Ministry of Construction: Housing supply improves, transactions decrease, selling prices increase.

Regarding the development of commercial housing in the second quarter of this year, the Ministry of Construction reported that 9 projects were completed nationwide, comprising approximately 5,005 units.

The number of completed commercial housing projects in the second quarter was 128.5% compared to the same period in 2023.

In Hanoi , one project has been completed; in Hung Yen, three projects have been completed; and in Ho Chi Minh City, two projects have been completed.

Similarly, the number of newly licensed projects in the second quarter was 19, with a scale of approximately 10,230 apartments, representing a 126.6% increase compared to the same period last year.

The number of projects eligible to sell housing units under construction is 50, with a scale of approximately 13,167 apartments, which is 106.38% compared to the same period last year.

The project currently under construction nationwide comprises 998 projects, with a scale of approximately 437,153 apartments.

Regarding real estate transactions, aggregated data from 60 out of 63 localities by the Ministry of Construction shows that the number of successful transactions for apartments and individual houses was 25,885, a decrease of approximately 10,000 transactions (equivalent to a 30% reduction) compared to the first quarter of this year.

Meanwhile, the number of successful land transactions nationwide in the second quarter was approximately 124,900, an increase of more than 7,000 transactions compared to the first quarter.

According to the Ministry of Construction, the volume of transactions for apartments and individual houses was 72.2% compared to the first quarter of 2024, and 87% compared to the same period in 2023.

Meanwhile, land transactions reached 127.9% compared to Q1 2024 and 185.8% compared to the same period in 2023.

Regarding apartment transaction prices, the Ministry of Construction stated that in the second quarter of 2024, apartment prices in Hanoi and Ho Chi Minh City increased by an average of 5-6.5% and by 25% year-on-year, depending on the area and location.

"Apartment prices are rising not only in newly launched projects, but also in many older apartments that have been used for many years."

However, this situation only occurred for a short period and is showing signs of slowing down towards the end of the second quarter because prices are already high and buyers are in a wait-and-see mode," the Ministry of Construction noted.