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Vietnam emerges as fast-growing real estate market in Southeast Asia

Residential real estate in Vietnam is still one of the fastest-growing markets in Southeast Asia despite the fact that the COVID-19 pandemic has halted many economic activities, according to experts from property consultant Savills Vietnam.
Vietnam emerges as fast-growing real estate market in Southeast Asia ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Residential real estate in Vietnam is still one ofthe fastest-growing markets in Southeast Asia despite the fact that theCOVID-19 pandemic has halted many economic activities, according toexperts from property consultant Savills Vietnam.

Troy Griffth, Deputy Managing Director of Savills Vietnam, said that investingin the real estate market in Vietnam continues to be the choice of many investors.

The market still enjoyed an year-on-year increase of 270 percent in the new supplies in the first two quarters of this year.

According to Griffth, the domestic economy wouldcontinue to develop and equity would continue to grow and gradually shift to manyother activities of the economy. Therefore, real estate will continue to be anattractive investment channel in the near future.

The apartment market in Hanoirecorded an increase in prices for ten consecutive quarters. Notably, the primaryprice of apartments in Cau Giay district has increased by 14 percent per yearsince 2017.

In Ho Chi Minh City, theprimary supply is limited, but the low-rise real estate segment is still quitegood with the secondary price increase of 15-20 percent in Districts 7, 9 and Nha Be.

Office real estate in both Hanoiand HCM City recorded occupancy rates of about 90 percent with the rent for GradeA kept stable at 33 USD and 60 USD per month in Hanoi and HCM City,respectively. These two cities are rated as the best performing office marketsin Asia.

According to Savills, theresidential and commercial real estate market in Vietnam has grown strongly inrecent years and continues to be an attractive investment channel for bothdomestic and foreign investors. With such favourable factors as politicalstability, a positive forecast of the economy, increased foreign investmentcapital, a large population and rising purchasing power and the signing of many freetrade agreements, Vietnam's real estate market is expected to have manydevelopment prospects.

Matthew Powell, Director ofSavills Hanoi, said that most of the real estate segments in Vietnam have greatpotential.

ܫ The country is embracing manynew residential real estate trends with more diversified and high-qualityproducts that suit the tastes of homebuyers better. In addition, thedevelopment in the infrastructure system also promotes the trend of suburbanreal estate in big cities. However, the potential of themarket development does not lie in residential real estate, he said, adding that commercial and industrial real estate and retail are promising segments.

Thus, it can be seenthat the good prospects of real estate in Hanoi in general and Vietnam, in particular, are not only for the housing segment but also for other segments of themarket, Powell said./.
VNA
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