According to the Report on Economic and Social Situation in February and the first 2 months of 2024 released by the Ho Chi Minh City Statistical Office, the revenue from real estate business in the first 2 months of the year reached 42,300 billion VND, an increase of 20.1% compared to the same period last year and accounting for nearly 60% of the revenue in the other consumer services category.
In recent times, businesses operating in this field have cooperated to implement many payment policies and incentives for customers. The data also shows that the business situation of the Ho Chi Minh City real estate market has shown signs of recovery, after the government issued policies to remove and promote the market since the beginning of last year.
The Ho Chi Minh City Real Estate Association believes that the real estate market in Ho Chi Minh City has overcome the most difficult period. Since the end of 2023, the Ho Chi Minh City real estate market has entered a recovery cycle, with a return to growth, although still negative growth, but has significantly decreased with a negative growth rate of only -6.38% for the whole year 2023.
In the first 2 months of 2024, the real estate market in Vietnam and Ho Chi Minh City continued to recover and grow more steadily when it ranked first in attracting the most foreign direct investment capital. In the stock market, real estate stocks along with financial and banking stocks are leading the market.
The Ho Chi Minh City Real Estate Association believes that the real estate market in Ho Chi Minh City has overcome the most difficult period.
The real estate market in Ho Chi Minh City will recover from the second half of 2024
Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association, believes that with this recovery momentum, it can be predicted that the real estate market in Ho Chi Minh City will return to normal operation and enter a safe, healthy and sustainable development cycle from the second half of 2024, creating momentum for stronger development from early 2025 onwards.
In the Real Estate Market Report in February 2024 published by Batdongsan.com.vn, the number of real estate sale and rental listings in most segments of Ho Chi Minh City has decreased significantly compared to the previous month. This development is not surprising as February fell during the extended Lunar New Year holiday. The market experienced nearly 2 weeks of rest and suspension of activities.
