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Commercial Real Estate Market in Vietnam – Trends, Industry Competitiveness & Forecasts to 2022
| Home & Property Improvement | Published by: Mordor Intelligence | Market: Việt Nam |
| Unknown | Published: 21-06-2019 |
- Home & Property Improvement
- Mordor Intelligence
- Việt Nam
- pages
- Published: 21-06-2019
Market Overview
Commercial real estate activity is one of the key tangible barometers to track the health of the economy. A constantly changing landscape, with its cyclical swings, commercial real estate activity is a leading indicator for expected expansionary activities of business entities. Examples of large companies like Apple Inc., buying/leasing commercial space in emerging economies is a sign of the redistribution/expansion of the company’s activities in the future.
Commercial real estate ownership and leasing were previously a mom and pop business before sophisticated/qualified investors started looking at it as a long-term asset class that can provide abnormal/extraordinary returns. Opening up of capital market activity for real estate through investment vehicles, such as REITs, and REOCs in the stock market and innovative products, such as commercial mortgage-backed securities, etc., have been key to the success of the commercial real estate sector. These initiatives have financed commercial real estate construction and management activity to a large extent, over the last 50 years or more.
The market research study on the commercial real estate market in Vietnam focuses on the market activity within the key subsectors, such as offices, retail, industrial and multifamily.
Key cities of Vietnam are covered in the study, based on the population, city level GDP, business and commercial construction activity, demographics and other factors.
Key Factors Affecting the Commercial Real Estate Market:
Economic Activity/Policy, Exchange Rate, Inflation and Employment Activity
A major factor that affects the value of real estate is the health of the economy. Economic indicators, such as the GDP, employment data, manufacturing activity, inflation, exchange rate fluctuations, interest rates, mortgage rates, etc., are the measuring criteria. When the economy is sluggish, it affects the health of the real estate. However, the cyclicality of the economy can have varying effects on different types of real estate. The revenues/returns in the hospitality sector during economic downtime are more vulnerable than that of office space since office spaces are secured through long-term leases and in other cases through outright purchase. Hotel occupancy cycles are very short and, hence, there is significant loss/lack of return on investments made in the hospitality sector real estate, as compared to the office sector real estate.
Economic activity in Vietnam is tracked key cities level and is considered as the cornerstone of the market research study. This establishes the blueprint for determining the way forward, given the current interrelation between macroeconomics and commercial real estate in Vietnam.
Capital Markets
Real estate has been, for the most part, one of the most favoured investment options for long-term value retention and its ability to generate returns higher than any other investment classes. Over the past two decades, the development of commercial real estate capital market, in particular- expansion of the markets for equity and debt securities, has transformed the industry. This has provided exceptional capital availability and pricing, reshaping valuation metrics. Thus, heavily influencing the private capital formation and providing investors with a greater selection of investment, hedging and arbitrage opportunities. With shortening business cycles and volatile economic trends, sourcing suitable funds, while ensuring maximum returns, has become a challenging task.
After buyouts, real estate is a sector with the highest private equity funds’ disbursement, annually, for almost the last two decades, as observed through available data.
In the report, the private equity activity, credit availability for commercial real estate, and other instruments, such as commercial mortgage backed securities, are tracked in Vietnam and its key regions/cities.
Asset Class Performance
Offices – Asset class continues to be a favourite of institutional investors, who continue to expand their sights into the secondary markets. Despite the increase in freelance workers and short-term labour contracts, office-based jobs still account for 39% of the total job growth, globally. As a result, with the expanding economy, and improving employment scenario, the need for office space is expected to increase as well.
Retail – Online shopping did not kill bricks & mortar retail, rather reoriented it. Retailers and mall operators are adopting new placemaking strategies to compete with e-commerce, which combined with stronger consumers, should fuel more demand for retail space. However, these businesses will now be cautious about location, size and formats of stores, after their learnings from the scare of e-commerce trade. There will be a certain degree of additional friction, and this factor may affect transaction volumes.
Industrial – Strong demand from e-commerce and third-party logistic firms for distribution and warehouse space — including for smaller in-fill sites within major metros, will continue to reshape the industrial market. Concepts of shared economy and optimal usage of space, driven by the web, data science, and analytics may create an additional layer of supply within the commercial real estate market, worldwide; notwithstanding the pace at which these changes will occur differently within developed and emerging economies.
