Real estate supply in the first quarter of 2023 decreased sharply compared to the same period in 2021

Commercial housing supply drops sharply

According to real estate market statistics of the Ministry of Construction , there are 14 commercial housing development projects in the first quarter of 2023 with nearly 6,000 units, the number of projects is about 50% compared to the fourth quarter of 2022 and more than 63% of the same period in 2022. Specifically, in the North, there are 9 projects with 5,600 units; in the Central region, there are 3 projects with 137 units; in the South, there are 2 projects with nearly 100 units.

Real estate supply in the first quarter of 2023 decreased sharply

Number of commercial housing projects eligible to sell future housing: 52 projects with nearly 24,000 units, the number of projects is about 88% compared to the fourth quarter of 2022 and about 93% compared to the first quarter of 2022.

The number of commercial housing projects under construction is nearly 700 with nearly 400,000 units (the number of projects is nearly 150% compared to the fourth quarter of 2022 and more than 57% compared to the first quarter of 2022). Of which, the majority are concentrated in the North with 435 projects; the Central region has 157 projects; the South has 106 projects.

Number of newly licensed commercial housing projects: 17 projects with more than 7,000 units, the number of newly licensed projects is about 77% compared to the fourth quarter of 2022 and about 43% compared to the first quarter of 2022. Specifically, there are 9 projects in the North, 5 projects in the Central region, and 3 projects in the South.

"According to the aggregated data of reported localities, the supply of commercial housing in the first quarter of 2023 is still limited and tends to decrease compared to the fourth quarter of 2022," the Ministry of Construction said.

Regarding the number of infrastructure investment projects to transfer land use rights for housing construction, in the first quarter of 2023, 11 projects with more than 1,200 plots of land were completed, equivalent to about 44% compared to the fourth quarter of 2022. In addition, there are 248 projects under construction with about more than 66,500 plots of land, reaching more than 125% compared to the fourth quarter of 2022; there are 6 newly licensed projects with more than 300 plots of land, equivalent to 28% compared to the fourth quarter of 2022.

Regarding the number of social housing and workers' housing, in the first quarter of 2023, the whole country has 1 social housing project with a scale of 300 newly licensed apartments; 5 projects with a scale of nearly 2,000 apartments eligible to sell future housing; 4 projects with a scale of more than 900 apartments have completed construction.

Supply of social housing and worker housing in the first quarter of 2023 is still not optimistic

The Ministry of Construction also reported that there are nearly 400 social housing projects under construction with a scale of more than 450,000 apartments. Of these, 152 projects are under construction with a scale of more than 15,000 apartments and 245 projects are carrying out investment procedures with a scale of 300,000 apartments.

Regarding resort tourism and office-accommodation projects, in the first quarter of 2023, 8 projects were completed with nearly 3,400 apartments. Of which, there are nearly 2,500 tourist apartments, 680 tourist villas and nearly 250 office-accommodation units. The number of completed resort tourism and office-accommodation projects is 133% compared to the fourth quarter of 2022.

The Ministry of Construction also reported that there are 56 resort and office-accommodation projects under construction with approximately 25,300 units. Of which, there are nearly 20,500 tourist apartments, more than 4,600 tourist villas and nearly 300 office-accommodation units. The number of resort and office-accommodation projects under construction is only 44% compared to the fourth quarter of 2022.

In the first quarter of 2023, only 1 new resort and office-accommodation project was licensed, only about 25% compared to the fourth quarter of 2022.

The number of successful transactions decreased sharply.

Regarding transaction volume, the Ministry of Construction reported that there were more than 39,000 successful transactions of apartments and individual houses; and more than 67,000 successful transactions of land.

The number of successful real estate transactions in the first quarter of 2023 also decreased sharply.

The total transaction volume of the first quarter of 2023 reached only more than 106,000 successful transactions, equal to about 65% compared to the fourth quarter of 2022 and 61% compared to the first quarter of 2022. Of which, the number of successful land transactions decreased significantly; while the number of successful transactions of apartments and individual houses increased sharply.

According to the Ministry of Construction, despite the many fluctuations in the market, apartments continue to attract the attention of groups with real housing needs. The number of new apartment projects opened for sale in the first quarter of 2023 is not much, mainly from the mid-range and high-end segments, concentrated in Hanoi , Ho Chi Minh City, Binh Dinh, etc.

The number of transactions of land plots and luxury villas in many localities decreased such as Da Nang, Hai Phong, Hanoi, Khanh Hoa, Dong Nai, Da Nang, Ho Chi Minh City, etc. At the same time, the transaction prices of land plots and luxury villas in these localities also decreased slightly, with few transactions at high prices as before due to reduced customer confidence, combined with high interest costs.

According to the Ministry of Construction, the total real estate inventory in the first quarter of 2023 is approximately 19,000 apartments and land plots (including apartments, individual houses, and land plots). Of which, apartments (more than 2,500 units); individual houses (more than 9,000 units); land plots (more than 7,000 plots). The inventory ratio is mainly in individual housing real estate and land plots of projects.

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