HANOI: Apartment rents in most districts of Vietnam's southern economic hub, Ho Chi Minh City, have surged by up to 28 per cent since last year, while new supply has fallen to a 15-year low, local media reported Tuesday, according to Xinhua.
Only 500 apartments were put up for sale in the city in the first quarter, the lowest number in the past 15 years and a 17 per cent decrease from the same period last year, Vietnam News Agency reported.
Global real estate services firm JLL stated that rental prices for apartment in the city increased by 1.6 per cent quarterly and 5.9 per cent annually in the first three months of 2024, averaging US$10 per square metre per month, particularly in new high-quality developments.
Roddy Allan, chief research officer of JLL in Asia-Pacific, said Ho Chi Minh City, along with Jakarta, Bangkok and Manila had seen a hike in rental apartment prices among developing market groups.
"Vietnam's largest city, Ho Chi Minh City, was also one of the region's best-performing markets from a residential perspective," he added.
He said limited supply had resulted in consistent price hikes in the rental segment.
