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Ho Chi Minh City : Developer activity in residential market picks up - Q3 2014

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Vietnam’s GDP grew 6.2% year-on-year (y-o-y) in Q3 2014, bringing GDP growth for the first nine months of 2014 to 5.5%, compared to 5.1% as at the end of Q3 2013. Inflation in Q3 fell to 4.6% against 4.8% in Q2, the lowest in the past 10 years while lending and borrowing rates were stable. The trade surplus continued to increase to USD2.5bn as at the end of Q3. However, Foreign Direct Investments (FDI) into Vietnam for the first three quarters of 2014 decreased 25.5% y-o-y.

Only 2,670 sq m (NLA) of net supply was added to the office market in Q3. While average rents for Grade A offices declined slightly, its occupancy rate increased due to the termination of a high-end office building, which will be redeveloped for hotel use. The market was still challenging for office landlords while tenants continued to have better bargaining power. Notwithstanding, office demand is projected to increase in the coming quarters on the back of economic improvement.

Source : DTZ

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Keywords : DTZ