Ho Chi Minh City’s real estate market witnessed stable revenue in the first half of 2024, with growth showing improvement, albeit still modest.
The industry experienced a downturn in 2023, with a negative growth rate of 6.38%. However, according to a report by the Ho Chi Minh City Statistics Office, the sector has rebounded with a positive growth rate of 2.51% in the first quarter of this year and nearly 3% in the second quarter of 2024.
The city’s revenue from other services in the first six months of 2024 is estimated at VND 208,355 billion, up 7.2% over the same period. Of this, the revenue from the real estate business sector reached VND 123,887 billion, an increase of over 6%, accounting for over 59% of the total revenue from other services.
According to the Ho Chi Minh City Statistics Office, the real estate market has emerged from its stagnant period, with relevant policies taking effect, lower lending rates, and improved access to capital for individuals and businesses.
As of June 20, 2024, the number of enterprises granted licenses in the real estate sector by the city reached 570, a decrease of over 17%, while registered capital stood at VND 27,851 billion, an increase of over 4% compared to the same period last year.
Regarding the issuance of land use right certificates, in the first half of 2024, the city granted 3,396 new certificates (3,391 to individuals and 5 to organizations). Additionally, 178,680 certificates were registered for changes for organizations and individuals within the city (2,736 for organizations and 175,944 for individuals).
While there were no new real estate projects announced by the Department of Construction as meeting the conditions for selling future homes in the first half of the year, several new projects have been approved in principle for investment. Along with these newly approved projects, some previously stalled projects have also restarted after overcoming obstacles.
According to the Ho Chi Minh City Real Estate Association (HOREA), the real estate market is expected to return to normal operations and enter a cycle of safe, healthy, and sustainable development from the second half of 2024, paving the way for stronger growth from 2025 onwards.
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