Hanoi’s hotel market is experiencing a period of recovery as it caters to a surge in domestic and international arrivals, which have pushed up occupancy rates and improved business performance.
The Vietnamese real estate market showed mixed results in 2022 with a boom in the first half of the year and a downturn in the second half, according to Nguyen Manh Ha, Vice Chairman of the Vietnam National Real Estate Association.
The Ministry of Construction (MoC) has submitted a plan to build over 1.8 million apartments under a social housing scheme for low-income earners and workers in industrial zones (IZs) by 2030.
The luxury and mid-priced apartment segments will continue to lead the market in 2022, while affordable apartments will remain scarce, according to property consultant DKRA Vietnam Joint Stock Company.
The primary prices of apartments are likely to increase about 5 – 7 percent annually over the next three years due to higher product positioning and expectations for more launches of high-end apartments in prime and central locations, according to CBRE Vietnam.
The Hanoi authorities have recently decided to use unoccupied apartments under resettlement projects as COVID-19 treatment hospitals and quarantine facilities. The move aims to prevent the spread of the novel virus, ensuring safety for the local residents.
From April 29 to now, Hanoi has recorded 148 COVID-19 cases, of which 37 are related to the cluster of cases in the Times City residential area and T&T Company
The country’s apartment inventory was estimated at some 3,300 units by the end of the first quarter of the year, falling 5,700 units compared to the same period last year, according to the Ministry of Construction (MoC).
The People’s Committee of central Dang Nang city and the Import-Export Pan Pacific Group (IPPG) has signed a Memorandum of Understanding (MoU) on the development of an international and regional finance centre to attract investors in the future.
Hanoi’s condominium supply volume and sales are expected to improve in 2021, with between 24,000 and 26,000 units to be put on the market, CBRE Vietnam said at a January 7 event to announced its Q4 2020 quarterly report.
Investing in apartments to capture short-term gains has not been attractive to investors due to high prices caused by limited supply, according to experts.
Ho Chi Minh City’s Department of Tourism has asked authorities in all districts to take measures to control the spread of disease in rental apartments and lodging facilities.
The Ministry of Construction (MoC) is completing a draft resolution to encourage the development of low-cost commercial apartments to submit to the Government in the third quarter of this year.
The new launch of condominiums in the second quarter of this year (Q2) nearly tripled that of the previous quarter, showing recovery of sales activities, according to CBRE Vietnam's quarterly report on the Hanoi market released at a recent online press conference.
The State will employ policies to encourage the development of cheap commercial houses to remove difficulties for the real estate market and enterprises due to the COVID-19 pandemic.
The domestic real estate market in the first quarter had the lowest transaction volume in the past four years due to the impact of the COVID-19 pandemic, the Vietnam Association of Real Estate Brokers (VARS) said.
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