Multifamily – The sector continues to profit from fundamental shifts in demographics, home ownership, economic improvement, and current abundant supply of capital. It has become the single most important driver for the growth and improved success of other sectors, such as retail and self-storage.
Technological Trends
Technology continues to be an agent of change in all the areas of business and industry; the real estate market is no exception. The remarkable growth in new applications is changing commercial real estate, for the better. Everyone from brokers, property managers to developers and tenants, benefit from the new tools that boost productivity while saving cost.
Some of the technology trends emerging in the commercial real estate market are-
Cloud Technology – Cloud-based platform aids in collecting leasing data across property portfolios in a single cloud-hosted database. Thus, it functions as a system of record for property managers to manage their workflows and customer relationships.
Big Data Analytics
Smart Sensor Technology – Sensor technology is set to become a selling point for commercial properties, aiding in properties to go green, along with enhancing energy savings.
Cloud-based Mobile Applications, Networking Platforms
Virtual Reality and 3D Imaging
Key Deliverables
Industry Outlook: Key Economic Indicators affecting the performance of the market in Vietnam (GDP, Consumer confidence, interest rates etc.,)
Regulatory environment in Vietnam and Key Policy Initiatives
Market Dynamics:
Drivers: What are the key factors driving growth in the market for commercial real estate in Vietnam?
Restraints: Which are the most relevant inherent threats/restraints which hinder the growth of commercial real estate market in Vietnam
Opportunities: Sectors of high return or relatively quicker turn around on investment (both via direct and indirect modes of investment)
Challenges: Factors affecting the medium-term growth of the market
Market Concentration: Porter’s 5 Forces Analysis quantified by a comprehensive list of parameters for the commercial real estate market in Vietnam
Industry Value Chain Analysis
Market Data Analysis
By Property Type (Offices, Industrial, Retail and Multifamily)
By Geography (Key Cities of Vietnam)
Market Investment Analysis- Discussing the various modes of investing in real estate property and real estate investment infrastructure provided by Vietnam real estate ecosystem.
Direct Investment
Indirect Investment
Competitive Landscape
Market Share Analysis: Top players in Vietnam market identified based on relevant market metrics
Key Player Profiles: Pertinent details about player portfolio (area developed, past, current and future projects and others), property sectors covered, technological advances and services offered
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support
1. Executive Summary
2. Research Methodology
3. CRE Market in Vietnam- Industry Outlook
3.1 GDP and Economic Activity
3.2 Consumer Confidence
3.3 Inflation
3.4 Employment Rate
3.5 Interest Rates
3.6 Household Wealth
4. Regulatory Environment,CRE Laws and Key Policy Initiatives for the CRE Market in Vietnam
5. CRE Market in Vietnam -Market Dynamics
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Challenges
5.5 Technological Innovations
5.6 EHS Trends
5.7 Porter’s Five Forces Analysis
6. CRE Industry in Vietnam -Value Chain Analysis
7. CRE Market in Vietnam -Market Data Analysis By Property Type
7.1 Offices
7.1.1 Market Size (USD million)
7.1.2 Total Supply:Historical and Forecast
7.1.3 Occupancy Rate and Vacancy Rate
7.1.4 Absorption Rate(%)
7.1.5 New Units/Project Launches
7.1.6 Market Share Analysis by Configuration, End Sector, etc
7.1.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.2 Industrial
7.2.1 Market Size (USD million)
7.2.2 Total Supply:Historical and Forecast
7.2.3 Occupancy Rate and Vacancy Rate
7.2.4 Absorption Rate(%)
7.2.5 New Units/Project Launches
7.2.6 Market Share Analysis by Configuration, End Sector, etc
7.2.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.3 Retail
7.3.1 Market Size (USD million)
7.3.2 Total Supply:Historical and Forecast
7.3.3 Occupancy Rate and Vacancy Rate
7.3.4 Absorption Rate(%)
7.3.5 New Units/Project Launches
7.3.6 Market Share Analysis by Configuration, End Sector, etc
7.3.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.4 Multifamily
7.4.1 Market Size (USD million)
7.4.2 Total Supply:Historical and Forecast
7.4.3 Occupancy Rate and Vacancy Rate
7.4.4 Absorption Rate(%)
