Part 7/8:
Statistics reveal a grim picture, as total real estate investment fell by 10.4% from January to November 2024, marking the seventh consecutive month of double-digit declines. The number of newly started housing projects dropped by 23%. Inventory for unsold properties continues to grow, signaling that struggling developers are caught in a web of rising costs and declining values.
Government efforts to shore up the housing market by pushing municipal investment platforms to acquire land have not provided a panacea. Even though these platforms have purchased a considerable percentage of residential use plots, the overall development rates remain disturbingly low.