Real estate transactions fall by more than half

But the number of successful transactions in the first three quarters was barely 320,000.

The number of land transactions was only 36% of the 2022 figure while apartment and houses saw a 63% rate.

The prices of low-rise houses fell by 10-20%, but apartment prices kept rising due to a lack of new supply, according to statistics from local agencies, market research firms and the construction ministry.

Low supply was also seen in the social housing and shophouse segments.

There were only 42 new shophouse projects with 16,000 units, down 54% from last year.

Legal hurdles meant there were only five new social housing projects with 850 units.

There were 17 new projects in the resort and officetel segments, down 43%.

By the end of August property companies had issued US$1.9 billion (VND46.7 trillion) worth of bonds, or 35% of all corporate bonds issued during the period.

They also accounted for 46% of the 455 businesses in the corporate bond market as of December.

In the first nine months foreign direct investment in property was estimated at $1.94 billion, 9.6% of the country’s total FDI and second only to the manufacturing sector.