According to the latest report by CBRE, the Hanoi rental serviced apartments market has not recorded any new supply of rental serviced apartment in the last third quarter. The total supply of the whole market keeps remaining about 3,239 units with over 30% of the two bedroom flat.
In particular, the supply of class A serviced apartment rental in Hanoi occupies up 71% of total supply in market in which Tay Ho district, Ba Dinh district and Tu Liem district hold the largest market shares. The market is expected to become more active when mass of large projects for serviced apartments for rent which will be actived in 2017.
The average offer price is almost stable for both class A and class B, 31,6 USD/m2/month and 22,6 USD/m2/month respectively. Whereas, the rent became steady, no much oscillation. This will create opportunity for new projects to offer competitive price to attract attention of tenant. In the third quarter in 2016, apartments for rent in Tay Ho district still records the highest offer price, which is followed by that of Cau Giay district, Ba Dinh district and Tu Liem district. The average price of class A- apartments has the difference among districts, however, this difference is less than that of B class apartments. These shows that the pricing competition of among those projects is quite stiff.
According to the expectation, the supply of serviced apartments will exceed 4000 units in 2018, with some typical projects such as:
Somerset West Point: No. 2 Tay Ho street, Quang An, Tay Ho, Hanoi.
Dream Aparthotel: No. 64 Nguyen Luong Bang street, Dong Da, Hanoi.
Trang An Complex: Phung Chi Kien street, Cau Giay, Hanoi.
Vinata Tower: 289 Khuat Duy Tien, Thanh Xuan, Hanoi.
Somerset West Central Hanoi: Nam Trung Yen New Urban area, Cau Giay, Hanoi.
VietinBank Tower Hanoi: located in Ciputra Hanoi area.
These are projects for high class serviced apartment in some areas where are the focus of many offices. That is expected to be the permanent destination for tenants, especially foreign tenants.
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