Real estate inventories see decline: ministry

Inventories in the real estate market have been on the decrease thanks to increasing liquidity, according to the Ministry of Construction (MoC).

Real estate inventories see decline: ministry hinh anh 1

The number of resort projects licensed in the central region surges with 37 new projects, six times higher than the previous quarter despite the decrease nationwide. (Photo kinhtechungkhoan.vn)

The ministry recently announced a report on the country’s housing and property market in the third quarter of the year.

Statistics from the ministry showed the total estate inventories of listed property firms in Hanoi and Ho Chi Minh City by the end of 2019 were estimated at 18.8 trillion VND (809.9 million USD). The inventories have been mainly in the high-end segment, condotel, resettlement houses and projects located far from the city centre and in areas lacking synchronous infrastructure.

The MoC added that figures from 56 out of 63 cities and provinces showed there were 36,884 successful transactions in the real estate market in the third quarter of the year.

Hanoi and HCM City posted 2,966 and 6,722 transactions respectively in the third quarter, up 119 percent and 70.6 percent from the previous quarter.

The successful property transactions were mainly in the mid-end segment while the number of high-end estate transactions fell from the previous quarter.

The ministry said the increasing number of property transactions in the third quarter was because property developers have quickly adapted to the new context while closely following the Government’s support policies after social distancing.

In addition, tourism and resort areas have resumed operations and used promotional programmes to attract local tourists.

 

The ministry’s report also revealed the number of licensed tourism and resort estate projects in July-September sharply decreased by 46.7 percent from the previous quarter.

However, the number of such projects licensed in the central region surged with 37 new projects, six times higher than the previous quarter.

In the third quarter, the country had 49 resort projects with 3,772 condotels, 3,505 tourism villas and 48 officetel apartments.

Notably, no resort projects in the south were licensed in the third quarter.

The central region continued to be the bright spot in the market segment despite the COVID-19 pandemic.

There were 44 new projects in the region with 3,440 condotels and 3,484 tourism villas while 91 other projects were under construction with 18,652 condotels and 6,065 tourism villas.

The northern region saw stability without big changes as the number of resort projects slightly reduced from the previous quarter.
There were five projects with 332 condotels, 46 officetels and 21 tourism villas licensed in the third quarter, down one project from the previous quarter.

The tourism sector saw recovery signs at the end of the second quarter and the beginning of the third quarter this year as the Government launched the tourism stimulus package, making the number of local tourists surge./.VNA

 
 

Other News

.
Investors interested in LNG projects in Van Phong EZ
Investors interested in LNG projects in Van Phong EZ
BUSINESSicon  26/11/2020 

Many foreign and domestic companies are keen on building multibillion-dollar liquefied natural gas power and storage plants in the central province of Khanh Hoa.

Tens of thousands of hotel, bank workers at risk of losing jobs
Tens of thousands of hotel, bank workers at risk of losing jobs
FEATUREicon  26/11/2020 

The rapid development of technology is a threat to workers, as robots can now replace many hotel and bank officers.

E-commerce M&A activities ready to take centre stage
E-commerce M&A activities ready to take centre stage
BUSINESSicon  25/11/2020 

As brick and mortar shopping falls in popularity during the pandemic, online shopping platforms took have increased presence among Vietnamese consumers. 

Reasons that make Vietnam's real estate market appealing
Reasons that make Vietnam's real estate market appealing
BUSINESSicon  26/11/2020 

Economic and political reasons are major factors that make Vietnam a bright market.

Realty stocks are attractive: experts
Realty stocks are attractive: experts
BUSINESSicon  25/11/2020 

Though difficulties caused by COVID-19 were reflected in the business results of listed realty firms, experts are still optimistic about the market. ​

To take full advantage of free trade agreements
To take full advantage of free trade agreements
BUSINESSicon  26/11/2020 

To maximize the advantage of export opportunities from free trade agreements (FTAs), enterprises cannot but take into account the criteria for sustainable development.

