Ministry of Construction says property market steady

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Saturday, April 27, 2024 9:29:23 PM - Markets open

VN-INDEX

1,209.52

+4.55/+0.38%

HNX-INDEX

226.82

-0.75/-0.33%

UPCOM-INDEX

88.76

+0.43/+0.49%

Ministry of Construction says property market steady

vietnamplus.vn - 10/5/2016 2:17:20 PM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

There is an abundant supply of housing, prices are steady, lending to developers and home buyers is increasing, and bad debts are low, according to a quarterly report issued by the Ministry of Construction in September.

The supply of apartments in Hanoi and HCM City is high, with many major projects in the pipeline.

In Hanoi, they are mostly in the medium-priced and luxury segments, and include projects like Thanh Xuan Complex and Legend in Thanh Xuan District, Centre Home in Hai Ba Trung District, and Hanoi Aqua Central Complex in Ba Dinh District.

There are no new projects in the low-priced segment.

In September developers did not cut prices but offered promotions to attract customers.

In HCM City, individual developers are partnering for large projects.

An Gia Real Estate Development and Investment JSC and Phat Dat Real Estate Development JSC have joined hands with Japanese Creed Group Investment Fund to develop the 500 million USD River City in District 7.

The project will have 8,000 apartments.

Nam Long Investment JSC has tied up with two Japanese investors to develop Fuji Residence in District 9 with 87 villas and 800 apartments.

Property prices are steady.

The ministry’s report said the resort segment is seeing plenty of activity. In Da Nang, luxury resorts and tourism-linked real estate projects are attracting lots of interest from large players like VinGroup, SunGroup, HB Group, Novaland.

In Nha Trang, a series of new resorts like Vinpearl Beachfront Condotel, Vinpearl Resort & Villas – Nha Trang, and Movenpick Cam Ranh Resort have started to sell units.

The report also noted that as of the end of July outstanding loans given to developers and mortgages were worth 420 trillion VN D (19 billion USD ), an increase of 6.8 percent from the end of 2015 but a fall of 1.31 percent comparing with a year earlier.

Banks’ property-related bad debts were estimated at 17.55 trillion VN D (800 million USD ) or 4.18 percent of loans given to the sector.

While the Government designated an amount of 30 trillion VN D (1.345 billion USD) for mortgages at low interest rates, banks have earmarked 32.9 trillion VND for the programme and lent 28.3 trillion VND so far.

The report forecasted the property sector would continue to be steady but with an over supply of luxury apartments a shortage of budget apartments

Newer News
19/04	Ministry requests Hà Nội to inspect rising prices of apartments
17/04	Real estate market has positive performances in Q1: VARS
05/04	Developers must verify with foreign homeowner's database before sales
28/03	Management of real estate brokers to be tightened
23/03	HCM City real estate market to recover in H2
23/03	Industrial real estate emerges out of storm
18/03	Lots of ground to cover to build 130,000 social housing units this year
12/03	Deputy PM urges resolving price manipulation for healthy real estate market
12/03	Limit set on interest rates of loans for social housing
21/02	Experts upbeat about real estate prospects

Older News
05/10	Foreign property portals open in Vietnam
05/10	Japan firms eye real estate projects
04/10	Da Nang property market continues to attract buyers
01/10	Housing stimulus package disbursement exceeds 86 percent
30/09	86% of housing stimulus package disbursed
27/09	Publicizing mortgaged properties still big question
26/09	Foreign capital flowing to Vietnam’s housing market
19/09	Vingroup has five most valuable brands in Vietnam: Brand Finance
19/09	Central bank refuses cheap loans for builders
17/09	Calls for new property investment law

Newsletter Signup