Real estate inventories see decline: ministry

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. (Source: VNA)

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.

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