Third Quarter: Real Estate Transactions Declined

Vietnam Real Estate Association said in the third quarter, the total volume of housing products traded nationwide reached 17,873 transactions, down 19.5% compared with the second quarter 2017.

In particular, the number of successful transactions in the real estate market in Hanoi and Ho Chi Minh City accounted for 12,449 transactions. According to the proportion of segments, in the two largest real estate markets, this transaction is concentrated mainly in the segment of middle-class apartments with 45.2% of successful transactions, followed by low-cost apartments occupying 29,3% and luxury apartment segment accounting for 25.5% of the market.

According to the Vietnam Real Estate Association, the success rate of this transaction reflects the real estate demand in the third quarter of 2017 when data show that the real estate market in Hanoi the number of interest of customers in the mid-end apartments segment, accounted for 49%, low-priced apartments at 32% and high-end apartments at 19%. This figure in HCMC is 43% of customer interest for mid-end apartments, 34% for low-end apartments and 23% for high-end apartments.

Meanwhile, real estate products in the third quarter remained stable with 3,114 transactions, mainly in Nha Trang, Quang Ninh, Thanh Hoa and Quy Nhon.

Explaining the decline in real estate transactions compared with the second quarter of 2017, real estate experts said that the supply of housing products in the low price segment is very limited compared to real demand.

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Meanwhile, through inspection of the State management agencies, many projects are not qualified for sale or do not meet the conditions for fire prevention. Information on the draft VAT increase for real estate and taxes on ownership of the second apartment is also one of the reasons for the psychological impact of home buyers.

You can read more information at Vietnam Real Estate News

In the fourth quarter, the Vietnam Real Estate Association forecasts that the real estate market is stable and tends to increase both in volume and price. The mid-end segment is forecasted to continue to achieve the highest growth due to the abundant supply in the market. Apartment prices average growth of 2-3%.

Residential property in general and condotel in particular still attracted great attention of customers. It is known that the Ministry of Construction has an official document to submit to the Prime Minister to remove obstacles on the granting of ownership of this type of apartment has contributed to creating psychology and confidence for investors to develop this potential market.

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