Market Report | Q2 2021

The Covid-19 epidemic had a negative impact on the economy and a significant impact on the real estate market. All real estate segments are affected substantially, such as the lack of new apartments and offices. The lower absorption rate in hotels and condotel, especially many projects, was delayed because of outbreaking Covid – 19.

Apartment: The new – launched supply still went up specifically by 10% Y-o-Y in the Hanoi and 25% Y-o-Y in Ho Chi Minh City. The selling price in Ho Chi Minh City in Q2/2021 was on average of 2,300 USD/sqm, increased about 15% -16% Y-o-Y. In Hanoi, the apartment selling price averaged 1,490 USD/sqm, increased to 2% Q-o-Q and 6.5% Y-o-Y.

Office: The office market in HCMC and Hanoi continued to show signs of recovery. However, the Vietnam economy is still affected by the Covid – 19 pandemic. The absorption of HCMC and Hanoi reached 60,000 sqm and 34,000 sqm.

Hotel: Hotel rent prices increased slightly, by 1-2% Q-o-Q. However, the occupancy rate was 50 – 55%, decreased by 2 – 3% Q-o-Q, because of outbreaking 4th Covid – 19 in early May.

Condotel: In Q2/2021, the condotel market recorded about 950 units for sale from 3 projects, go up by 25% Q-o-Q and 4 times Y-o-Y. The absorption was 65%, increased by 30% Q-o-Q and 4.5 times Y-o-Y.

Industrial: The average rental price of Ho Chi Minh City and Binh Duong Province was higher than other cities and provinces in Vietnam – Q2/2021. The average rental price was range from 3 USD/sqm/month to approx. 4.5 USD/sqm/month This rental price would increase by 3% – 5% next time.