Revenue from the real estate business in Ho Chi Minh City was estimated at over VND173 trillion (US$7 billion) in January-August, marking a 6.1-percent year-on-year increase, according to the Ho Chi Minh City Statistical Office.

The southern metropolis has seen an uptick in the property business since the start of the year, despite a negative year-on-year growth rate of 6.38 percent in the sector last year.

The city's real estate sector recorded a slight rise to 2.94 percent in the second quarter from 2.51 percent in the first.

Between January and August, 958 firms were licensed for business in real estate, with a total pledged capital of over VND37.4 trillion ($1.5 billion), down 2.3 percent in the number of newly-licensed enterprises and 8.6 percent in investment year on year.

The real estate sector reported an estimated VND148.3 trillion ($6 billion) turnover during the January-July period, up 6.1 percent year on year.

Between January and July, the city’s credit growth inched up 3.9 percent, said Nguyen Duc Lenh, deputy director of the Ho Chi Minh City branch of the State Bank of Vietnam.

In particular, real estate loans made a 5.5-percent spike, with credit for residential purposes accounting for the lion’s share at 57 percent.

Lending for social houses amounted to VND2.5 trillion ($103.4 million) during the seven-month period, up 78 percent compared to the end of 2023.

Positive results of real estate activities signal an upward trend on the Ho Chi Minh City market.

From January to August, Vietnam reported $2.4 billion in pledged foreign investment for the real estate sector, according to the General Statistics Office.

During this period, 3,155 new property firms were established, while 814 real estate enterprises exited the local market.

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