HCMC real estate brokerages’ revenues rise by 15.7%

By Anh Ky April 2, 2024 | 08:10 pm PT

Properties in HCMC's Thu Duc City in November 2023. Photo by VnExpress/Quynh Tran

Real estate services in HCMC generated revenues of VND61 trillion in the first quarter of 2024, up 15.7% year-on-year, according to the city Statistics Office.

They accounted for nearly 23% of the city’s total retail sales of goods and services and 15% of its economy.

The real estate market is improving with the government and businesses implementing many new policies related to legality and interest rates, the office said.

They improved the market’s liquidity and speed of construction.

The improvement in revenues had been predicted by real estate brokerages.

They also expect demand to grow in the industrial property and office segments and the housing segment to see little affordable supply.

Last week the city Department of Construction revealed that it has only licensed development of one housing project so far this year and none for sale.

In 2023 the government set up committees to look into and simplify legal issues related to property development and devolved on the HCMC administration the authority to decide on compensations for land acquisitions.

Around 30% of the more than 148 projects that had faced legal complications saw them resolved as a result, according to the HCMC Real Estate Association.