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Real estate market signs recovery by the rising of liquidity
According to Vietnam Real Estate Association (VNREA), the domestic real estate market has been on the path to recovery and promises. The increasing liquidity is considered a good sign of a vibrant market in the last quarter of this year.
VNREA’s statistics showed the rising liquidity and falling inventories thanks to large numbers of successful transactions done during September.
Reportedly, as of the end of September, real estate stockpiles fell to around VND59.4 trillion, declining by over half of the figure recorded in Q3 – 2013. In particular, real estate stockpile currently includes 8,542 houses (VND14.6 trillion), 11,380 apartments (VND17.4 trillion) and 7 million sqm of land (VND22 trillion).
The two major cities Ha Noi and Ho Chi Minh continued to lead the market. The capital city saw 5,300 successful deals in the 3 first quarters of this year, representing an increase of 70% year-on-year. Meanwhile, sales performance of the southern market also doubled the figure of the same period last year.
Another sign of market recovery is the increasing number of newly-established property firms, said VNREA. Accordingly, the number of newly-established realty start-ups saw a massive rise of 78% year-on-year, along with significant drop in the numbers of firms dissolved.
In addition, the anticipated rise in the inflow of foreign direct investment was also expected to boost the property market development.
VNREA also added, the supply of luxury apartments would rise in the remaining months of 2015, especially in major cities. The segment accounted for around one-third of the total supply of apartments offered for sale this year. Nearly 4,300 luxury apartments would be put on sale in Hanoi.
Regarding sales performance, high-end apartments made up 22% of the total, rising 18% over last year.
The association said there was slight increase in housing prices, driven by market recovery and rising need, especially from foreigners for premium apartments.
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