Thanks to HCM City's success in controlling the COVID-19 pandemic and the sharp fall in rentals in the last two years, its retail rents are showing signs of recovering.

Downtown streets, malls, restaurants, and coffee and tea shops are becoming crowded again, especially during weekends.

After a long period of shuttered doors and ‘Available for rent’ signs, the Phan Xich Long food street in Phu Nhuan District is bustling again.

Most malls, supermarkets and convenience stores are also recovering.

The shophouse segment is becoming vibrant.

Phan Thanh Binh of Thu Duc City said he had signed a lease contract for a shophouse with six floors at Vinhomes Grand Park to open a cafe, restaurant and rooms for rent.

"I believe the economy and tourism will recover strongly in the near future, and so have invested."

According to property brokers, the demand for space for restaurants and cafes is recovering, and rents, while still low, are starting to rise.

Assessing the rental real estate segment in the city, CBRE Viet Nam said the retail market boom would push rates up in the second half of this year. — VNS