Hanoi currently has 8,150 hotel rooms and there will be an additional 700 available on the market this year, according to Savills Vietnam’s quarter-one report.
New apartment buildings have gone up in Hanoi. The first quarter saw the capital city having 95,400 apartments in nearly 230 projects put on sale.
Ngo Huong Giang, a senior executive at Savills Vietnam’s research and consultancy department, said Hanoi has 57 three- to five-star hotels with around 8,150 guest rooms, 5% higher than last year. There were three three- and four-star hotels with around 200 rooms put into service in the first quarter.
The performance of the hotel market in Hanoi has been much better than last year’s same period. Average revenues recorded in the first quarter reached VND970,000 per room per night and the average room occupancy rate was nearly 60%, up three percentage points from the year-ago period.
According to Giang, from the second quarter towards the year-end, Hanoi will have 36 hotels entering the market. Among these, 20 projects will supply some 5,900 rooms.
Meanwhile, from the second quarter until 2016, there will be an additional five projects with around 1,300 rooms to be put into use.
On the apartment front, the report said the capital city had 95,400 apartments going on sale in nearly 230 projects in the first quarter. From this quarter, the city will have 83 new projects with over 65,400 units.
Meanwhile, in quarter one HCMC had eight new projects and new phases of four projects putting up apartments for sale. As many as 2,800 apartment units were launched in the quarter, the highest number of apartments for sale within one quarter since the second quarter of 2011. Besides, some 1,600 apartments were transacted in HCMC in quarter one, up around 40% from last year’s same period.
According to Savills, apartment transactions in HCMC were more active in the first quarter as interest rates have declined and buying apartments for rent has turned out to be an attractive investment vehicle at the moment.
There will be around 57,600 apartments in 92 projects to be completed in 2015-2017, with 20% of them to be finished next year.
Regarding this quarter alone, HCMC will be over 1,700 new apartment units.