More than 1,000 new real estate businesses established in Ho Chi Minh City, transactions grow

DNHN - In the first nine months of 2024, Ho Chi Minh City's real estate market witnessed the establishment of over 1,000 new businesses and recorded 1,600 property transactions, signaling a positive recovery trend.

In the first three quarters of 2024, Ho Chi Minh City experienced a surge in the real estate sector with 1,051 newly licensed companies, registering a total capital of VND 40,137 billion. This figure not only stands out but also reflects a positive trend in the recovery and development of the real estate market after the challenges faced during the pandemic. The strong involvement of new businesses indicates investor confidence in the sector's growth potential.

Ho Chi Minh City's real estate industry saw a marked recovery, with revenue reaching VND 199,156 billion, accounting for 60.3% of total service revenue. This growth indicates that not only has the demand for buying and selling increased, but there has also been a significant shift in how companies operate and approach the market. Compared to the same period last year, real estate revenue grew by 6.7%, signaling sustainable recovery and growth potential for the market in the coming period.

In addition to the increase in the number of businesses, housing project deployment is also progressing smoothly. In Q3 2024, Ho Chi Minh City approved three investment projects, including two commercial housing projects and one social housing project. This move not only adds supply to the market but also addresses the urgent need for housing, particularly in the social housing segment. These projects will contribute to improving residents’ quality of life and promoting local economic development.

Overall, the 2024 real estate market outlook in Ho Chi Minh City is very positive. The combination of revenue growth, the strong participation of new businesses, and the implementation of housing projects reflects a clear path to recovery.

This momentum not only builds confidence among investors but also creates job and income opportunities for residents, promoting sustainable economic development for the city in the future. A notable highlight in the report is that Ho Chi Minh City has confirmed eligibility to raise capital for four commercial housing projects, requiring over VND 9,118 billion in total capital. Transactions for apartments reached 1,611 units this quarter, including 1,567 condominiums and 44 low-rise houses, mostly in the high-end segment. This demonstrates a robust recovery in demand for premium real estate.

Despite positive signs, the Ho Chi Minh City real estate market still faces several challenges. Notably, access to the VND 120 trillion preferential loan package for social housing and worker housing projects remains difficult. As of now, no investors have been able to secure loans from this package, which could delay the development of the much-needed social housing segment in the city.

The Ho Chi Minh City People's Committee assessed that although market growth remains slow, there are positive signals indicating a gradual recovery in the real estate sector. Since the beginning of the year, the city has approved investment policies for 12 commercial housing projects and completed the construction of three social housing projects, with over 31,000 apartments under development.

With the increase in the number of businesses and successful transactions, Ho Chi Minh City is gradually asserting its position as one of the most vibrant real estate markets in the country. The involvement of new businesses not only enriches the supply but also fosters positive competition, enhancing service quality and product offerings.

In the coming period, businesses and investors will need to monitor market fluctuations closely and explore new investment opportunities. The development of Ho Chi Minh City’s real estate market in 2024 is expected to maintain its growth momentum, aiming for sustainable growth and meeting the increasingly diverse housing needs of the population.

Thus, with the strong return of over 1,000 real estate businesses and thousands of transactions, Ho Chi Minh City's real estate market is on the path to recovery, creating new opportunities for investors and residents. This transformation not only promises a bright future for the real estate industry but also contributes to the city’s broader economic development.

Phan Chinh