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   1. Da Nang Tourism Industry Targets Ambitious Growth In 2024

Da Nang said that in 2024, the City aims to welcome 8.42 million visitors, an increase of 13.8% compared to 2023. Of which, international visitors reached 2.5 million, an increase of 26%; Domestic visitors reached 5.92 million, an increase of 9.3% compared to 2023.

Along with that, accommodation, catering, and travel services revenue strives to reach more than 30,800 billion VND. The tourism industry will organize large-scale unique festival events to create special tourism products to attract visitors; Continue to develop nightlife tourism products, culinary tourism, combined event tourism (MICE), golf tourism, wedding tourism, eco-tourism, culture, community tourism…

Source:baodautu.vn

2. Overseas Vietnamese Will Soon Be Able To Own Real Estate In Vietnam Easily

The recent passage of the new Land Law in Vietnam, allowing overseas Vietnamese to expand land ownership rights, is a boon for the diaspora community desiring real estate in Vietnam. This holds significant importance as remittances surged over 32% to over $16 billion in 2023. 

The law broadens land usage rights for Vietnamese expatriates, facilitating property ownership. Troy Griffiths, Deputy Managing Director of Savills Vietnam, views this change as enhancing investment opportunities for the diaspora. The influx of remittances, totaling over $190 billion since 1993, rivals FDI. A portion is directed into real estate, with approximately 15-20% invested directly. Recent trends also show a shift towards small business investments.

Source:cafeland.vn

3. Low-Interest Rates Fuel Surge In Home Buying

Driven by rock-bottom home loan interest rates (as low as 5%), Vietnam’s housing market is experiencing a surge in activity.  Bidding wars and sight-unseen purchases are becoming the norm, with one seller reporting a quick sale without the buyer even viewing the interior of the apartment.  

This trend is fueled by a combination of factors: historically low-interest rates, attractive loan packages from banks, and easier loan approval processes.  

The easy availability of credit is enticing both homebuyers and investors to leverage debt to enter the market, pushing property prices upwards. This trend raises concerns about a potential housing bubble, as some buyers may be making risky decisions based on low-interest rates without fully considering the long-term financial commitment.

Source:cafebiz.vn

4. The Da Nang Real Estate Market Is About To Enter A New Cycle At The Beginning Of 2024

In recent times, the Central region of Vietnam, including Da Nang, Quang Nam, Hue, and Nha Trang, has been showing signs of economic recovery, signaling the end of a sluggish business season and the onset of growth.

Various projects have been initiated or signed, particularly in Da Nang, by notable companies like The Nam Khang Corporation and TTC Land, indicating a focus on development in the region. These projects range from luxury resorts to high-end apartment complexes, reflecting a shift in the real estate landscape towards upscale tourism offerings.

Despite challenges such as legal issues, the market in Da Nang and the wider Central region is showing positive trends, attracting both domestic and international investors.

Source:m.cafef.vn

5. Trends In Real Estate Market Recovery In 2024 And Three Pillars Of Market Revival

In 2024, the real estate market displays more positive trends than in 2023, albeit with variations among different segments. The announcement of the Top 10 real estate companies by Vietnam Report Joint Stock Company sheds light on leading enterprises’ standings, reflecting their resilience and accomplishments amid market fluctuations.

Despite challenges faced in 2023, such as global economic slowdowns and declining transaction volumes, there are signs of recovery, especially towards the latter half of the year. Major cities like Hanoi and Ho Chi Minh City experienced declines in apartment transactions, impacting market dynamics and forcing companies to adapt.

Moreover, there’s a noticeable shift in investor focus towards luxury segments, creating imbalances in the market. Looking ahead, real estate businesses anticipate a stronger transition in 2024, leveraging factors like economic recovery, reduced interest rates, and digital transformation to foster a more dynamic market environment.

Source: kinhtevadubao.vn

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