Market Report Q4 | 2024

TMS Consultancy provides Vietnam’s economic outlook and benchmarks property market performance across key sectors — apartment, office, retail, and hotel — in Ho Chi Minh City, Hanoi, and Da Nang. The real estate market continued its gradual recovery with regional highlights:
Apartment: Prices in major cities showed resilience — Ho Chi Minh City recorded an average of USD 2,824/sqm, Hanoi reached USD 2,687/sqm (+28.4% YoY), and Da Nang USD 2,593/sqm (+9% YoY). Improved infrastructure, such as Metro Line 1 in HCMC and new ring roads in Hanoi, boosted housing demand and pricing.

Office: The market remained stable with moderate adjustments. HCMC Grade A offices averaged USD 45.6/sqm/month, while Hanoi maintained USD 32.5/sqm/month, both showing healthy occupancy above 85%. Emerging business hubs like Thu Thiem and Phu My Hung are set to drive new demand.

Retail: Retail sales continued to expand with new shopping malls such as Central Premium (District 8) and The Diamond Plaza (Hanoi). Vincom led the market with dominant share in both cities, while F&B and fashion brands drove strong leasing activity.

Hotel: Vietnam welcomed over 120 million tourists, including 17.5 million international arrivals, meeting the annual target. Tourism revenue reached VND 840 trillion, up 1.2 times from 2023. With favorable visa policies and strong domestic demand, the hospitality sector is on track for full recovery in 2025.