According to the report, real estate business activities in the first 9 months of 2023 grew by -8.71% compared to the same period. Previously, the first 6 months of 2023 grew by -11.58% and the first quarter of 2023 had negative growth of -16.2%. Real estate business revenue -4.7% compared to the same period. Previously, the first 6 months of the year -8.3% and the first 4 months of the year decreased by -14.6%.
The above data shows that the market has not yet recovered but the decline has also slowed down. This positive signal is also recorded in the construction industry when negative growth was only -2.02% in the first 9 months of 2023. Previously, the growth in 6 months was -8.45% and the growth in the first 3 months of the year was negative to -19.8%. The recovery of this industry is said to come from Ho Chi Minh City's efforts in disbursing public investment capital.
However, the situation of real estate businesses has not improved. In the first 9 months of 2023, more than 1,100 businesses were established, down 46.3% over the same period, and registered capital reached VND 43,143 billion, down 60%.
The market's decline has slowed, suggesting a recovery opportunity in the coming period.
Similar to foreign investment capital invested in real estate business activities, in the first 9 months of 2023, there were 4 newly licensed projects with registered capital of 54.2 million USD; there were 11 adjusted projects with registered capital of 12.7 million USD and 20 capital contributions and share purchases with a value of 5.3 million USD. The total foreign investment capital in real estate business activities in the first 9 months of the year decreased when it was only recorded at 72.2 million USD. While the figure for 6 months was 131 million USD and the first quarter of 2023 was 6.9 million USD.
"The decrease in foreign investment capital in the first 9 months of 2023 was mainly due to foreign investors divesting capital that they had contributed to buy shares. Statistics show that domestic and foreign investment capital in real estate business activities is still cautious," the report stated.
Regarding housing supply, in the first 9 months of 2023, there were 15 commercial housing projects with 15,020 future housing products, equivalent to more than 1.5 million m2 of floor area, brought to the market, up 17.6% over the same period. Of which, the high-end segment had 9,969 units and the mid-range segment had 5,051 units and there were no houses in the affordable segment.
According to the Ho Chi Minh City People's Committee, by the third quarter of 2023, the city's real estate market was still not positive but showed signs of recovery compared to early 2023 and 2022, contributing to promoting construction activities. The recovery partly comes from the move to remove legal obstacles for each project, and to have inter-sectoral coordination solutions to resolve various difficulties of the projects.
In addition, the State Bank has loosened monetary policy and has policies to reduce lending interest rates, creating opportunities to open up capital sources for real estate businesses in difficult times. At the same time, real estate businesses have also proactively changed and adjusted their investment portfolios, restructured product segments, recalculated selling prices, terms and payment methods.
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