Vietnam Real Estate Industry Report Q3/2023: Overview of Vietnam’s real estate industry 

Vietnam real estate industry report Q3/2023 – VIRAC showed the movement of the market with the analysis on office, retail, residential, and industrial sectors. Some highlights are mentioned below:

 

  • Residential: Hanoi and HCMC experienced low new supply in terms of townhouse/villa (with a change of x.x% and x.x% compared to the same period in 2022, relatively) due to impacts from macro headwinds. As a result, the price of primary townhouses reached x,xxx USD/m2 in Hanoi, and x,xxx USD/m2 in HCM.

 

  • This upward trend occurred similarly to condominium prices in HN, up by nearly xx% y-o-y while HCM witnessed a flattening trend.

 

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Vietnam real estate industry report Q3/2023: Industrial zone

 

In spite of economic difficulties in 2023, Vietnam’s industrial sector excelled across various regions thanks to robust demand. Both emerging high-tech sectors such as electric vehicles and semiconductors, as well as traditional industries, showed keen interest in Vietnam, suggesting a promising outlook for the industrial sector in 2024. 

 

  • The asking price for industrial land tended to continuously fluctuate for both Southern and Northern. 
The cost of renting industrial land in the South per quarter
                                  The cost of renting industrial land in the South per quarter

Source: Vietnam real estate industry report 2023 – VIRAC

The cost of renting industrial land in the North per quarter
                                          The cost of renting industrial land in the North per quarter

Source: Vietnam real estate industry report 2023 – VIRAC

 

Office market

 

In 2023, both Hanoi and HCMC witnessed a notable rise in office space availability, resulting in higher vacancy rates. While Grade A rental rates in Hanoi remained consistent, Grade B rents saw a decline due to a surplus in supply. Conversely, in HCMC, both Grade A and Grade B office rents remained relatively unchanged, with a preference for Grade A properties in terms of occupancy. Looking forward, the office market foresees flexible rental rates, tenant-friendly lease terms, and a move towards environmentally conscious and sustainable initiatives.

 

  • Increase in office supply for both HCM & HN:

Source: Vietnam real estate industry report Q3/2023 – VIRAC

 

Find out details about the supply outlook

 

The asking rent price trend has not fluctuated too much in the past 3 years, for HCM…

and, Hanoi..

Vietnam real estate industry report Q3/2023

Source: Vietnam real estate industry report 2023 – VIRAC

 

Retail market

 

In the previous year, Vietnam’s retail industry saw the introduction of numerous new projects, with Lotte Mall West Lake Hanoi standing out as the largest shopping destination in Hanoi within a four-year span. Revamped venues like The Loop in Hanoi and Hung Vuong Plaza in HCMC also resurfaced. Both cities experienced notable rises in rental rates, driven by the growth of premium brands and a decline in empty spaces.

 

Here’s the price movement in HCMC: 

Vietnam real estate industry report Q3/2023
                                     The rental prices in the retail industry of Ho Chi Minh City

Source: Vietnam real estate industry report Q3/2023 – VIRAC

 

Learn in detail about the retail market supply prospects in Ho Chi Minh City

 

and in Hanoi.

Vietnam real estate industry report Q3/2023
                                          The rental prices in the retail industry of Ha Noi City

Source: Vietnam real estate industry report 2023 – VIRAC

 

Learn in detail about the retail market supply prospects in Hanoi city

 

Vietnam real estate industry report Q3/2023: Residential market

 

Hanoi and HCMC experienced low new supply in terms of townhouse/villa (with a change of x.x% and x.x% compared to the same period in 2022, relatively) due to impacts from macro headwinds. As a result, the price of primary townhouses reached x,xxx USD/m2 in Hanoi, and x,xxx USD/m2 in HCM.

 

  • This upward trend occurred similarly to condominium prices in HN, up by nearly xx% y-o-y while HCM witnessed a flattening trend. 

 

Find out the reason why primary selling prices in Ho Chi Minh apartment market are high

 

The situation of apartments for sale in Hanoi

 

Hanoi experienced an increase in both supply

Vietnam real estate industry report Q3/2023
                                  The new supply, apartments for sale in Ha Noi quarterly

Source: Vietnam real estate industry report Q3/2023 – VIRAC

 

and in primary price trend:

Vietnam real estate industry report Q3/2023
                                            Average primary price of apartments for sale in Ha Noi

Source: Vietnam real estate industry report Q3/2023 – VIRAC

 

Find out details about the number of new apartments launched for sale and transactions by quarter and the outlook for apartments in Hanoi.

 

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The above information is compiled in “Vietnam Real Estate Industry Report Q3/2023”. The report not only provides complete information on the macroeconomics and industrial park situation of the real estate industry but also provides complete information such as the office real estate market, and the real estate market for sale. retail, residential real estate market in both the North and the South from the latest updated data.

 

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VIRAC provides more than 20 economic sectors such as Real Estate, Pulp and Paper, Footwear, Oil and Gas, Textiles, Electricity, Beverages, Pharmaceuticals, Wood, Aviation, Chemicals, Macroeconomics, Linh Electronic components, Logistics, Accommodation, Plastic, Automobiles, Coal, Steel, Animal feed, Food, Construction materials, Minerals, Telecommunications, Cement,…

 

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VIRAC was founded by a team of reputable personnel with expertise in information, finance, and market research in the region. VIRAC specializes in providing products and services related to:

  • Industry Research
  • Business research
  • Market research
  • VIRACE data platform

 

VIRAC partners

  • Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)
  • Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)
  • Vietnam Bank for Agriculture and Rural Development (Agribank)
  • Military Commercial Joint Stock Bank (MB Bank)
  • Unilever Vietnam International Company Limited
  • Olam International
  • FrieslandCampina

 

 

 

 

 

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