Real Estate For Rent Heats Up The Market
If 2021 is the period when the rental market in Ho Chi Minh City drops dramatically, landlords suffer losses because of the Covid breakout, 2022 will see the revival of rental real estate and this positive signal is the opening shot for desirable forecasts in 2023.
Rental Price Increases!
In 2022, market reports show a 10-30% increase in rental price, especially in the last 3 months of the year, recorded in all types of rentals including offices, townhouses, apartments, and premises for lease.
Dense areas which attracts the most tenants are District 1, District 4, Binh Thanh District and especially Thu Duc City, the occupancy rate is increasing and the rental rate is growing strongly:
- Apartment rental price in District 9 increased by 15-18%
- Rental price in Binh Thanh, District 4 increased by 23-31%
- Rental price in Thao Dien and Thu Thiem areas (District 2, Thu Duc City) are still high because of high demand
Benefiting From Infrastructure Projects
The rivival of real estate prices for rent is a result of the reopening of many economic sectors and outstanding infrastructure projects promoted in Ho Chi Minh City such as:
- After February 2022, Vietnam reopened all international routes, helping the number of tourists in Ho Chi Minh City skyrocket and leading commercial and service activities were stimulated
- April 2022: Inauguration and opening of Ba Son Bridge (connecting Thu Thiem with District 1)
- September 2022: Lotte E&C (Korea) kicks off Lotte Eco Smart City Thu Thiem project with investment capital of 900 million USD
- July 2022: CapitaLand Development (Singapore) invests in building an 8-hectare complex in Thu Duc District
- November 2022: Opening of Emart Sala at Thiso Mall
- December 2022: 10km test run of Metro Ben Thanh – Suoi Tien line; Commencement of upgrading An Phu interchange
Path to Ba Son Bridge from Thu Thiem is always busy
A series of high-end projects with many outstanding facilities such as Empire City, The River Thu Thiem, Metropole Thu Thiem, Diamond Island (Thu Duc City) or Sunwah Pearl (Binh Thanh) will continue to attract investors and rentors as its promising location.
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Hope Among Challenges
According to real estate experts, the rental price of 2022 is still low compared to the price level of 2018-2019 and the recovery of the rental segment is still uneven. It is forecasted that in 2023, rental pricing will continue to have slight fluctuations due to the skyrocketing supply from projects due to hand over, and properties that are stuck in liquidity will be open for rent. This leads to a slow absorbing that can cause rental property prices to rise slowly in the short time.
Thu Duc City is welcoming the new year with promising expectations
However, the positive signals in the past period will motivate the recovery of rental real estate as it was before pandemic. Pricing growth of the HCMC market, especially the Thu Duc city, is still expected to climb up in the near future.
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