HCM City real estate market recovers slowly but steadily

May 03, 2024 - 18:49

The HCM City real estate market has shown signs of recovery this year, with a 10 per cent year-on-year increase in the value of total transactions.

HCM City’s skyline at night viewed from the Thủ Thiêm urban area in Thủ Đức City. — VNS Photo Bồ Xuân Hiệp

HCM CITY — The HCM City real estate market has shown signs of recovery this year, with a 10 per cent year-on-year increase in the value of total transactions.

According to a report by the General Statistics Office, they were worth VNĐ80.85 trillion in the year to date.

Experts forecast a further recovery in the market in the second half of 2024 and a complete recovery from 2025 onwards, driven by several factors such as foreign investment, reviving demand and infrastructure development.

But challenges persist, including high prices and legal issues related to licensing.

Several major property developers have been struggling to meet interest payment deadlines on both domestic and foreign bond issuances.

Experts said real estate firms should focus on affordable housing and consider reducing prices to align with people's incomes.

The Government has established a task force involving various ministries and agencies to address challenges facing the corporate bond market, especially in the real estate industry. — VNS

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