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Ho Chi Minh City
Friday, June 14, 2024

Hints of rebound

By Do An

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The Hanoi real estate market is showing signs of improvement despite recent setbacks. Despite recent setbacks in the industry, the real estate market in Hanoi is displaying positive signs of recovery, as highlighted in a recent report by CBRE Vietnam. The city’s retail market, in particular, showed growth momentum in the first half of 2023, building upon the impetus witnessed in the last quarter of 2022. During this period, an additional 6,630 square meters of retail podium space was added at the Lancaster Luminaire project in Dong Da District, contributing to a total net leasable area of approximately 1.08 million square meters in Hanoi’s retail sector. The Hanoi central business district (CBD) remains the most sought-after location for tenants, boasting lower vacancy rates and higher asking rents. The ground floor asking rent in the CBD, excluding value-added tax and service charges, reached US$162 per square meter monthly, representing a 13% increase compared to the end of last year. Furthermore, the vacancy rate in the Hanoi CBD has decreased by 2% over the past six months, reaching 2.6%. This decline, in comparison to pre-pandemic rates ranging between 1% and 1.5%, indicates a positive trend. Asking rents in other areas were estimated […]
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