Properties in Ho Chi Minh City’s Nha Be District, July 2024. Photo by VnExpress/Quynh Tran
Real estate companies in HCMC reported revenues of VND173 trillion (US$7 billion) in the first eight months of 2024, a 6.1% increase year-on-year, according to the city Statistics Office.
This marked an improvement from the 6.38% decline seen last year, the office said.
Some 3,155 new businesses were established in the period and 814 shut down.
The HCMC Real Estate Association said official policies have taken effect, bank lending interest rates are decreasing, and access to capital for both individuals and businesses is improved, resulting in an increase in transactions.
It said the amendments to the Land Law, Housing Law and Real Estate Trading Law that took effect recently are expected to resolve legal hurdles plaguing nearly 1,000 projects across the country and make it easier to access credit.
Property developers have also been reducing housing prices, which is expected to help the market recover, it said.
The association said both supply and demand would be up 20-30% in the second half compared to the beginning of the year.
The market is thus expected to see improved liquidity toward the end of the year, it added.
From: VnexPress
Real Estate News
