Hanoi, HCMC house rent among highest in Asia

By Dat Nguyen   May 16, 2024 | 03:12 pm PT
Hanoi, HCMC house rent among highest in Asia
Apartment buildings in Hanoi. Photo by VnExpress/Ngoc Thanh
Hanoi and Ho Chi Minh City are among the most expensive cities in Asia to rent housing at a monthly median of US$688, a survey has found.

That is the rate for a one-bedroom apartment in the most expensive areas in the two cities, according to European market researcher Global Property Guide.

It ranks them in joint 10th place.

Singapore tops the list at $4,590, followed by Hong Kong ($2,173) and Tokyo ($1,216).

Buying a one- bedroom apartment in the most expensive parts of Hanoi and HCMC costs $214,500. This is double the price in Jakarta ($112,500), and also higher than in Mumbai and Manila.

Nguyen Hoai An, an analyst at property consultancy CBRE, said the HCMC apartment market is now in a stable period after recording strong price surges in recent years.

There is a large supply of high-end and luxury apartments and developers are selling them at discounts to prepare for new projects, she added.

Nguyen Quoc Anh, deputy CEO of listing platform Batdongsan, said a number of investors in the south are now looking to buy in Hanoi where prices are lower.

Since 2021 the number of searches for Hanoi apartments by people living in HCMC has risen 7.5-fold, he said.

The number for HCMC only doubled in the period, he added.

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