Banks to deduct tax payments from clients’ accounts
Banks to deduct tax payments from clients’ accounts
BUSINESSicon  25/11/2020 

Banks will be able to deduct the tax payments of suppliers based in foreign countries—that conduct e-commerce or digital transactions with organizations and individuals in Vietnam—from their bank accounts,

Vietnamese farmers sell farm produce via smartphones
Vietnamese farmers sell farm produce via smartphones
FEATUREicon  25/11/2020 

An eel farm of an older man brings turnover of nearly VND10 billion a year, and 99 percent orders are online. Another farmer sold 26 tons of rambutan by contract after putting goods on online sale.

Aviation industry awaits new bigger bailout
Aviation industry awaits new bigger bailout
FEATUREicon  25/11/2020 

Private airlines including Vietjet Air and Bamboo Airways struggling to survive are looking forward for a new support package to maintain their operations.

Black Friday: World under Covid-19 bans, but Vietnamese excited
Black Friday: World under Covid-19 bans, but Vietnamese excited
BUSINESSicon  24/11/2020 

Around the world, Black Friday this year may be very dim because of Covid-19 pandemic. But in Vietnam, people are enjoying the safety of a "new normal", squeezing together to buy discounted goods at shopping malls.

Tax duties closing in for digital services
Tax duties closing in for digital services
BUSINESSicon  26/11/2020 

Vietnam’s ability to charge taxes from cross-border platforms may soon improve thanks to the Organisation for Economic Co-operation and Development’s new tax rules, focusing on expanding the country’s taxing rights  under international laws.

Vietnamese industrial market update – Rise of coastal industrial zones
Vietnamese industrial market update – Rise of coastal industrial zones
BUSINESSicon  24/11/2020 

The demand for industrial property at coastal regions is high, but the supply of industrial land ready to hand over in industrial zones in both regions was scarce.

Improved business environment is the key to FDI not tax and land incentives
Improved business environment is the key to FDI not tax and land incentives
BUSINESSicon  25/11/2020 

ASEAN countries need to choose between recovery based on wasteful competition for investment or coordination, cooperation, and joint hands to generate sustainable tax revenue to spend on health, education,

FDI possible in digital cross-border services
FDI possible in digital cross-border services
BUSINESSicon  24/11/2020 

With regional nations racing to lower their taxes in order to woo more investment, which may dent their coffers, creating feasible policies for collecting taxes is expected to help reach their goals of attracting more high-quality funding.

RCEP will not worsen trade deficit: ministry
RCEP will not worsen trade deficit: ministry
BUSINESSicon  24/11/2020 

The Regional Comprehensive Economic Partnership (RCEP) would not worsen the trade deficit Vietnam was running with signatory markets, according to the Ministry of Industry and Trade.

HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
BUSINESSicon  24/11/2020 

HCM City authorities plan to offer competitive land rents and other incentives at industrial parks (IPs) and export processing zones (EPZs), and earmark more lands for building infrastructure to attract investment.

HCM City seeks ideas for underground space planning through international competitions
HCM City seeks ideas for underground space planning through international competitions
BUSINESSicon  24/11/2020 

The HCM City Department of Planning and Architecture has reported to the city People’s Committee on underground space planning and underground space management regulations.

RCEP will not make the trade deficit with China worse: MOIT
RCEP will not make the trade deficit with China worse: MOIT
FEATUREicon  24/11/2020 

Worries have been raised that RCEP will lead to a higher trade deficit with partners, especially China. But the Ministry of Industry and Trade (MOIT) doesn’t think so.

Lofty goals achievable through stable regulations
Lofty goals achievable through stable regulations
BUSINESSicon  25/11/2020 

The Ministry of Planning and Investment aims to have 15 Vietnamese private companies with market capitalisation of over $1 billion each by 2025, with that target increasing to 20 by 2030.

Preliminary decision on tyre exports flusters the market
Preliminary decision on tyre exports flusters the market
BUSINESSicon  24/11/2020 

The global demand for rubber and tyre products has been consistently increasing throughout the last decade, with Vietnam being one of the top suppliers of these items.

 
 
 
Leave your comment on an article

OR QUICK LOGIN