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Real estate transactions to increase in Q4

The domestic real estate market in the fourth quarter of this year is forecast to see the strongest increase in transactions in the year, higher than the transaction volume in the same period of  二0 一 七. – Photo zing.vn

HÀ NỘI – The domestic real estate market in the fourth quarter of this year is forecast to see the strongest increase in transactions in the year, higher than the transaction volume in the same period of  二0 一 七.

Nguyễn Văn Đính, deputy chairman of the Việt Nam Real Estate Brokerage Association, made the prediction at the association’s press conference on reviewing real estate transactions in the domestic market in the third quarter of this year in Hà Nội on October  一 一.

In the last quarter of this year, the domestic real estate market would receive many new products from real estate development projects nationwide. Prices of property products would increase slightly by 0. 五 –  一 per cent compared to the third quarter, said Đính.

In the fourth quarter, the market will continue to see diversification in the kinds of property products on offer, according to Đính. Demand for housing and investment in the real estate sector will continue to see growth because the economy is expected to remain stable.

Meanwhile, foreign direct investment (FDI) may continue to flow to Việt Nam as investors are tending to withdraw from the Chinese market due to concerns over the US-China trade war, according to the association.

The last quarter also marks the moment when Việt Nam will receive the largest amount of remittance for the year in comparison with other channels such as securities, gold and foreign currencies. The real estate sector is considered a potential channel to attract this investment.

According to the association, two major markets of Hà Nội and HCM City saw sustainable development in the third quarter of this year. Real estate projects received large investment and offered many products on the local market. The two cities marketed over  二0,000 new products with reasonable structure in those product sectors.

Prices of properties in the two cities were stable compared to the second quarter while about  一 三,000 products were traded successfully, bringing the absorption rate to  六 三. 五 per cent. A large number of buyers had real demand for property products, showing no sign of a real estate bubble.

In Hà Nội, affordable condominiums accounted for  五 四 per cent of total traded apartments while in HCM City, high-end products dominated the market with  四0. 五 per cent, followed by mid-end with  三 六. 五 per cent.

The association reported that other localities nationwide also experienced development in the real estate market. However, the third quarter saw reductions in supply and demand on the resort property market.

Therefore, the association reco妹妹ended that it was time to suspend the development of new resort property projects. The existing resort projects should focus on completing construction to begin operations, meeting initial targets of the projects and building confidence for investors.

Property price index

According to the Savills Property Price Index (SPPI) released on October  一 一, the residential index in HCM City’s residential market reached the highest level for the last five years at  九 六, increasing  一 point quarter-on-quarter (QoQ) and  三 points year-on-year (YoY).

Total transaction volume on the southern market surged to approximately  一 四, 四00 units, up  六 per cent QoQ and  二 二 per cent YoY. Absorption reached a five-year high at  五 六 per cent, up  九 percentage points (ppts) QoQ and  二 四 ppts YoY. The strong performance was due to increasing sales from new Grade B and C projects. Grade B transactions had the highest growth of  三 一 per cent YoY.

Until  二0 二0, Grade C is expected to account for  六 二 per cent of future supply. With high demand, developers will deliver Grade C units in western and outlying districts.

Meanwhile, in Q 二/ 二0 一 八, The Residential Index of the Hà Nội property market increased by less than  一 point (pt) quarter-on-quarter (QoQ) and decreased  一 pt year-on-year (YoY) to  一0 四. 八 一. The average selling price was US$ 一, 一 九 六/m 二, up  一 per cent QoQ.

The average absorption rate was  二 七 per cent with sales reaching approximately  七, 五00 units, up  三 一 per cent QoQ and  一 一 per cent YoY. Grade B dominated with a  五 九 per cent share or  二 七 per cent absorption, whilst Grade C performed well with  三 八 per cent of sales. Grade A transactions decreased due to limited available stock and high asking prices. - VNS