Ghost month hampers real estate sales

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Ghost month hampers real estate sales

vietnamplus.vn - 8/18/2016 3:39:23 PM

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The property market tends to stagnate in August, a normal thing for this time of the year as August coincides with the seventh lunar month, traditionally called the Ghost Month.

The folk belief makes many people keep off making “big” business this month such as real estate sales and purchases.

Meanwhile, some people have taken advantage of this time to make deals at better prices as property sellers also want their business affairs to remain smooth during the Ghost Month, according to real estate agents.

As a result, the unsold property inventory has shrunk though the pace of reduction has slowed down.

Total unsold real estate is valued at nearly 36 trillion VND (1.6 billion USD) nationwide, down over 14.9 trillion VND (or 29.3 percent) from the end of 2015 and 1.5 trillion VND from Q2 this year.

Notably, up to 16 trillion VND of the inventory is housing land at nearly 4.4 million square metres. It is followed by low-rise houses (4,951 units worth some 9.9 trillion VND), and condominium apartments (4,883 units – nearly 6.9 trillion VND).

More than 1 million square metres of land for commercial purposes worth 3.25 trillion VND remain unsold.

Ho Chi Minh City posts the largest unsold property value in Vietnam at present, about 6.6 trillion VND – a decline of over 3.5 trillion VND (or 35 percent) from 2015 and 216 billion VND against the end of Q2.

The value of unsold real estate in Hanoi is around 5.8 trillion VND, down 923 billion VND (or nearly 14 percent) from 2015 and 64 billion VND from Q2

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
17/08	Foreigners acquire land easily as many loopholes exist
16/08	New rule requires savings accounts for budget-home loans
15/08	Many unaware of social housing policy
11/08	“Golden land” plots in HCM City fall into foreigners’ hands
08/08	Mortgaged projects safe for buyers: experts
03/08	Real estate lures Japanese investment
29/07	Property market information must be adequate, accurate
28/07	Japan's Mitsubishi bets on Vietnam's real estate market
22/07	New players in real estate market
20/07	Vietnam's realty conglomerate Bitexco raises stake in hotel chain

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