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The COVID-19 pandemic has caused a slowdown in the property market but many experts believe this is only temporary and are pinning their hopes on a rebound once the virus is under control.

Residential real estate in Vietnam is still one of the fastest-growing markets in Southeast Asia despite the fact that the COVID-19 pandemic has halted many economic activities, according to experts from property consultant Savills Vietnam.

Strong construction activities in many different types of property and areas in Hanoi signal the strong recovery of the capital’s real estate market from this year onwards, according to CBRE Hanoi Branch Director Nguyen Hoai An.

The Hanoi property market is expected to recover strongly this year thanks to positive performance in the housing segment in the first quarter (Q1), according to experts.

Office rents rising in 2020? Positive GDP growth during a global health crisis? Seems unimaginable, unless you live in Vietnam. The country’s list of feats this past year has been remarkable given the current health and economic hardships across the world.

Housing prices are rising faster in Hanoi’s outer districts than in areas closer to downtown, thanks to improved connectivity. Average prices in districts like Gia Lam and Nam Tu Liem rose 1.3 percent in the last quarter to $1,473 per square meter, and at 0.7 percent in central districts, according to a recent report by real estate consultancy Jones Lang LaSalle (JLL).