Global real estate advisor Knight Frank has established a new joint venture in Vietnam. The new entity – Knight Frank Vietnam Property Services – will be based in Ho Chi Minh City and led by long-term resident and market leader, Mr. Alex Crane, who has been appointed as managing director.

“We see Vietnam as an attractive market with promising fundamentals – a young, well-educated population, strategically located for the region’s supply chains, enviable economic growth, growing private wealth and an increasingly important market for our international clients. We have referred work to Alex in recent years and are looking forward to working closely with him and the new Vietnam team on the many opportunities that lie ahead,” said Mr. Kevin Coppel, managing director, Asia Pacific.

The Vietnam real estate market is experiencing rapid growth with substantial foreign investment inflows continuing, despite the pandemic. Vietnam’s key position in global supply chains has helped propel local service industries, leading to industrial land prices rising by an average of 8% per year and the fast-growing office market maintaining around 90% occupancy in Ho Chi Minh and Hanoi. Prime residential real estate remains robust, with the average sale price of apartments in Ho Chi Minh City increasing 19% year on year to USD$2,800 per sqm.

The team will help local and foreign owners, occupiers, investors, and developers in all aspects of commercial real estate in Vietnam, particularly Ho Chi Minh City and Hanoi. The core services will include brokerage for office, industrial and logistics property, capital markets and investment property, consultancy and research.

Crane added: “I am delighted to be launching the new office on behalf of Knight Frank with whom I have worked for many years, having assisted them on a number of their global client accounts in Vietnam. Establishing this new venture during the pandemic has been challenging, however, it has been refreshing dealing with the team at Knight Frank and gives us tremendous confidence that together we will build a people-focused business providing first class service to our clients. We are excited to be opening a new corporate office for an organisation that is 125 years old but has the youthful vigour and dynamism of a start-up in Vietnam.”

Mr. Alistair Elliott, senior partner and group chairman of Knight Frank LLP noted: “Over the last 125 years we have expanded our footprint to service the markets where our clients need us to be. Vietnam is becoming an increasingly important centre in Asia Pacific real estate markets, and I am delighted to welcome Alex and his team to our global network. I know that Alex and the Knight Frank team will provide the same professional service that our clients expect across our network.”