Savills Property Price Index: Ha Noi
Residential
In Ha Noi’s Residential SPPI, we explore the factors that drove a notable 30% rise from its lowest point in Q3/2019. We also look at how limited primary stock, infrastructure development, and improving quality contributed to the 3% quarter-on-quarter (QoQ) increase in residential prices to VND 41 million/m2 Net Sellable Area (NSA).
Residential Index Ha Noi
Office
The office sector presents a nuanced landscape. We unpack the factors driving the decline of the Office Index to 69.8 points in Q4/2023, and explore the underlying patterns within Grade B and Grade C occupancy.
Office Index Ha Noi
Savills Property Price Index: Ho Chi Minh City
Residential
In Ho Chi Minh City's Residential SPPI, Savills real estate advisory experts explore the factors driving the city's 2-point quarter-on-quarter rise in the Residential Index to 126 points. We look at the influences behind significant absorption improvements and what caused primary prices to reach 2020 levels at VND 69 million/m2 NSA.
Residential Index HCMC
Office
In Q4/2023, the HCMC Office Index dipped by 1 ppt QoQ to 97 pts, stable YoY. Despite a slight dip in CBD occupancy to 91%, the HCMC Office Index studies what supported rent of VND 980,000/m2/month. We look at the properties that drove a decrease in non-CBD rent and how non-CBD occupancy behaved in the final quarter of 2023.
Office Index HCMC
Factors Influencing Savills Property Price Index
Property price indices are influenced by wider consumer sentiment, business confidence, wages, labour force demographics, and construction costs. Savills Q4/2023 SPPI report unpacks what is supporting improvements in positive business confidence, but also why 37% of Europe and Europe-related businesses in Viet Nam expect to underperform in 2024. We look at construction cost fluctuations, labour dynamics, and the factors driving notable dips in consumer sentiment.
In 2023, most of Viet Nam’s population participated in the labour force (68.9%). A significant employer in Viet Nam is manufacturing. In 2023, the sector employed an additional 363,000 workers, while accommodation and food services added 218,000. Conversely, wholesale and retail dropped by 463,000 given softer purchasing power and the rise of e-commerce. Agricultural workers dropped by 271,000 with rising automation and the migration of workers to urban areas or industrial parks.
Viet Nam employment changes YoY by industry, Q4/2023
Uncover Insights, Seize Opportunities
Savills SPPI Q4/2023 Market Report provides a professional analysis and rich insights for informed decision-making.
As a leading real estate valuation advisory firm in Viet Nam, we are here to help you get the most out of your real estate by quantifying unknown variables with Viet Nam’s longest-running property database. Contact us for more information.
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