Real estate inventory decreased by nearly 22%, while home prices rose slightly.

Overall in 2014, real estate inventory decreased by 21.8%; some projects in good locations saw house prices increase by about 1-2% compared to 2013.

According to the Ministry of Construction, the real estate market began showing signs of recovery in the last months of 2013. In 2014, the real estate market continued its positive recovery trend, evidenced by increased transaction volume; relatively stable prices; a continued decrease in real estate inventory; a shift in the structure of real estate products towards a more rational and suitable direction for market demand; and higher real estate credit growth than overall credit growth, with real estate remaining an attractive investment channel.

In 2014, the real estate market continued its positive recovery trend.

To specifically substantiate the above statements, the Ministry of Construction pointed out: Regarding transactions, throughout the year, Hanoi had approximately 11,450 successful transactions (more than double the number in 2013), and Ho Chi Minh City had approximately 10,350 successful transactions (an increase of about 30% compared to 2013).

Housing prices are generally stable. Many projects saw significant price reductions (over 30%) during the 2011-2013 period, but prices have stabilized and have not decreased further over the past 12 months. In Hanoi, some projects in good locations, already completed or nearing completion, have seen a slight increase in price (around 1-2%) compared to 2013.

Real estate inventory continued to decrease. As of December 15, 2014, the total value of real estate inventory was approximately VND 73,889 billion, a decrease of VND 20,569 billion (21.8%) compared to December 2013 and a decrease of VND 54,659 billion (42.52%) compared to the beginning of the reporting period in Q1/2013.

Regarding the structure of real estate products, the Ministry believes that it has been reasonably adjusted. To date, across the country, 60 projects have registered to convert from commercial housing to social housing with a construction scale of approximately 38,897 apartments; 74 projects have registered to adjust the apartment structure (reducing area) to better suit market demand.

With these results, in 2015, the Ministry of Construction will continue to implement comprehensive solutions to overcome difficulties in the real estate market, in conjunction with the implementation of the National Housing Development Strategy, especially social housing. It will continue to review, classify, and adjust the product structure of real estate projects; promote the increase in the supply of social housing and commercial housing with medium and small sizes and low selling prices; and actively support businesses and people in accessing the 30,000 billion VND social housing credit support package.

According to VOV