Real estate business revenue in Ho Chi Minh City increased, reaching nearly 5 billion USD

Real estate business in Ho Chi Minh City has returned to positive growth - Photo: NGOC HIEN

Real estate business in Ho Chi Minh City has returned to positive growth, from 2.51% in the first quarter to 2.94% in the second quarter of 2024, which is the lowest growth rate among the 9 key service sectors of Ho Chi Minh City, but is a positive figure compared to the same period in 2023.

Real estate business revenue is better

According to the Ho Chi Minh City Statistics Office, in the first 6 months of the year, the city's real estate business revenue was estimated at VND123,887 billion, up 6.1% over the same period last year.

In the past 6 months, the number of enterprises licensed to operate in real estate was 570 enterprises and registered capital reached 27,851 billion VND, although the number of licenses decreased by 17.3% compared to the same period but the capital increased by 4.1%.

In 2023, real estate business growth in Ho Chi Minh City was -6.38%. However, by 2024, real estate business had returned to positive growth, from 2.51% in the first quarter to 2.94% in the second quarter of 2024.

"The real estate market has passed a period of stagnation when relevant policies have been effective, lending interest rates have decreased, and people and businesses' access to capital has increased," said the Ho Chi Minh City Statistics Office.

In the first 6 months of the year, the city issued 3,396 certificates of land use rights, house ownership rights and other assets attached to land for the first time, and registered changes to 178,680 certificates for organizations and individuals in the city.

Real estate credit balance increases

Meanwhile, the State Bank of Vietnam, Ho Chi Minh City branch, said real estate credit in the city maintained a positive growth rate in the past 3 months.

Specifically, March increased by 0.96%, April increased by 1.15% and May increased by 1.15%. Total outstanding real estate credit in the city reached VND992,800 billion, accounting for 28% of total outstanding credit in the area and increased by 2.78% compared to the end of last year.

The State Bank of Vietnam, Ho Chi Minh City branch, said that loans for the purpose of buying houses still account for the highest proportion, accounting for 68% of the total outstanding real estate credit in the city, in which housing credit has grown again while in previous months it had negative growth.

In addition, real estate credit for infrastructure development of export processing zones, industrial parks and office buildings for lease continued to maintain the highest growth trend compared to other sectors. Of which, credit for export processing zones and industrial parks increased by 9.47% and credit for offices and high-rise buildings increased by 11.2% compared to the end of 2023.

Although the proportion of outstanding loans for this sector is low compared to the total outstanding real estate credit, the State Bank of Vietnam, Ho Chi Minh City branch, assessed that the increase in credit for this sector reflects the development trend and is a positive factor affecting production and business activities and economic growth.

The State Bank of Vietnam, Ho Chi Minh City branch, assessed that in the context of low capital absorption in the economy, the growth of the real estate market will have a positive impact and effect on other sectors, including banking credit activities.

Speaking with Tuoi Tre Online , representatives of notary offices said that the increase in revenue from the real estate sector is partly due to the fact that the declaration of real estate transaction values ​​has approached the real value, much higher than the previous declaration.

The head of a notary office said that in the past, to "avoid" paying high taxes, real estate transactions were often only listed for a few tens to a few hundred million VND, but now that is no longer the case, all transaction records are over 500 million VND.

If the declaration is low, the tax will be refunded and it will be very troublesome and difficult for the procedures later. Therefore, people declare closer to the selling price, which makes the tax collection higher than before.

Source: https://tuoitre.vn/doanh-thu-kinh-doanh-bat-dong-san-o-tp-hcm-tang-dat-gan-5-ti-usd-20240701184630242.htm