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Friday, June 14, 2024

Northern Vietnam’s real estate market poised for growth – report

The Saigon Times

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HCMC – A recent Cushman & Wakefield report has highlighted the growth potential of the real estate market in northern Vietnam, driven by the region’s robust infrastructure, emphasis on high-value industries, and increasing foreign investment.

The report underscored several favorable conditions contributing to the region’s promising outlook, including a stable macroeconomic environment, supportive investment policies, and technological advancements streamlining real estate operations.

Trang Bui, head of Cushman & Wakefield Vietnam, pointed out the critical role of well-developed infrastructure and the strategic position of northern Vietnam within global supply chains.

The 10-year forecast in the report predicted substantial growth across various real estate segments in the region. Office space supply is expected to double by 2033, reaching 3.2 million square meters, driven by demand from technology, professional services, and co-working sectors.

In the retail sector, the market may see the entry of new malls and international brands, catering to consumers’ increasing focus on experiential spending. Demand for retail spaces integrating leisure, entertainment, and dining options is expected to rise.

Industrial land in northern Vietnam is projected to expand to 30,000 hectares by 2033, with ready-built warehouses reaching 17 million square meters.

Major global companies, including LG Innotek, JinkoSolar, and Amkor Technology, have already made huge investments in the region, focusing on high-tech manufacturing and renewable energy projects.

The hospitality sector is gearing up to accommodate the rebound in tourism, with plans for new hotels to meet rising demand. An estimated 34,000 additional rooms are expected to be available by 2033, serving both business and leisure travelers.

Analysts from Cushman & Wakefield stressed the importance of environmental, social, and governance (ESG) compliance, as well as a focus on human needs in real estate development.

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