7.4.5 New Units/Project Launches
7.4.6 Market Share Analysis by Configuration, End Sector, etc
7.4.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
8. CRE Market in Vietnam – Investment Analysis
8.1 Direct Investment (Public, Private, PERE and PPP)
8.2 Indirect Investment (REITs, REOCs, Others)
9. Competitive Landscape of the CRE Market in Vietnam
9.1 Market Share Analysis
9.2 Key Player Profiles
9.2.1 Player Portfolio (Area Developed; Completed, Ongoing & Future Projects)
9.2.2 Property Sectors Covered
9.2.3 Technological Advances
9.2.4 Services offered
10. Sources
11. Disclaimer
Abbreviations
CRE Commerical Real Estate
GDP Gross Domestic Product
EHS Environmental, Health and Safety
PERE Private Equity in Real Estate
PPP Public Private Partnerships
REIT Real Estate Investment Trusts
REOC Real Estate Operating Companies
Market Segmentation
By Property Type
Offices
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, End Sector, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Industrial
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, End Sector, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Retail
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, End Sector, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Multifamily
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, End Sector, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Analysis of the Real Estate and Mortgage Market in Vietnam (2016 – 2021)
| Home & Property Improvement | Published by: Mordor Intelligence | Market: Việt Nam |
| Unknown | Published: 21-06-2019 |
- Home & Property Improvement
- Mordor Intelligence
- Việt Nam
- pages
- Published: 21-06-2019
Market Overview
The total market size of all types of properties in Vietnam is estimated at USD XXX million as of 2016. We expect this to grow at CAGR X% over the forecast period. This growth is a weighted average of growth rates across segments like residential, commercial, retail, institutional, and others. There is a growth in seaside luxury villas in the residential segment due to a recent change in residential property ownership laws in Vietnam. With the real estate market in Vietnam reviving after a few troubled years, property developers are optimistic, particularly in the largest cities of Vietnam: Ho Chi Minh City and Hanoi. Young professionals are the primary targets for developers, who are offered the housing projects.
Drivers
FDI inflow has increased year-on-year because of the new foreign investment law, which lets foreign nationals and entities own residential units (with some restrictions). These properties can be inherited. In some cases, more than 70% of units were sold to foreigners and foreign firms buying accommodation for their employees; like the case of Samsung and Intel, whose employees work in the Saigon Hi-Tech Park. With its well-preserved cultural diversity and natural habitats, Vietnam is a popular tourist destination. Vietnam is well connected to two of the world’s biggest tourism markets, China and Russia, which jointly contribute to around 52% of tourism inflow.
Restraints and Challenges
The years of war have hed the infrastructure of Vietnam. Currently, there are certain infrastructure related challenges faced by the country. These include the railway linking Hanoi and Ho Chi Minh City, which is in need of an upgrade, the hazard of ports reaching maximum capacity with increased trade volume, and the fact that only 20% of national roads are paved. In most countries with sound real estate channels, capital sources for real estate industry typically include REITs, retirement funds, FDI & FII capital and saving funds, among others. However, in Vietnam, contractors and real estate developers rely heavily on credit from the bank to construct new units; given that owner’s equity amounts to no more than 15% to 20%, and about 70% to 80% of the capital is arranged from bank loans. Furthermore, about 65% of the collateral is real estate.
Opportunities
Vietnam’s property market is gaining traction, owing to strong economic growth, and an increase in the number of people who fall under the middle-class category. The market is reviving after nearly five years of housing slump. However, the most important factor driving the market is the new housing law and the law on real estate businesses. These laws came into effect on July, 2015 and under these laws, foreigners and Vietnamese living abroad are allowed to legally own, sell and transfer real estate properties.
