kuhnpoker|Apartment rents in Vietnam's Ho Chi Minh City surge amid falling supply

HANOIkuhnpoker, June 18 (Xinhua) -- Apartment rents in most districts of Vietnam's southern economic hub Ho Chi Minh City have surged by up to 28 percent since last year while new supply fell to a 15-year lowkuhnpoker, local media reported Tuesday.

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 percent decrease from the same period last year, Vietnam News Agency reported.

According to global real estate services firm JLL, rental prices for apartment in the city increased by 1.6 percent quarterly and 5.9 percent annually in the first three months of 2024, averaging 10 U.S. dollars per square meter 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 said.

He said limited supply had resulted in consistent price hikes in the rental segment.■