A series of real estate businesses have just released consolidated financial reports for the third quarter of 2024 and the accumulated 9 months, in which real estate brokerage revenue increased sharply again, with businesses' commissions coming from recently sold projects. This is considered a signal that transactions in the real estate market are starting to become active again.

Real estate brokerage revenue increased in the context of apartment and land prices being recorded to increase sharply in Hanoi and Ho Chi Minh City in recent months. In the capital, apartment prices reached hundreds of millions of VND/m2 even in the suburbs, while auctioned land in the suburbs also skyrocketed, also hundreds of millions of VND per square meter.

In the recently released consolidated financial report, in the third quarter, Dat Xanh Group Corporation (DXG) of Mr. Luong Tri Thin (Mr. Luong Ngoc Huy is Chairman) recorded real estate brokerage service revenue of nearly 353 billion VND, nearly 2.6 times higher than the same period. Accumulated in 9 months, DXG reached nearly 829 billion VND, nearly 2.1 times higher than the first 9 months of 2023.

DXG's revenue from selling apartments and land in the first 9 months also reached more than VND 2,172 billion, compared to VND 1,733 billion in the same period.

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Many real estate businesses have recorded a sharp increase in brokerage revenue. Photo: Nam Khanh

Not only DXG, some other businesses also recorded high real estate brokerage revenue.

Century Real Estate JSC - CenLand (CRE), chaired by Mr. Nguyen Trung Vu, also recorded a high increase in accumulated real estate brokerage revenue in the first 9 months of 2024 compared to the same period, reaching more than VND 1,043 billion, compared to VND 618 billion.

CenLand earned nearly VND16 billion in profit in the third quarter of 2024, compared to nearly VND564 million in the same period. Accumulated profit for 9 months was nearly VND32 billion, compared to more than VND1.3 billion in the first 9 months of 2023.

Instead of "losing about 2-3 apartments each month to support the company" like in 2022 and early 2023 as shared by CenLand's chairman, now brokerage revenue has helped this company grow quite strongly.

Khai Hoan Land Group Joint Stock Company (KHG) of Chairman Nguyen Khai Hoan also reported that real estate brokerage revenue in the third quarter of 2024 increased more than twice compared to the same period, from 19.4 billion VND to more than 41.1 billion VND. Accumulated in 9 months, it reached more than 91 billion VND, compared to nearly 46.8 billion VND.

Danh Khoi Group Joint Stock Company (NRC), chaired by Mr. Le Thong Nhat, also recorded real estate brokerage revenue in the third quarter and the first 9 months of 2023 increasing by nearly 23% and nearly 29%, respectively, to nearly 1.3 billion VND and more than 3.8 billion VND...

These are quite positive signals for many real estate businesses and the real estate market because about a year ago most were still in difficulty.

In the fourth quarter of 2023, Khai Hoan Land reported a 97% loss in profit compared to the same period last year. The reason was a serious decline in real estate brokerage revenue, which led to negative KHG's core business activities.

CenLand also experienced a difficult year in 2022 like most other real estate businesses when bank credit was tightened, capital mobilization channels through bonds were controlled, and high interest rates put great pressure on home buyers and investors.

Dat Xanh Group also had a very difficult time with the 4,000 staff cut in 2022-2023. This is also the common situation of most real estate brokerage businesses, most of which had to close down and temporarily suspend operations, causing many brokers to lose their jobs and change careers.

Real estate giant with total assets of 41,000 billion VND, profit of only 8 billion VND Hano-vid's total assets amounted to 41,000 billion VND, however, profit was very low, just under 8 billion VND. Hano-vid's liabilities increased sharply, from 23,324 billion VND in the same period to 35,824 billion VND.