Hanoi Marketview Q1 2019
- Vietnam lowered its estimation for economy growth rate in Q1 2019 to 6.79% y-o-y from the level of 7.38% in Q1 2018, due to slowdown in manufacturing sector as well as agriculture sector. FDI, however, was still the bright spot with a growth of 80.1% y-o-y in terms of capital.
- Condominium market: While new launches in HCMC decreased due to slowdown of licensing process, Hanoi witnessed the highest new launches in a quarter coming from subsequent phases of large-scale townships targeting mid-end buyers. Positive absorption was seen in both markets.
- Office market: Hanoi welcomed the first Grade A project in the past three years and HCMC added two new non-CBD projects into its current supply. Both cities are expecting high level of new supply coming up later this year, further stablising rental rates in near future.
- Retail market: Limited supply in the CBD area supports strong performances, in terms of rental rates and occupancy rates, in both cities. In the non-CBD area, each city welcomed one new project. More supply is to come online in later of this year and Hanoi’s retail market will surpass one million sq.m.