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HANOI: Vietnam’s leading real estate trading website, batdongsan.com.vn, says the domestic rental market had a bright start to 2022 before declining in the second quarter.
Nguyen Quoc Anh, deputy general director of batdongsan.com.vn, said the level of interest and transaction volume for properties for sale tended to decrease due to several negative factors, including some large investors’ cancellations of purchasing land plots in Thu Thiem, Ho Chi Minh City, after winning auctions.
The US Federal Reserve’s interest rate increases caused domestic commercial banks to raise deposit rates, and mistakes in bond issuances also had a negative impact on the property market.
The market suffered badly from Hanoi tightening the separation of land parcels and real estate companies cutting off a large number of employees due to difficulties in the sector.
However, Le Dinh Hao, sales director of batdongsan.com.vn in the North, said the “rare bright spot” in this market was the recovery and strong growth for rent, especially in Hanoi.
“Specifically, in the fourth quarter of 2022, the level of interest from customers in Hanoi decreased by 8% for real estate sales but surged by 63% for real estate for rent, compared to the first quarter of the year.”,
The growth of the rental segment occurred in all types , with the level of interest in townhouses the strongest with a growth rate at 179%, while the office segment grew by 153%, 77% for private houses, and 21% for apartments.
A survey of the rental market’s brokers released by batdongsan.com.vn on Dec 14 also showed positive signs.
Accordingly, 47% of surveyed brokers believe that real estate rental prices would increase slightly, while 16% said prices would increase sharply, and 23% said they would remain flat. About 10% said they would decrease.
The demand for rental properties recovered well in 2022, as Ho Chi Minh City witnessed the strongest recovery, increasing by 103% compared to the beginning of the year. Hanoi was up 63%.
This year, townhouses and villas were the two types of real estate for sale with the highest level of interest in Ho Chi Minh City. Hanoi data showed a similar trend. Searches for a townhouse increased by 49% in Ho Chi Minh City and 17% in Hanoi.
A survey of Vietnamese real estate consumer sentiment conducted by batdongsan.com.vn showed that in 2022, despite the property market facing many difficulties, 70% of households with incomes of 40 to 70 million Vietnamese dong (RM7,483 to RM13,096) bought at least one more real estate product.
When asked about their intentions to buy real estate, nearly half of those who did not have a home said they would buy within the next year. This rate is even higher among those who already own one or more properties.,