Real estate transactions increased significantly in the last 6 months of the year

On December 22, the Ministry of Construction held a conference to review the work of 2023 and deploy tasks for 2024 of the construction industry.

According to the Ministry of Construction, in the first half of 2023, the real estate market continued to be in a state of sluggish transactions. However, drastic measures by the Government, the Prime Minister, the Ministry of Construction and localities to remove difficulties have brought results, obstacles have been gradually removed, and the market situation has changed in a positive direction.

In the last 6 months of the year, the number of searches for land and apartment transactions has recovered well and the supply from new projects and transactions has increased. However, the market still needs to continue strong measures to resolve the situation in the coming time.

In the last 6 months of the year, the number of searches for transactions in the land and apartment segments... has recovered well. (Illustration photo)

In terms of transaction prices, apartment prices have been continuously increasing due to the scarcity of apartment supply in recent years. However, prices of low-rise housing and some other real estate segments have decreased sharply by 10-20%.

In terms of total transaction volume, by the end of the third quarter, there were about 324,378 successful transactions, reaching about 41.29% compared to 2022. The decrease in transaction volume was mainly concentrated in the land segment, only 35.79% compared to 2022.

Transaction volume for apartments and individual houses decreased, only 63.07% compared to 2022.

Regarding real estate inventory, according to reported data from 53/63 localities, the real estate inventory in the third quarter was about 18,808 units, of which the inventory proportion was mainly in the individual housing real estate segment and land plots of projects.

Real estate supply continues to be limited in all segments until the end of the third quarter. Commercial housing completed 42 projects with about 15,966 units, reaching about 46.15% compared to 2022.

Social housing completed construction of 5 projects with a scale of 850 apartments. Resort tourism and office-accommodation projects completed 17 projects, equivalent to 56.67% compared to 2022.

Regarding real estate credit, according to the State Bank's report, outstanding real estate credit as of August 31, 2023 reached VND 986,477 billion.

The Ministry of Construction also said that by the end of August 2023, the total value of bond issuance was VND 132,358 billion, of which the real estate group accounted for VND 46,765 billion (accounting for 35.3%). Currently, the market has 455 listed bond codes, real estate enterprises account for 46% of the issuance value of VND 56.9 trillion.

In the first 9 months of 2023, FDI capital invested in the real estate sector is estimated at 1.94 billion USD, accounting for more than 9.6% of the total registered foreign direct investment capital in Vietnam, ranking 2nd among industry groups.

By 2024, the Ministry of Construction aims to achieve a growth rate of about 6.5 - 7%; the national urbanization rate is estimated at 43.7%; the rate of urban residents provided with clean water through the centralized water supply system is over 97%; the average housing area nationwide is over 26.5m2 of floor space/person.

Continue to focus on building and perfecting legal institutions, focusing on completing the Law on Urban Planning and Rural Planning and the Decrees guiding the Law on Housing and the Law on Real Estate Business.

Effectively implement Resolution No. 33/NQ-CP dated March 11, 2023 of the Government on a number of solutions to remove obstacles and promote the safe, healthy and sustainable development of the real estate market; National housing development strategy and investment project to build at least 1 million social housing apartments for low-income people and industrial park workers in the period of 2021 - 2030.

Chau Anh

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