Key Developments
Foreigners granted a Vietnamese visa, foreign investment funds, banks, firms with branches in Vietnam and representative offices of foreign companies can now purchase residential property in Vietnam. At present, foreigners can own all types of residential properties, including landed property, such as villas & townhouses and condominiums
Only 2 top leaders have semi-automated valuation mechanisms in place
Controls for valuation, and thus mortgage, now lie with the Ministry of Finance, from the Ministry of Construction as of last year. This process of transition is expected to take 2 years. Valuation is now deliberately called “Price Assessment” in the industry, in accordance with government mandated terminology.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support
1 Introduction
1.1 Scope of the Report
1.2 Regional Analysis
1.2.1 PESTLE Analysis
1.2.2 Analysis of Ease of Doing Business
2 Market Dynamics
2.1 Drivers
2.2 Restraints
2.3 Opportunities
2.4 Trends
3 Market Demand Analysis
3.1 Socio-Economic Segmentation
3.2 Demographic Strengths & Weaknesses
3.3 Spending Patterns
3.4 Target Market Identification
4 Iran Real Estate Market
4.1 Market Data
4.1.1 Offices
4.1.1.1 Market Size
4.1.1.2 Market Share Analysis
4.1.2 Retail
4.1.2.1 Market Size
4.1.2.2 Market Share Analysis
4.1.3 Industrial
4.1.3.1 Market Size
4.1.3.2 Market Share Analysis
4.1.4 Residential
4.1.4.1 Mortgage Market Trends
4.1.4.2 Market Size
4.1.4.3 Market Share Analysis
4.1.5 Other
4.1.6 Mortgage Market in Iran
4.2 Stakeholders in the Industry
4.2.1 Value Chain Analysis (with major stakeholders)
4.2.2 Key Vendor Profiles
5 Laws and Regulations Related to Real Estate and Commercial Property Holding
5.1 Overview
5.2 Mortgage Market Laws
5.3 Loan Brokerage Laws
6 How to Register a Company in Iran
6.1 Registration Processes
6.1.1 Ministries Involved
6.1.2 Criteria and Conditions
6.1.3 List of Forms & Documents
7 Sources
8 Disclaimer
Market Segmentation
- Market Data
Offices 4.1.1.1 Market Size
4.1.1.2 Market Share Analysis
Retail
4.1.2.1 Market Size
4.1.2.2 Market Share Analysis
Industrial
4.1.3.1 Market Size
4.1.3.2 Market Share Analysis
Residential
4.1.4.1 Mortgage Market Trends
4.1.4.2 Market Size
4.1.4.3 Market Share Analysis
Other
Mortgage Market in Iran
Stakeholders in the Industry
Value Chain Analysis (with major stakeholders)
Key Vendor Profiles
Residential Real Estate Market in Vietnam – Trends, Industry Competitiveness & Forecasts to 2022
| Home & Property Improvement | Published by: Mordor Intelligence | Market: Việt Nam |
| Unknown | Published: 21-06-2019 |
- Home & Property Improvement
- Mordor Intelligence
- Việt Nam
- pages
- Published: 21-06-2019
Market Overview
The residential real estate market is the cornerstone of the wellbeing of any economy. Shelter is considered as a basic need for humans and lies at the base of the famous hierarchy of needs pyramid (Maslow). Therefore, it is understood that the manner in which the residential real estate market moves, has a rippling effect across swathes of people around the world.
Key industry thought leaders pontificate that population growth, increased standards of living and limited & shortage of land/housing are key requirements for real estate prices to stay up. It has been further stated that the absence of any of the above three trends can stall a housing market and the absence of two or more can send property values downward. Many such factors are at play within the real estate market, across the globe, and are covered in detail in the Mordor Intelligence’s market research study on the residential real estate market in Vietnam.
In the report, the residential real estate market in Vietnam has been divided into four subgroups, namely budget, value, premium, and luxury; wealth distribution demographics and risk-return characteristics desired by various classes of real estate investors play a basal role in matching the demand/supply by property type.
Key Themes Investigated During Research:
Economic activity in Vietnam at economy and sector/industry level, analysis of GDP and key industries affecting residential real estate, PESTLE analysis and the presence of shadow economy.
Interest rates, mortgage rates, inflation and employment statistics of Vietnam.
City level coverage and market build-up (Key cities covered based on population, business activity, etc.).
Demographic analysis and the effect of demographics on residential real estate and special insights.
Consulting key opinion leaders and specialists for gaining insights on a variety of relevant topics (many covered below).
Supply, vacancy and absorption trends across different residential real estate asset class types.
Purchaser and Lease Types: Preferences and their experiences.
Analysis of the primary and secondary markets within Vietnam.
Affordable housing supply analysis as a key assessment factor.
Return metrics for, both, leasing and sales transactions of the residential real estate market in Vietnam.
Unit-based Metrics/Insights: Unit size vs. Sales velocity, Home features vs. Sales velocity, Unit price vs. Sales velocity.
Industry revenues from plotting and development activity, real estate rental and leasing activities, real estate brokerage services, property management services and other services.
Profiling of the key and upcoming players in the residential real estate market in Vietnam.
Market sizes with definitions and expected growth (with CAGR) for different segments of the residential real estate market in Vietnam.
Capital/credit availability, along with key trends and analysis on competition between investors in the residential real estate industry. Coverage of direct and indirect investment methods, along with key statistics on PERE, the performance of stock market listed REOC companies, data on REITS and their performance, commercial mortgage-backed securities (CMBS) and institutional allotment to real estate financing.
