Hanoi Figures Q1 2024

Office: During this quarter in the Hanoi market, the net absorption area exceeded 15,500 sqm, representing nearly 80% of the net absorption area recorded in 2023.

Retail: During the first three months of 2024, Vietnam’s retail market continued to demonstrate positive developments, with rental prices and occupancy rates showing a steady increase. Noteworthy events in the quarter included the grand openings of The Hour Glass Opera at 63 Ly Thai To in Hanoi.

Residential: New supply in the first three months of 2024 continued to be limited. Notably, the condominium secondary price experienced the highest annual price increase ever recorded, rising by 17% y-o-y, driven by limited new supply and an increasing interest in condominium products in Hanoi from investors. With the ongoing limited supply in HCMC and the lack of substantial movements in Hanoi's landed property market following the booming 2021-2022, several investors have shifted their investment focus towards condominium projects, particularly in Hanoi.

Industrial: Despite economic challenges in 2023, Vietnam's industrial sector performed well across asset types and regions, largely driven by robust demand. Emerging high-tech industries like electric vehicles and semiconductors, along with traditional sectors, has gained significant interest.