HCMC commercial housing supply surges

By Nguyen Tieu January 16, 2024 | 02:05 am PT

Apartment blocks and houses in Thu Duc City, Ho Chi Minh City, July 2023. Photo by VnExpress/Quynh Tran

The commercial housing supply in Ho Chi Minh City in 2023 increased by 20.6% against 2022, and were sold out.

Last year 19 commercial housing projects launched a total of 17,700 units, including 16,500 apartments and 1,200 low-rise houses, according to the municipal Department of Construction.

In the last quarter of the year alone, 3,700 apartments of four commercial housing projects, all high-end ones, were sold out.

The contribution of real estate trading to the city’s GRDP was 3.6% in 2023, compared with 3.7% in 2022, and 3.6% in 2021.

Real estate trading revenuesstood at VND230.1 trillion (US$9.2 billion), down 2.1%.

The city lured $873 million of foreign investment in the real estate sector, including $230 million worth of registered capital from fresh projects, and $105million worth of additional capital from operational projects, and $538 million worth of capital contribution and share purchase.

According to the department, the real estate industry attracted foreign investors with many of them contributing capital to or purchasing shares of existing real estate firms in the city.