Real estate market in July: Successful transactions increased, inventory decreased compared to before

On July 31, the Department of Housing and Real Estate Market Management (Ministry of Construction) just announced a report on the real estate market in July 2015, stating that the real estate market continued to grow positively, successful transactions increased, prices increased slightly, and inventory continued to decrease.

The report said that, following the growth momentum of the first 6 months of 2015, the real estate market in July continued to grow positively, especially in Hanoi and Ho Chi Minh City. Accordingly, in July, the Hanoi real estate market had about 1,800 successful transactions (an increase of about 3% compared to the previous month); in the first 7 months of the year, there were about 11,050 successful transactions (nearly 2 times higher than the same period in 2014).

Real estate prices in newly developed projects with good locations, projects that are about to be completed or in completed housing projects increased by 4-6% compared to the original price. In addition, the price of townhouses and villas in some areas increased slightly, the increase mainly occurred in the secondary market.

Quang Trung Street - Vinh City concentrates many high-rise real estate projects. Photo CL

In Ho Chi Minh City, in July there were about 1,750 successful transactions (an increase of about 3% compared to the previous month); in the first 7 months of the year, there were about 10,500 successful transactions (an increase of nearly 2 times compared to the same period in 2014).

Housing prices in Ho Chi Minh City also increased slightly in the small-area apartment segment and land plots in areas with good infrastructure. Land plots, villas, and townhouses with convenient locations are being purchased by many customers.

The increase in successful transactions has contributed to reducing real estate inventory. As of the end of July, the total value of real estate inventory nationwide was about VND63,744 billion (a decrease of VND1,529 billion compared to June 20, 2015).

Of which, the inventory of apartments is 11,984 units (equivalent to VND 18,368 billion); the inventory of low-rise houses is 8,790 units (equivalent to VND 15,298 billion); the inventory of residential land is about more than 7.8 million m2 (equivalent to about VND 25,533 billion); the inventory of commercial land is more than 1.6 million m2 (equivalent to about VND 4,545 billion).

In Hanoi alone, the value of real estate inventory is about 8,111 billion VND (a decrease of 312 billion VND compared to June 20, 2015); in Ho Chi Minh City, the value of inventory is about 11,996 billion VND (a decrease of 584 billion VND compared to June 20, 2015).

(According to Banking Times)