The People’s Committee of Ho Chi Minh City has reported to the Ministry of Construction on the real estate market situation in the city in the second quarter of 2024.
Overall, the committee assessed that the real estate market has passed through a difficult period, with effective policies, reduced lending rates, and improved access to capital for citizens and businesses.
In the past quarter, Ho Chi Minh City approved eight housing projects with a total investment of VND 7,687 billion. Of these, six projects were approved by the People’s Committee of Thu Duc City.
The supply of new housing in Ho Chi Minh City remains scarce. Photo: Anh Phuong |
In terms of commercial housing, during the second quarter of 2024, the city had two completed projects with a total of 1,222 apartments. Twenty-eight other projects are still under construction. There were no commercial housing projects that met the conditions for selling future formed houses.
For social housing and worker housing, in the second quarter of 2024, the city granted a construction permit to one project. One project was completed with 368 apartments, and four other projects are underway, totaling 3,050 apartments.
Access to the preferential loan package of VND 120,000 billion for social housing and worker housing projects in Ho Chi Minh City remains stagnant, with no investors accessing the loans.
In the first six months of the year, the city approved nine commercial housing projects for investment, granted construction permits to one project, and had 28 projects under construction. Two social housing projects were completed, providing 610 apartments.
According to the People’s Committee, the data shows that the city’s real estate market has gradually recovered, transitioning from a negative phase in 2023 to a growth phase in early 2024. Several new housing projects have been approved, and many old projects have restarted after overcoming difficulties.
For the last six months of the year, the committee forecasts a continued market recovery but at a slow pace without any breakthroughs. Prices may slightly increase in some segments but will not fluctuate significantly. The apartment segment remains the most potential due to slow supply growth and high demand.
Anh Phuong
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