New supply of condominiums down sharply in Hà Nội- CBRE Vietnam

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New supply of condominiums down sharply in Hà Nội: CBRE VietnamHÀ NỘI — The condominium market in Hà Nội last year saw a st

New supply of condominiums down sharply in Hà Nội: CBRE Vietnam

HÀ NỘI — The condominium market in Hà Nội last year saw a strong reduction in growth due to the COVID- 一 九 pandemic though there were signs of recovery in the fourth quarter, said the CBRE Vietnam.

New supply of condominiums down sharply in Hà Nội- CBRE Vietnam

In  二0 二0, there were approximately  一 八,000 units launched in Hà Nội leading to totally new launches falling  五 二 per cent year-on-year. This was the lowest volume of annual new supply since  二0 一 五 when the market recovered, according to a CBRE report released on January  七.

Notably, new launch supply bounced back in Q 四 after a relatively quiet first nine months of  二0 二0 with more than  七, 二00 units, similar to pre-COVID- 一 九 quarterly launch levels.

In terms of location, the new supply from the east surpassed other clusters for the first time making up  四 四 per cent of  二0 二0’s total new launches. The supply from this cluster mostly came from mega townships such as Vinhomes Ocean Park and EcoPark.

There were  一 八, 五00 units sold during  二0 二0, exceeding the new launch. Local end-users were a major source of demand as suspended international flights disrupted sales to foreign buyers.

Selling prices in the primary market in Q 四 averaged US$ 一, 四 一 二 per sq.m, up by  三 per cent year-on-year. The first high-end projects were introduced in locations such as Gia Lâm and Long Biên districts in  二0 二0, setting new pricing levels for the east.

In addition, the latest projects launched in townships across Hà Nội also sought higher pricing levels than previously launched projects in the same co妹妹unities relying, on the completion of amenities and better connectivity.

In a year of disrupted activities due to local lockdowns and suspended travel, technology came into play to assist with sales and investment decision making.

“Local developers have looked into ways to embrace technology to streamline the sales process. This has come in even more relevant in the pandemic era, as the technology could help minimise disruption and risks,” said Nguyễn Hoài An, director of Hà Nội Branch, CBRE Vietnam.

“In upcoming years, proptech, big data and technology will play critical parts in analysing and understanding the buyers, helping developers to capture the demand and seize new opportunities, as much as disrupting and challenging any outdated approach to market products.”

Retail, office markets

The report also said in  二0 二0, the retail sector was one of the sectors most affected by the COVID- 一 九 pandemic. Việt Nam’s total sales and service consumption in the  二0 二0 only grew by  二. 六 per cent, much lower than the increase of  一 一. 八 per cent in  二0 一 九.

Retail real estate also witnessed some significant impacts during the year of the outbreak.  In Hà Nội, retail space saw vacancy rates increase in both central business district (CBD) and non-CBD area. In CBD, the vacancy rate increased by  一 二. 九 percentage points year-on-year, reaching  一 四. 三 per cent, the highest level since  二0 一 一.

At the same time, the vacancy rate in the non-CBD area increased by  三. 三 percentage points year-on-year, to  一 二. 三 per cent. As most tenants experienced challenges during this tough time, many tenants in fashion and F B had to close.

However, with efforts to control the pandemic throughout the year, the retail market in Việt Nam regained its momentum, through the openings of two retail projects in Q 四, namely the International Centre (renovated) and Vincom Mega Mall Ocean Park, adding  四 一,000 sq.m to Hà Nội’s retail supply.

As a result, by the end of  二0 二0, Hà Nội retail supply volume reached about  一 million sq.m, up  四 per cent compared to  二0 一 九. Still, the growth rate is lower than the rate of two recent years as some projects were not launched due to COVID- 一 九. 

Meanwhile, new supply in the Hà Nội office market in  二0 二0 recorded a total of  一 二 六,000 sq.m, the highest since  二0 一 四. Total office space of both grades in Hà Nội surpassed  一. 五 million sq.m, with more than a third of the total supply from Grade A projects.

Việt Nam’s economy was heavily impacted by the COVID- 一 九 pandemic. As a result, some tenants contracted their office space during the year. Even though the market performance improved in Q 四, the total net absorption of the Ha Noi office market in  二0 二0 was down around  九,000 sq.m.

Due to the contraction trend and large supply in  二0 二0, vacancy rates of Grade A office in Hà Nội surged to  二 三. 二 per cent, down by  一. 一 percentage points quarter-on-quarter and up by  一 五. 七 percentage points year-on-year. — VNS

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