condotels. Notably, there were no officetels and resort villas assessed inthe period./.
VNA
#apartment inventory #Ministry of Construction #absorption capacity #real estate market #strong urbanisation rates #residential real estate #resort real estate #Vietnam News Agency #Vietnamplus

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