HCMC – The HCMC real estate market saw 1,051 new companies with total registered capital of VND40.1 trillion in the first nine months of 2024, according to a report from the city’s People’s Committee.
The report pointed to a recovery in the city’s property market, following a period of negative growth last year. Real estate revenue from January to September reached VND199.2 trillion, accounting for 60.3% of the city’s total service revenue and marking a 6.7% increase from the same period last year.
In the third quarter, HCMC approved three new housing projects worth a combined VND8.8 trillion in investment, including two commercial housing developments and one social housing project. An additional project received a construction permit in this period.
Four projects, with 1,611 high-end residential units in total, received approval for off-plan sales and were sold out during the quarter. The total value of these projects surpassed VND9.1 trillion.
However, disbursements have been slow for the VND120-trillion soft loan package aimed at social and worker housing projects, with no developers accessing the fund due to regulatory challenges.
Since May 2023, city authorities have reviewed 30 stalled projects, clearing eight of them, while 22 remain under review.
