|Both the Ha Noi and HCM City markets have witnessed an abundance in housing supply. — Photo batdongsan.com.vn
HA NOI (VNS)— Credit in the property sector increased by 10.8 per cent in the first nine months of 2014, signifying recovery and good prospects from the market.
It was released in the National Financial Supervisory Commission (NFSC)'s latest report on the country's economy.
NFSC attributed the positive signs to credit, foreign investment inflows, overseas remittances and household investments. It revealed that the lending was much higher than the whole banking system's average credit growth of seven per cent.
The NFSC survey last August showed that respondents investing in real estate made up 24 per cent, an 11-per cent increase over that of the previous survey six months ago.
It added that the number of successful transactions had increased since the middle of 2013, leading to a decrease in inventory.
By end-November, Ha Noi's successful real estate transactions numbered about 10,000, a whopping 200-per cent year-on-year increase, while those of HCM City numbered 8,850.
The market has also witnessed increasing liquidity, especially the middle apartment segment, with an area of 60 to 70sq.m or less than VND1 billion (US$47,600) each.
Figures from the Ministry of Construction also showed that property inventory was lower at VND77.8 trillion, a 39-per cent year-on-year decrease.
Projects that have registered for an adjustment in apartment area numbered 74 while those that shifted from commercial to social housing numbered 60.
Real estate investors have been rushing the launching of promotions in the year-end months to earn more revenue.
Both the Ha Noi and HCM City markets have witnessed an abundance in housing supply.
In Ha Noi, the market welcomed Vinhomes Nguyen Chi Thanh, Home City Trung Kinh, Helios Tower and Hoa Binh Green City.
Several thousand apartments will be also offered in the market such as Vinhomes Central Park, Novaland and Phu My Hung.
The Viet Nam Real Estate Association also reported recently that apartment supply would remain high in the future.
In addition to several offers for sale, property investors have launched several promotions to attract high-end customers.
For example, Vingroup will offer a $1-million luxury yacht to owners of Vinhomes Central Park while home buyers at the Lexington Residence project will enjoy zero interest rate within three years.
Le Chi Hieu, general director of Thu Duc House, said the offer for sale of several projects showed that investors have paid much attention to advertising and providing more flexible payment methods to share the financial burden with customers. — VNS