Construction Ministry releases Vietnam's first quarterly real estate market report
The Ministry of Construction (MoC) has released its first quarterly report on the domestic real estate market.
|An apartment block in Hanoi. The MoC has released its first quarterly property market report. — VNA/VNS Photo Danh Lam|
Nguyen Manh Khoi, deputy director of the ministry’s Housing and Real Estate Market Development Department, said the MoC wanted to disclose information to investors, customers and managers, but the process of collecting and collating the information from provinces and cities had been slow.
From now on, the MoC planned to release quarterly reports to ensure transparency for the domestic property market.
According to this report compiled using information from construction departments in 22 provinces and cities nationwide, in the third quarter of this year, there were 167 housing development projects with 134,668 apartments that had been licensed and were under construction.
There were also 10 projects with 3,184 tourist apartments and 720 villas.
Meanwhile, the number of houses completed in the quarter reached 22,004.
Under the reports from 15 out of the 22 provinces and cities, the market had witnessed 48,260 successful real estate transactions, including apartments, houses, land, offices for rent, condotels, resorts/villas and officetels in the third quarter.
Hanoi, HCM City and other localities with developed real estate markets such as Khanh Hoa, Quang Nam, Da Nang, Quang Ninh and Kien Giang, recorded growth of 28,674 successful real estate transactions, up 58.3 per cent compared to the second quarter. Of which, there were 2,515 successful transactions of tourist apartments and villas, an increase of 79.9 per cent quarter-on-quarter.
The ministry said in the third quarter, real estate prices in Hanoi and HCM City had fluctuated. The average apartment price rose by 0.21 per cent quarter-on-quarter in Hanoi and 0.77 per cent in HCM City. - VNS
Vietnam's real estate market continues to attract foreign investors because of its growth potential, especially Korean investors, according to real estate consulting companies.
The merger and acquisition market has witnessed the real estate segment in a strong leading position; however, there remains many pitfalls which partners must be careful of whenever they enter into a property deal.