Not even the COVID-19 pandemic could derail the momentum of the Vietnam residential property market as it continues to grow. According to Savills Vietnam, investors are still looking for opportunities in the country despite the fact economic activity has been limited this year.
Troy Griffth, Deputy Managing Director of Savills Vietnam, told Vietnam Plus that the Vietnam residential property market recorded a 270 percent increase in new supply during the first half of this year. Even with new units being launched, demand remains strong leading to price increase across multiple segments
The consultancy found that Hanoi apartment market prices have increased for ten consecutive quarters. One of the standout performers in the city is the Cau Giay district where prices have risen by 14 percent annually since 2017.
The low-rise segment in Ho Chi Minh City has led the way there with secondary prices jumping by 15-20 percent in Districts 7, 9 and Nha Be. Investors are seeing these performances throughout the country and are looking for opportunities in the Vietnam residential property market.
Long-term prospects are also bright since the domestic economy is likely to continue its growth. This benefits not only the Vietnam residential property market, but other sectors as well. What’s more, the country’s focus on infrastructure will support growth across all property markets.
“The country is embracing many new residential real estate trends with more diversified and high-quality products that suit the tastes of homebuyers better. In addition, the development in the infrastructure system also promotes the trend of suburban real estate in big cities,” Matthew Powell, Director of Savills Hanoi, explained to the website. “However, the potential of the market development does not lie in residential real estate, he said, adding that commercial and industrial real estate and retail are promising segments.”
