Viet Nam's property market is on the path to recovery and promises to remain busy in the last few months of the year, the Viet Nam Real Estate Association said.

The association's figures revealed rising liquidity and falling inventories of the property market, with large numbers of successful transactions lowering inventories, especially in major cities such as Ha Noi and Ho Chi Minh City.

Statistics showed that as of the end of September, property stockpiles declined to nearly 59.4 trillion VND (2.64 billion USD), dropping by more than half of the figure recorded in the first quarter of 2013.

Illustrative image (Source: Internet)

The recovery of the property market was also reflected in the rising number of new firms operating in property investment and business, the association said.

The anticipated rise in the inflow of foreign direct investment (FDI) was also expected to boost the development of the property market, the association said.

There would be mild increases in property prices, driven by the overall market recovery and rising demand, especially from foreigners for high-end apartments, the association said.

(Source: VNA)