Business

Real estate for rent - bright spot in 2022

The domestic rental market had a bright start in 2022, although it began to decline in the second quarter, according to batdongsan.com.vn, Vietnam's leading real estate trading website.
Real estate for rent - bright spot in 2022 ảnh 1Illustrative image. (Photo: VNA
Hanoi (VNS/VNA) - The domestic rental market had abright start in 2022, although it began to decline in the second quarter, accordingto batdongsan.com.vn, Vietnam'sleading real estate trading website.

NguyenQuoc Anh, deputy general director of batdongsan.com.vn,said the level of interest and transaction volume for property for sale hastended to decrease due to negative factors, such as some large investors'cancellation of purchasing land plots in Thu Thiem, HCM City after winningauctions.

TheUS Federal Reserve's interest rates hike caused many domestic commercial banksto raise deposit rates and problems in corporate bond issuance have also hadnegative impacts on this market.

In addition, the market has suffered bad effects from Hanoi tightening theseparation of land parcels and real estate companies cutting a large number ofemployees due to difficulties in this market.

However,Le Dinh Hao, sales director of batdongsan.com.vn inthe North, said the "rare bright spot" in this market is the recoveryand strong growth of the segment for rent, especially in Hanoi.

Specifically,in the fourth quarter of 2022, the level of interest from customers in Hanoi decreasedby 8% for real estate for sale but surged by 63% for real estate for rentcompared to the first quarter of the year. The growth of the rental segment wasseen in all types and segments. Of which, the level of interest in townhouseshad the strongest growth rate at 179%, while the increase was 153% for theoffice segment, 77% for private houses, and 21% for apartments.

Asurvey of the rental market's brokers released by batdongsan.com.vn onDecember 14 also recorded positive signs of this market. Accordingly, 47% ofsurveyed brokers believed that real estate rental prices will increaseslightly, while 16% of them said the price will increase sharply, and 23% saidit will be flat. About 10% thought it will decrease.

Demandfor rental properties in both cities recovered well in 2022 but HCM Citywitnessed a stronger recovery with the level of interest in rental propertiesincreasing by 103% compared to the beginning of the year, while in Hanoi it was63%.

Thisyear, townhouses and villas are the two types of real estate for sale with thehighest level of interest in HCM City. Hanoi's data showed a similar trend.Searches for a townhouse increased by 49% in HCM City and 17% in Hanoi.

Directorof batdongsan.com.vn in theSouth Dinh Minh Tuan forecasts that in the short term, the prices of some segmentsin some regions may still level off. Owners of those property products mustsell the products due to pressure from high interest rates of loans.

ExpertCan Van Luc said that authorities need to remove some bottlenecks for themarket to develop better and healthier, including the legal issuance ofproperty projects and bonds of property companies./.
VNA
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