Market continues to be difficult, real estate transactions decrease in the first quarter of 2024

Can Tho: Market continues to be difficult, real estate transactions decrease in the first quarter of 2024

The total volume of real estate transactions in Can Tho City in the first quarter of 2024 reached 1,301 transactions, down 12% over the same period in 2023.

According to the Report on the implementation of information disclosure in the first quarter of 2024 on housing and real estate market of Can Tho City People's Committee, in the first quarter of 2024, real estate transactions in the city were 875 land plots; transactions on individual houses were 410 units; transactions on apartments were 16 units.

The total value of real estate transfer transactions is more than 1,854 billion VND, the total tax from real estate transfer activities is 38.89 billion VND (Synthesized data reported from the City Tax Department).

Compared to the same period last year, the total transaction volume in the first quarter of 2024 reached 1,301 transactions, down 12%.

Nam Long Can Tho 2 Urban Area, located in Cai Rang District, Can Tho City

“The general decrease in transaction volume reflects the difficult situation of the real estate market due to many reasons, specifically the severe impact of the general economic recession as well as the tightening of credit by the State Bank in the period from October 2022 to March 2023. At present, the State Bank has taken actions to reduce operating interest rates, however, the real estate industry still faces certain challenges. At the same time, the transaction volume in the first quarter of 2024 still decreased compared to the fourth quarter of 2023, reflecting the transaction situation in the first and last quarters of the year, the transaction volume at the end of 2023 was higher than the transaction volume at the beginning of 2024, specifically: 1,834/1,301 transactions”, according to the People's Committee of Can Tho City.

According to information from the People's Committee of Can Tho City, in the first quarter of 2024, there were no projects approved for investment policy decisions in Can Tho City. There was only 1 project eligible to sell future housing, which was the Green Diamond Apartment Complex Project - Cara River Park (358 apartments) and 1 project eligible to mobilize capital, which was the Green Rhythm Apartment Project - Dream House.

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