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Hanoi commercial property booms

The Hanoi real estate market saw optimistic development in the third quarter and the growth trend is expected to continue to the end of this year, Savills Vietnam real estate agent reported on Oct. 5.
The Hanoi real estate market saw optimistic development in the thirdquarter and the growth trend is expected to continue to the end of thisyear, Savills Vietnam real estate agent reported on Oct. 5.

"Good economic recovery in the third quarter helped the office andretail sectors in the property market," said Pham Thanh Son, SavillsVietnam economics expert.

Hanoi 's office occupancyrate average increased to 91 percent, a 4 percent jump, in the secondquarter, according to Savills associate director and head of researchand consultancy Tran Nhu Trung.

The average occupancy ratein the city's shopping centres remained high at 94 percent and many newshopping centres opened in this quarter.

The servicedapartment sector average dipped slightly to 91 percent from 92 percentin the third quarter but average rental rates increased by 0.4 percentto 26 USD per sq.m per month, Trung said.

Son reportedchallenges to credit acquisition for the capital property market, whichinclude depreciating dong, high interest rates for loans and Decree 71,which contributed to a decline in mobilised capital.

Sonalso asserted that the increased price of gold and the higher exchangerate attracted more investors to the financial market so availablecapital for property projects has declined./.
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