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Sunday, July 14, 2024

FDI into real estate sector surges

The Saigon Times

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HCMC – New foreign direct investments (FDI) in Vietnam’s real estate sector had amounted to US$1.89 billion this year to June 20, a 4.7-fold increase over the same period in 2023, according to data from the Ministry of Construction.

The real estate sector ranked second in attracting new FDI in the first half of the year, indicating the growing interest of foreign investors in the nation’s real estate market.

In the first six months of this year, 18 commercial housing projects were completed and there were 23 new projects approved. The ministry put the number of projects currently underway at 984.

For infrastructure projects for residential land use, 32 were completed, 16 approved and 519 underway. Eight social housing projects were also done during this period.

Average apartment prices have risen since late 2023, particularly in HCMC and Hanoi. This increase is attributed to limited supply and high demand, leading to significant price hikes for standalone houses and land plots.

Successful real estate transactions exceeded 253,000, up by 10.26% against the second half of 2023. However, most transactions involved land plots rather than condominiums.

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