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Hanoi Q1 real estate market shows mixed signals

The Saigon Times

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HCMC – The Hanoi real estate market in the first quarter of this year showed mixed signals, according to a new report by Savills.

New retail space supply increased by 5% year-on-year, with rent 13% higher than in the same period in 2023.

Office space supply remained largely stable. Grade A vacancy rates improved by one percentage point against the previous quarter, but rents softened slightly as tenants sought options with better value.

Firms in the information and communications technology (ICT) sector accounted for 71% of leased space in January-March.

The hotel sector saw occupancy reaching 65%, with two new projects adding 800 rooms to the hotel inventory.

Meanwhile, new apartment supply plunged by 34% year-on-year. Sales rose 99% against the same period last year to 5,308 units, primarily driven by Grade B units.

The gap between secondary and primary market prices widened, with primary prices now 40% higher on average.

Savills analysts projected that the Hanoi real estate market will see continued growth in specific sectors, driven by strong foreign investment inflows, tourism recovery, infrastructure improvements, and new policies.

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