In the context of economic difficulties, declining purchasing power, people strictly controlling their spending, greatly affecting the operations of business households and enterprises. This situation has led to a wave of massive land return on all streets in Ho Chi Minh City.
Many prime locations on central streets in District 1, Ho Chi Minh City such as Le Lai, Le Loi, Dong Khoi, Cach Mang Thang 8... are currently vacant. However, the rental price for these locations is still very high, from 4,500 - 45,000 USD/month and the landlords do not agree to reduce the rent.
Le Loi Street is quite deserted, only a few shops are still open for business.
Le Loi Street is about 550m long, one of the most beautiful in the center of Ho Chi Minh City, intersecting with "golden" streets such as Pasteur, Nam Ky Khoi Nghia, Nguyen Hue, but there are many closed stores because there are no tenants. Currently, on this street, there are few tourists . The remaining shop owners mostly sit and surf their phones all day because there are no customers.
Many premises are closed for a long time because there are no tenants.
A survey showed that more than a dozen premises on this street have long been closed. "House for rent" banners are covered in dust, and every few houses there are 1-2 vacant premises. However, the rent for these premises is still very high, ranging from 3,500 USD to 20,000 USD/month (about 80 - 500 million VND).
Mr. M, the landlord of the premises at 86 Le Loi, said: "This premises is 4m wide, 28m long, 1 ground floor, 2 upper floors with a price of 8,500 USD/month, equivalent to 200 million VND, with the condition that the tenant must sign a contract for at least 5 years and deposit at least 3 months".
A house on Le Loi street, 12 m wide, is offered for rent at over 500 million VND/month.
Not far away, another house measuring 12m wide, 20m long, and 240m2 in area was quoted by a broker for rent at around 22,000 USD/month (nearly 520 million VND) for a shorter term, around 3 to 5 years, but a deposit of at least 3 months was required. The landlord requested that the sign be installed only on the first floor, and the price could be negotiated if the customer was willing.
Another site on Le Loi Street is used as a parking lot.
The premises at 22-24 Le Loi is considered a prime location, a few dozen meters from Nguyen Hue walking street, but has been closed for a long time due to lack of tenants. Currently, the ground floor of this premises is being used as a parking lot.
With a width of 9m, length of 25m and 3 floors, this premises is being offered for rent at about 200 million VND/month, with the same term and deposit as the houses on Le Loi street.
Le Thanh Ton Street also has many closed premises, painted and drawn by strangers.
Not unlike Le Loi Street, Le Thanh Ton Street also has more than 15 vacant premises, with closed doors and for rent signs. Despite the lack of customers, the prices of premises on this street are still very high, ranging from 5,000 - 20,000 USD/month (nearly 110 - 500 million VND).
The landlord of the premises at 109 Le Thanh Ton said over the phone that this house is 4m wide, 20m long, 1 ground floor, 1 first floor, 1 attic, the rental price is 120 million VND/month. The lease term is at least 3 years, deposit is at least 3 months; the price can be negotiated but only reduced by about 5-10 million VND.
A bakery has just returned its premises on Dong Khoi Street.
Many premises on Dong Khoi Street are similar. Although this route is close to shopping malls, 5-star hotels and entertainment venues for locals and tourists, more than 10 premises are covered with for-lease signs.
A long-time coffee shop owner on Dong Khoi Street said that most of the premises here have been returned a long time ago, and until now no one has rented them because the prices are quite high. Many people came to see the premises, but when they recalculated the costs, they negotiated with the landlord but failed.
Hai Ba Trung, Nguyen Hue, Ly Tu Trong streets... are also full of billboards advertising space for rent.
In addition, on streets such as Hai Ba Trung, Nguyen Hue, Ly Tu Trong, etc., there are also signs for renting premises. Just in the area around Nguyen Hue walking street and Ben Thanh market, there are dozens of premises with signs for rent. Many houses are ready to rent or sell if there are buyers.
A prime location at the corner of Nguyen Hue - Ngo Duc Ke
Why do landlords refuse to reduce rents despite the lack of tenants? A broker in Ho Chi Minh City explained: "Most of the owners of these premises are "well-off" people. They have lost revenue for more than 2 years due to the COVID-19 pandemic. Now, leaving them vacant for a few more months will not affect anything. In the future, when the economy recovers, there will be customers who accept the rental price offered by the landlord, even higher than now."
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