The HCMC Statistics Office report on the city’s socio-economic performance in January-February 2024 said that revenues from real estate business totaled an estimated VND42.3 trillion. This accounted for 59.4% of the total in the “other consumer services” category and marked an increase of 20.1% over the same period last year.

The report indicated positive signs of recovery in the real estate market, backed by the central Government’s measures for revitalizing the sector since the beginning of last year.

An official from the HCMC Department of Construction attributed the recovery trend in the real estate market to increased commercial housing supply and substantial foreign investment throughout 2023.

Despite a negative year-on-year growth rate of 6.38% in real estate business in 2023, the sector’s contribution to the city’s gross regional domestic product (GRDP) remained steady at 3.6%, the official noted.

Foreign investment in the real estate sector in 2023 amounted to US$873 million, ranking third among all industries and sectors. This included US$230.3 million in newly registered capital, US$104.7 million in adjusted capital, and US$538 million in capital contributions and share purchases.

Source: Saigon Times