Da Nang Sees Surge in New Apartment Sales

The real estate market in Da Nang is experiencing a significant upswing, with 15 new projects totaling 2,300 units added to the market, marking a 32% year-on-year increase. This surge has led to an absorption rate of 47%, according to a recent report.

Most of these transactions have occurred in Son Tra District. Real estate consultancy Avison Young Vietnam reports that apartment prices in the primary market have remained steady at $3,000-$3,500 per square meter.

Despite lingering concerns about the legal status of some projects, buyer confidence in the market has notably improved. Ha Nghiem, director of property trading platform Batdongsan's Da Nang office, notes that more people are purchasing new apartments to live in or rent out, a shift from the speculative buying seen in 2021-2022.

David Jackson, CEO of Avison Young Vietnam, highlights that the market is attracting buyers seeking a second home that can serve as either a long-term residence or a vacation home. To further bolster buyer confidence, resolving legal issues should be a priority for property developers.

Looking ahead, DKRA anticipates another 2,000-3,000 new apartments to enter the market this quarter. Developers are expected to offer incentives such as favorable payment plans, gifts, and discounts to stimulate demand.