Real Estate Transactions in Ho Chi Minh City Increase

Real estate transactions in Ho Chi Minh City increased by 13% in the first four months of the year, with the most activity in suburban districts.

At the socio-economic meeting of the Ho Chi Minh City People's Committee on the afternoon of May 3, the city's Department of Natural Resources and Environment reported that it had processed over 120,000 real estate transaction documents in the first four months of the year.

According to Director Nguyen Toan Thang, this number is a 13% increase compared to the same period in 2023, equivalent to 15,000 documents. Transactions are mainly between individuals, with the largest concentration in four areas: Thu Duc City, Binh Tan District, District 12, and Cu Chi District. "This increase may be due to increased infrastructure investment in these areas, leading to a rise in real estate transactions," Thang noted.

A corner of the area around Kenh Te Bridge connecting District 4 and District 7 in Ho Chi Minh City on February 10. Photo: Dinh Van

The more active real estate transactions have helped boost revenue from the registration and issuance of land use rights certificates in Ho Chi Minh City. Over the past four months, the locality has collected more than 2,500 billion VND from this activity, an increase of 859 billion VND compared to the same period.

According to current regulations, budget revenue from real estate transactions includes 2% personal income tax and 0.5% registration fee. Thang predicts that real estate transactions in Ho Chi Minh City in the second quarter will remain at approximately 100,000 documents, ensuring continued revenue.

Along with buying and selling, the demand for construction is very high, according to the Ho Chi Minh City Department of Construction. By the end of April, the department had issued more than 5,700 construction permits, an increase of 419 permits compared to the same period, with a total floor area exceeding 1.3 million square meters.

The Ho Chi Minh City Statistics Office assessed that the city's real estate market has shown positive signs since the beginning of the year. Revenue from this sector over the past four months is estimated at 80,845 billion VND, nearly 10% higher than the same period in 2023.

Enterprises are also starting to inject capital into real estate business, with 395 new real estate businesses established, registering capital of about 24,000 billion VND, an increase of nearly 146% compared to the same period last year.


 

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