Hanoi, HCMC real estate markets show mixed results

HCMC – The real estate markets in Vietnam’s two largest cities, Hanoi and HCMC, indicated signs of recovery amid protracted woes in the final months of last year, according to a Savills report. The commercial outlook is sound, with office stock increasingly green.”In Hanoi, apartment stock of the primary market in the final quarter of 2023 dropped by 41% year-on-year to 11,911 units. Do Thu Hang, senior director of Advisory Services at Savills Hanoi, said demand and supply for affordable properties were misaligned. Retail occupancy in the final quarter of 2023 in Hanoi reached 88% while it was 92% as for HCMC. According to Savills analysts, Vietnam’s real estate market will strengthen this year, led by foreign direct investment inflows, consumer demand, and infrastructure development.