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Ho Chi Minh’s Real Estate Revenue Surges Over 6%

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Ho Chi Minh City

Real estate revenue in Ho Chi Minh City reached VND124 trillion ($4.9 billion) in the first half of the year, up 6.1% year-on-year, according to the HCMC Statistics Office.

The real estate market has shown signs of recovery this year, with 3% growth in the second quarter and 2.5% in the first quarter, after a 6.4% decline last year from 2022.

According to the HCMC Real Estate Association (HoREA), the market still has an abundance of high-end housing and a shortage of affordable housing, particularly social housing.

Industry analysts remain optimistic about the market’s outlook, expecting benefits from increased foreign direct investment in the real estate sector and revisions to the Land Law. Foreign direct investment in the property sector was up 70% year-on-year to reach over $1.98 billion as of the end of May.

Foreign capital accounts for 18% of total FDI, making the property sector the second most attractive sector after manufacturing. HCMC’s strategic location and robust infrastructure make it an attractive investment destination for foreigners, particularly its real estate sector, industry analysts say.

Major investors from Singapore, Hong Kong, mainland China, Japan, and South Korea are increasingly interested in the high-end and luxury segments in Vietnam.

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