The number of real estate companies dissolved in the first two months of 2023 stood at 235, a year-on-year rise of 20 per cent, according to the General Statistics Office.

There were 550 property enterprises established in January and February, up 62.4 per cent year-on-year, while 608 businesses resumed operations, 81.2 per cent of the figure in the same period last year.

The number of real estate businesses dissolved and declared bankrupt rose 38.7 per cent last year against 2021.

The Ministry of Construction said that since the second half of 2022, the real estate market has failed to maintain growth due to the impact of the Russia - Ukraine conflict, high interest rates, tightened real estate credit, and higher prices of construction materials.