Vietnam sees property inventory down in 11 months

Total value of Vietnam's property inventory has reduced in the first 11 months of 2016, according to the Ministry of Construction (MoC) on Monday.

As of Nov. 21, 2016, total value of the country's real estate inventory stood at 31.84 trillion Vietnamese dong (approximately 1.43 billion U.S. dollars), down 148 percent compared to the end of 2015, Vietnam's state-run news agency VNA quoted the MoC as saying.

The ministry said property inventory would continue reducing but the fall would speed down. The inventory would mainly remain at projects located far from city centers without infrastructure.

Specifically, in Vietnam's capital Hanoi, transactions in the real estate market in November alone increased by 3.9 percent compared to the previous month to 1,350 units.

Meanwhile, in the country's southern economic hub of Ho Chi Minh City, as many as 1,330 transactions were carried out last month, a month-on-month increase of 8.6 percent. Successful transactions were focused on mid and high-graded apartment projects or land in sub-urban regions.

In November, selling prices slightly increased in the Ho Chi Minh City market but remained stable in Hanoi, according to the MoC.

source: Xinhua