Market Report | Q3 2021

The 4th Covid – 19 epidemics substantially impacted the economy in general, especially on the real estate market. Under the impact of Covid – 19, capital inflows into real estate slowed down; supply and transaction such as apartments, offices, land plots, and commercial were plunged. The hotel and condotel were frozen because service activities were delayed. Moreover, many projects were delayed for the selling plan.

Apartment: The market in Ho Chi Minh City had the highest price among the three major cities in Vietnam. Not only did the average price decrease, but the supply of the markets also reduced due to the impact of the outbreak, which delayed the market supply.

Office: The average rental price of the office market in Da Nang decreased more sharply (over 5%) than the other two big cities of Vietnam: Ho Chi Minh City and Hanoi City. The occupancy rate in Da Nang was also the lowest among the three big cities of Vietnam.

Retail: Hanoi and Ho Chi Minh City also did not record any new development in Q3/2021. This 4th outbreak has delayed new collections for the retail market. The potential new supply of Ho Chi Minh City is mainly in the new city, Thu Duc City, expected to be released in 2021.

Hotel: The average rental price of hotels in all cities/ provinces decreased dramatically, over 10% Y-o-Y. Besides, 4-stars hotels fell by 7 – 8% Y-o-Y, and 5-stars ones fell by 10 – 10.5% Y-o-Y.

Condotel: The average rental price and the occupancy rate of the condotel in this quarter decreased about 9 – 10% Y-o-Y. In Q3/2021, the condotel market did not record any new supply

Industrial: Our country’s highest average leasing price remained in two big cities: Ho Chi Minh City and Hanoi; the followings were Binh Duong, Dong Nai, and Hai Phong city. The average occupied rate of the industrial parks in some cities and provinces exceeded 90%, they were HCM, Binh Duong, Bac Ninh, and Dong Nai.