E-commerce trends, technological trends and paradigm shifts in operational aspects of the residential real estate business, due to technological advancements, development of new solutions that could change the functioning of the industry in Vietnam.
Emergence and continued presence of solution providers, such as data analytics providers, and software solution companies, along with the presence of home automation, AR & VR, smart construction and offsite construction, being seen as beneficial to the brokers instead of the other way around.
Environment friendliness, green building trends and EHS trends in Vietnam.
Taxes & legal costs and procedures for procuring residential real estate property – an important factor affecting the rate of return/yield.
Profiling and competitive analysis of key industry players, comparing them on various parameters, such as the locations of their operation/assets, price trends, effects on valuation due to the surroundings of the property, operating styles, presence in capital markets.
The presence of service companies in Vietnam and their huge role in taking the industry forward.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support
1. Executive Summary
2. Research Methodology
3. RRE Market in Vietnam -Industry Outlook
3.1 GDP and Economic Activity
3.2 Consumer Confidence
3.3 Inflation
3.4 Employment Rate
3.5 Interest Rates
3.6 Household Wealth
4. Regulatory Environment,RRE Laws and Key Policy Initiatives for the RRE Market in Vietnam
5. RRE Market in Vietnam -Market Dynamics
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Challenges
5.5 Technological Innovations
5.6 EHS Trends
5.7 Porter’s Five Force Analysis
6. RRE Market in Vietnam -Industry Value Chain Analysis
7. RRE Market in Vietnam -Market Data Analysis By Property Type
7.1 Budget
7.1.1 Market Size (USD million)
7.1.2 Total Supply:Historical and Forecast
7.1.3 Occupancy Rate and Vacancy Rate
7.1.4 Absorption Rate(%)
7.1.5 New Units/Project Launches
7.1.6 Market Share Analysis by Configuration, Demographics, etc
7.1.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.2 Value
7.2.1 Market Size (USD million)
7.2.2 Total Supply:Historical and Forecast
7.2.3 Occupancy Rate and Vacancy Rate
7.2.4 Absorption Rate(%)
7.2.5 New Units/Project Launches
7.2.6 Market Share Analysis by Configuration, Demographics, etc
7.2.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.3 Premium
7.3.1 Market Size (USD million)
7.3.2 Total Supply:Historical and Forecast
7.3.3 Occupancy Rate and Vacancy Rate
7.3.4 Absorption Rate(%)
7.3.5 New Units/Project Launches
7.3.6 Market Share Analysis by Configuration, Demographics, etc
7.3.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
7.4 Luxury
7.4.1 Market Size (USD million)
7.4.2 Total Supply:Historical and Forecast
7.4.3 Occupancy Rate and Vacancy Rate
7.4.4 Absorption Rate(%)
7.4.5 New Units/Project Launches
7.4.6 Market Share Analysis by Configuration, Demographics, etc
7.4.7 Market Trends (Average Capital Value Trends, Average Rental Values, Others)
8. RRE Market in Vietnam -Investment Analysis
8.1 Direct Investment (Public, Private, PERE and PPP)
8.2 Indirect Investment (REITs, REOCs, Others)
9. Competitive Landscape of the RRE Market in Vietnam
9.1 Market Share Analysis
9.2 Key Player Profiles
9.2.1 Player Portfolio (Area Developed; Completed, Ongoing & Future Projects)
9.2.2 Property Sectors Covered
9.2.3 Technological Advances
9.2.4 Services offered
10. Sources
11. Disclaimer
Abbreviations
RRE Residential Real Estate
GDP Gross Domestic Product
EHS Environmental, Health and Safety
PERE Private Equity in Real Estate
PPP Public Private Partnerships
REIT Real Estate Investment Trusts
REOC Real Estate Operating Companies
Market Segmentation
Market Data Analysis By Property Type
Budget
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, Demographics, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Value
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, Demographics, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Premium
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, Demographics, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Luxury
Market Size (USD million)
Total Supply:Historical and Forecast
Occupancy Rate and Vacancy Rate
Absorption Rate(%)
New Units/Project Launches
Market Share Analysis by Configuration, Demographics, etc
Market Trends (Average Capital Value Trends, Average Rental Values, Others)
Investment Analysis
Direct Investment (Public, Private, PERE and PPP)
Indirect Investment (REITs, REOCs, Others)