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Sharp recovery expected for HCMC housing rental market, analysts say

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The Covid-19 crisis significantly affected Ho Chi Minh City’s (HCMC) housing rental market, but experts predict a sharp recovery after the Lunar New Year. VIETNAM NEWS AGENCY

Sharp recovery expected for HCMC housing rental market, analysts say

The Ho Chi Minh City (HCMC) housing rental market is expected to recover sharply after Tet (Lunar New Year) as students and workers return to what has been designated a “green zone”.

According to analysts, the market usually booms after Tet in the early part of the year and remains stable over the following months, but in the last two years, due to the impact of Covid-19, the bottom fell out of it.

According to the statistics from Vietnam’s largest online property portal, batdongsan.com, the rental yields through online platforms in the city has dropped to the lowest levels since 2019.

The yield on townhouses has declined to 1.9 per cent in District 2, and 2.3-2.7 per cent in districts 7, 9, Tan Phu, and Binh Thanh. The yield on apartments in the city has fallen to 1.2 per cent.

Other kinds of properties have also been in a similar gloomy situation since the pandemic began in 2020.

According to website Cho Tot, since October, when the epidemic was brought under control, the property market has been returning to its former robust self.

Hoang Minh, a landlord in Go Vap district, told online newspaper VnExpress that the rental market has picked up as workers and students return to the city after Tet.

According to a survey by Cho Tot, 350,000 workers and 180,000 university students have come back.

A spokesperson for the website said houses near industrial parks, production facilities and universities such as Thu Duc City and districts Binh Thanh, Phu Nhuan, 9 and 10 are in demand.

Ky Hoa, a landlord in Thu Duc City, hoped that the pandemic would remain under control, enabling the rental market to recover.

VIET NAM NEWS/ASIA NEWS NETWORK

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