Real estate transactions up 13% this year in HCMC

By Anh Ky May 8, 2024 | 04:41 pm PT

Properties in the eastern area of HCMC. Photo by VnExpress/Quynh Tran

The number of real estate transactions in HCMC has risen by 13% year-on-year to over 120,000 this year, according to its Department of Natural Resources and Environment.

Most transactions took place in four areas not close to downtown, Thu Duc City and Districts 12, Binh Tan and Cu Chi.

"This is probably because these areas have seen more investment in infrastructure recently," Nguyen Toan Thang, director of the department, said.

The transactions have boosted the city’s revenues. In the last four months it has received more than VND2.5 trillion (US$98.4 million) in fees from land registration and issuance of land use rights certificates, up 52% from the same period last year.

Thang said the number of transactions is likely to maintain at 100,000 in the second quarter.

Real estate services have been doing well this year with revenues of VND80.8 trillion, a 10% increase, according to the Statistics Office.

Investment is again flowing into the property sector, with the registered capital of new real estate businesses rising 146% to VND24 trillion this year.

The recovery has driven up demand for construction, according to the city Department of Construction.

By the end of April it had issued over 5,700 construction permits, an 8% increase from a year ago, for a total of 1.3 million square meters of floor area.