M&A Report | 2024

TMS Consultancy provides economic information and benchmarks for real estate market research in Vietnam across the apartment, office, retail, and hotel segments in Ho Chi Minh City, Hanoi, and Da Nang.

Apartments: There was no new project supply launched in Ho Chi Minh City and Da Nang, with the majority of the supply coming from subsequent phases of existing projects. Apartment prices in Hanoi have yet to fall. The villa and townhouse markets have not shown any signs of recovery, although the land market has seen an increase in buyer interest, aided by the early implementation of the Land Law 2024 in August, which provided clarity and bolstered investor confidence.

Offices: The market has become more vibrant with a significant increase in supply from Grade A office projects, resulting in higher absorption and rents. The Grade B office segment remains stable, continuing to meet steady demand. Businesses entering the market and returning to operations are growing more actively.

Retail: Condominiums and shophouses have yet to recover, with numerous properties on important roadways remaining unoccupied. Smaller premises in alleys, on the other hand, have higher occupancy rates. Meanwhile, the shopping mall market is gradually stabilizing, supported by the entry of foreign brands.

Hotels: Due to the storm situation affecting coastal provinces, hotel room occupancy rates are lower than expected.