HCMC property brokerages’ revenues rise by 6.1%

By Dinh Tri   July 3, 2024 | 02:04 am PT
HCMC property brokerages’ revenues rise by 6.1%
Properties in Ho Chi Minh City's eastern area. Photo by VnExpress/Quynh Tran
Real estate brokerages in HCMC reported a 6.1% increase in revenues year-on-year in the first half of the year to VND123.9 trillion (US$4.9 billion).

The revenues have been growing at increasing pace – at 2.5% in the first quarter and 2.94% in the second – the city Statistics Office said in a recent report.

The property market has bottomed now that bank lending rates have decreased and individuals and real estate businesses have more access to capital, it said.

In the first half of the year there were no new projects, but some delayed projects have resumed after having their issues resolved, it noted.

Amendments to the Land Law, Housing Law and Real Estate Trading Law that will take effect in August are expected to resolve that legal hurdles faced by some 1,000 housing projects across the country and improve businesses’ access to capital and credit.

According to the HCMC Real Estate Association, the property market bottomed out in the first quarter of 2023, when it saw a 16.2% decline.

It has since recovered noticeably despite some challenges such as exorbitant prices and the limited supply of affordable and social housing, it said.

The market is expected to continue growing in the second half of this year, it said.

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