Da Nang property market continues to attract buyers

The condotel market in the central city of Da Nang had the strongest growth in Quarter 3, according to property service group CBRE Vietnam.

Illustrative image (Source: VNA)

CBRE’s quarter report for Da Nang noted that more than 2,800 condotel units were put on sale in Quarter 3, bringing the total supply to nearly 6,000 units in 2016, with 67 percent in the high-end category.

As of the end of the third quarter, 70 percent of high-end condotel units have been sold while the figure in the mid-end segment is 30 percent, down 4.2 percentage points and 67.9 percentage points, respectively.

Marc Townsend, Managing Director of CBRE Vietnam, said one reason behind the sales slowdown was greater choice for customers, making them more cautious.

The resort villa market did not change much in the past quarter and supply is limited because there are few new projects. 80 percent of resort houses have been sold but no major supply will come on the market in the next quarter.

The number of apartments sold in the quarter dropped by 34 percent from the previous quarter and 47 percent from one year ago, with 85 percent of the sold units belonging to the mid-end segment.

According to the Da Nang Tourism Department, the city welcomed 4.41 million tourists in the first nine months of this year, of which international tourists accounted for 29 percent, an increase of 48 percent from 2015.

With the positive tourism prospects, condotel will maintain stable growth and remain attractive, CBRE said.

Meanwhile, the apartment market saw a 34 percent drop in sales from Quarter 2, the company reported, adding that 85 percent of the sold units were in the mid-end range, and buyers were mostly local residents.

Townsend remarked that the market faced fierce competition from condotel, which attracted investors from Hanoi and Ho Chi Minh City.


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