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Real estate market has 59,500 new entrants in Q3

The Saigon Times

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HCMC – The real estate market saw a significant surge in the third quarter of this year, with 59,500 businesses entering and re-entering the market, according to the Ministry of Construction.

This increase marks the highest recorded for a third quarter to date, representing an 18% jump compared to the same period in 2022, which saw 50,400 businesses participating.

The broader construction sector also showed growth over the past nine months, with a 6.17% year-on-year increase.

Statistics indicated an urbanization rate of 42.6%. Additionally, the average floor space per individual in the country increased to around 25.6 square meters, up by 0.1 square meters per individual from last year’s figure.

Underlining the Government’s commitment to housing, a VND120 trillion credit package has been launched. The package aims to construct at least one million housing units for low-income residents and industrial zone workers by 2030.

Reports from local authorities indicate that 52 projects across 19 provinces now qualify for this funding. These projects collectively request more than VND25.8 trillion, with the majority seeking funding for social housing.

Notably, five of these housing projects were completed in the third quarter, delivering 850 units. Of these, 336 were designated for low-income residents, and 514 were for workers in industrial zones.

For the remainder of 2023, the ministry is set to prioritize the development of the real estate market, with a focus on safety, sustainability, and housing for low-income earners. They aim to achieve the capital disbursement plans designated by the prime minister, focusing on rapid project implementation and public investment.

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