Property market attracts 77.6 million USD in FDI in January

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Real estate ranked third among 19 sectors with foreign direct investment (FDI) in January, attracting 6.2 percent of the total registered FDI.

Foreign investors pumped in a total of 77.6 million USD in the real estate market in January. (Photo: VNA)

Su Ngoc Khuong, investment director at property services firm Savills Vietnam, said foreign capital would promote the development of the property market in the country.

In 2017, the real estate sector lured 3.05 billion USD in FDI, accounting for 8.5 percent of the country’s total registered foreign investment, ranking third in terms of FDI attraction after the manufacturing and processing industry and power distribution sector.

According to the General Statistics Office, 1,400 new construction firms were founded in January, up by 21 percent, together with more than 460 new firms in real estate business, up by 47 percent over the same period last year.

New construction firms had the highest registered capital worth 20.6 trillion VND (903.5 million USD), accounting for 21 percent of the total registered capital of new firms in January. This was followed by real estate business with 17.5 trillion VND, accounting for nearly 19 percent.

Last year, the total registered capital of new firms operating in the real estate sector was 388 trillion VND, accounting for 30 percent.

The average capital of new real estate firms last year was also highest, with 76.7 billion VND for each firm.

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