A man passes by a low-cost tenement. Increasing sales of low-cost housing and small-scale projects have helped reduce property inventories. — Photo news.zing.vn

HA NOI (Biz Hub) ― Real estate inventories have slumped more than 15 per cent from figures reported in the first quarter, according to a statement by Deputy Minister of Construction, Nguyen Tran Nam.

Data shows that in June, the inventory value reached VND108 trillion (US$5.14 billion), with sales data indicating greater demand for low-cost housing and small-scale projects.

Nam said the ministry was co-ordinating with provincial and municipal authorities to help real-estate developers subdivide current projects.

In Ha Noi, the ministry and local People's Committee have approved 18 commercial housing projects to be converted into social housing. Fifteen other projects are also under consideration.

The capital will also decide which projects need to be put on hold or modified before completion. The ministry is also considering plans to buy projects which can be completed by 2015, to use as resettlement housing.

A Government support package, worth up to VND30 trillion ($1.44 billion) in bank loans, has been deployed to assist low-income property seekers. ― VNS