HCMC real estate sector generates over $11 bln in revenue

The Ho Chi Minh City real estate market is showing promising signs of recovery in 2024, with revenue surpassing VND282 trillion (over $11 billion) - a 7.9% increase from the previous year, as reported by the city Statistics Office.

"The real estate market has shown signs of recovery as the government's support policies have taken effect. Deposit and lending interest rates for production and business have decreased, creating conditions for people and businesses to access capital," the municipal Statistics Office said.

Despite this progress, it acknowledged that real estate activities continue to face challenges. While construction activities increased by 2.6% and accounted for 3.2% of the city's Gross Regional Domestic Product (GRDP), they only contributed 1.1% to the GRDP growth.

Additionally, the number of new real estate businesses entering the market in 2024 has decreased. A total of 1,362 businesses were licensed, with a combined registered capital of VND47.658 trillion (over $1.87 billion), a 11.6% decline in number of businesses and a 23.3% drop in capital compared to the previous year.

Overall, the city's GRDP at 2010 constant prices reached over VND1.17 quadrillion ($46 billion) in 2024, marking a 7.17% increase year on year.