Real estate inventory value now approximates VND26 trillion (US$1.14 billion), reducing 16 percent compared to December last year, reported the Ministry of Construction this morning.

A new apartment block in HCMC

At the first real estate forum in Hanoi, the ministry said that most of the inventory are villa and townhouse projects in areas with asynchronously infrastructure.

The event was attended by Minister of Construction Tran Hong Ha and representatives from 1,000 property companies, agencies and localities.

The Ministry of Construction estimated that the property market continues growing stably in both prices and transaction volume this year. Most of successful transactions are contracts buying houses directly from investors. Projects with high transaction volume and price hike locate in center areas and positions with synchronous infrastructure.

Mr. Nguyen Trong Ninh, head of Housing and Real Estate Market Management Agency, said that one of notable things in the real estate market this year was in HCMC.

Housing land prices increased by 10-20 percent compared to 2016 in outskirt districts such as 2, 9, Binh Chanh, Hoc Mon, Cu Chi and Can Gio. The prices surged as high as 30-40 percent and even 70 percent in places.

That was caused by strongly developing traffic infrastructure and many large investment projects about to be invested. Speculators and brokers had taken advantage of these information to blow prices up.

Afterwards the ministry required HCMC Construction Department to propose city authorities to publicize planning information about traffic, property and infrastructure projects and their progress, inspect real estate trading and rectify the illegal separation of large land pierces into smaller plots for sale.

Therefore, land prices in these areas have reduced fever.

The Ministry of Construction forecast no large fluctuations in the housing market in the upcoming time. Projects serving tourism will continue strongly developing.

SGGP