VietNamNet Bridge – Statistics of the Ministry of Construction showed the value of real estate inventories had fallen to around VND44.85 trillion by the end of quarter one from roughly VND50.89 trillion (US$2.28 million) late last year.

Residential land accounted for the largest proportion of real estate inventories, making up over VND18.92 trillion or 5.4 million square meters.

Houses came second with 6,560 unsold units worth a total of VND12.21 trillion, followed by apartments with over 6,630 units worth VND9.4 trillion. Land for commercial purposes totaled over 1.48 million square meters worth VND4.3 trillion.

The Vietnam Real Estate Association said its members are pinning high hopes that their sales would grow strongly this year. All property firms participating in a recent survey of the association expected higher revenues this year than in 2015 and 83% of respondents hoped sharp sales growth.

According to property service provider Savills Vietnam, 16,270 apartments were offered for sale in Hanoi in the January-March period, up 26% year-on-year. Of the total, 5,600 units found buyers, equal to the number sold in quarter one of last year.

In HCMC, property companies put up for sale 37,400 apartments in the first three months, soaring over 82% year-on-year. They sold 6,300 units of the total, up nearly 50% from last year’s first quarter and accounting for 17% of the supply.

The association said Vietnam’s real estate market was stable in the first quarter. Prices of budget apartments rose by 1-5% compared to the end of last year while those of detached houses and villas showed almost no change.    

SGT