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Ha Noi commercial property booms
The Ha Noi real estate market saw optimistic development in the third quarter and the growth trend is expected to continue to the end of this year, Savills Viet Nam real estate agent reported yesterday.
"Good economic recovery in the third quarter helped the office and retail sectors in the property market," said Pham Thanh Son, Savills Viet Nam economics expert.
Ha Noi's office occupancy rate average increased to 91 per cent, a 4 per cent jump, in the second quarter, according to Savills associate director and head of research and consultancy Tran Nhu Trung.
The average occupancy rate in the city's shopping centres remained high at 94 per cent and many new shopping centres opened in this quarter.
The serviced apartment sector average dipped slightly to 91 per cent from 92 per cent in the third quarter but average rental rates increased by 0.4 per cent to US$26 per sq.m per month, Trung said.
Son reported challenges to credit acquisition for the capital property market, which include depreciating dong, high interest rates for loans and Decree 71, which contributed to a decline in mobilised capital.
Son also asserted that the increased price of gold and the higher exchange rate attracted more investors to the financial market so available capital for property projects has declined.
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