In the report summarizing the work in 2023 and the direction and tasks in 2024 of the construction industry, the Ministry of Construction said that in the first half of 2023, the real estate market continued to be in a state of quiet transactions.
However, according to the assessment of some market research organizations and some localities, in the last 6 months of the year, the real estate market has shown more positive signs than in the first half of this year.
The number of searches for land and apartment transactions has recovered well, and the supply from new projects and transactions is increasing. However, the market still needs to closely monitor developments and continue to take strong measures in the coming time.
Real estate supply continued to be limited in all segments until the end of the third quarter. Specifically, 42 commercial housing projects were completed with about 15,966 units, reaching about 46.15% compared to 2022. 5 social housing projects with a scale of 850 apartments were completed. 17 resort tourism and office-accommodation projects were completed, equal to 56.67% compared to 2022.
In terms of price, apartment prices have been continuously increasing due to the scarcity of apartment supply in recent years. However, the price of low-rise housing and some other real estate segments has decreased sharply by 10-20% depending on the location of each area.
Regarding the total transaction volume, the Ministry of Construction reported that 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. The transaction volume for apartments and individual houses decreased, only 63.07% compared to 2022.
Land and many other types of real estate have decreased sharply by 10-20% this year (Illustration: Ha Phong).
Real estate inventory in the third quarter was about 18,808 units, mainly individual houses and land plots of projects. The specific inventory is 3,196 apartments; 6,554 individual houses; and 7,190 land plots.
For industrial real estate, in the third quarter, the market was supplemented with new supply from a number of newly started and launched projects such as VSIP II with a scale of 500 hectares in Nghe An; VSIP Can Tho with a scale of 900 hectares; VSIP Bac Ninh II with a scale of 282 hectares, Gia Binh II Industrial Park with a scale of 250 hectares in Bac Ninh; Long Thanh High-Tech Industrial Park with a scale of 410 hectares in Dong Nai...
Industrial park occupancy rates in key markets in the North and South are above 90% for both industrial land, factories and ready-built warehouses.
Regarding existing limitations, the Ministry of Construction emphasized that the real estate market continues to be sluggish, with many potential difficulties, challenges, and problems, especially regarding legal procedures.
In addition, the market lacks supply in all segments, the structure of real estate products is not suitable, especially the serious lack of social housing and low-cost commercial housing. The high price of real estate, especially apartments, is causing difficulties for buyers with real housing needs.
The number of transactions and liquidity have changed but slowly. The renovation of old, dangerous and degraded apartments has received attention but there are still many problems and the progress is slow compared to practical requirements.
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