Layoffs and closures in the real state sector are ongoing, The Investor is reporting. Specifically, Housing Development and Trading Joint Stock Company (HDTC) earlier this month announced it would furlough its workforce without pay until business picks up again. The Investors goes on to list several large real estate firms that have reduced their workforce this year.
Key takeaways:
- 1,067 real estate businesses were dissolved in the third quarter of this year, an increase of 9.5 percent over the same period in 2022.
- There were 3,850 new businesses established in the real estate sector in Q3.
- About 20 percent of real estate businesses are at risk of dissolution or bankruptcy.
- About 40 percent of real estate businesses are struggling to maintain operations.