Danang Real Estate Market In Need of Accurate Information

 

Customers from Ho Chi Minh City make up 13 per cent of the total and the rest are foreigners, Overseas Vietnamese or those from other cities and provinces in Vietnam. This information is widely posted on newspapers, but it is really true?

Director of the Danang Investment Promotion Centre Lam Quang Minh said the demand of the city’s customers is as not modest as mentioned on newspapers. Currently, a large number of local well-off people are rushing to buy villas, plots of garden land, while successful young people are interested in luxury apartments.

 

He cited Phuc Loc Vien resident area project of Massda Land near An Don Industrial Park in Son Tra district as a typical example. In the beginning, the investor hesitated to build apartments and villas for sales. But, when the first phase of the project was finished with 90 apartments of 150 square metres each sold out at US$70,000. All apartments of the second phase have been fully registered. Particularly, the demand of local people has been sharply increased when a project to build Rong Bridge and Nguyen Van Linh street will be carried out.

 

The real estate market in general and the tourism property market in particular in the central region, particularly Danang city, has become a “hot spot” attracting great attention from investors. Infrastructure development and tourism potential are the city’s most attractive factors. Besides, a large number of hi-end realty projects are offered for sales and lease on local medial. However, there is no an accurate comment on the potential Danang property to date.

 

An official from the municipal Trade Department said “Recently, a number of market researches has showed that up to 80 per cent of the city’s realty customers are from Hanoi and 13 per cent from Ho Chi Minh City. The rest is from other cities and provinces and foreigners and those who are Overseas Vietnamese. These figures indicate that local people do not join the market. Savills Vietnam said these figures are not completely reliable. Investors often do not provide accurate information as they want to keep their business secrete. However, no comprehensive remark on the municipal realty market has been launched.

 

Mr Minh said holding realty exhibitions is a good way to call for investors and give an exact answer this market. Due to this reason, the municipal People’s Committee has planned to organise the first realty exhibition in on 25-28 November this year.

 

The event is expected to attract over 100 realty firms which will display 350 stalls. This is also an occasion for municipal and concerned agencies to hear investors’ opinions to help deal with difficulties for them. Besides, it is necessary to hold promotion and marketing activities on local media or have direct meeting with customers. The organising board will have many new marketing solutions through promotion campaigns on flights and tours, facilitating investors’ sales.

 

Currently, up to 29 luxury hi-end villas projects are implemented along the roads of Hoang Sa and Truong Sa and Truong Sa. Since July, two projects of its kind namely Dune Residence and Vinpearl Danang, have been marketed, providing a total 54 apartments, raising the total number of villas projects offered for sales in the city to eight which will bring customers with 600 apartments near beaches. Moreover, the apartment market will have two additional Bau Thac Gian and Vinh Trung Plaza. The apartment market in Danang now has 11 projects of 2,300 apartments in total. Average prices of apartments range from US$750 and US$3,000/square metre each. Meanwhile, the villas prices are from US$800 and US$3,900/square metre. Apartments of Indochina Tower and Danang have been sold out.