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Week 24/2024 – Central Vietnam Real Estate News Summary

Week 24/2024 – Central Vietnam Real Estate News Summary

In this weekly or sometimes bi-weekly news flash – CVR: Central Vietnam Realty will provide a choice of articles from mainly Vietnamese media sources related to the real estate market in Vietnam.
We will be focusing on issues related to Da Nang and Hoi An, while also looking at national news and their possible impact on Central Vietnam’s property market.
You will find a summary, a link to the source as well as CVR’s take on the article.

We believe that local knowledge is the key to making the best possible decision and that’s what we offer to all our clients.

“CVR: Western Management – Local Knowledge”

  1. 1. “Bright Spot” In The Da Nang Real Estate Market.


"Bright Spot" In The Da Nang Real Estate Market.

  1. The luxury apartment market in Da Nang is experiencing a revival after a period of stagnation, with several new projects underway and increased capital mobilization.


    Factors driving this resurgence include Da Nang’s status as a coastal resort city, economic recovery, and impending legal changes. Additionally, low bank interest rates and real estate loan stimulus packages are bolstering market activity. For buyers, luxury apartments are seen as both a comfortable living option and a sound investment, particularly given the city’s growing appeal to investors and professionals. Direct flights to international destinations from Da Nang are also boosting future demand. Especially with city planning. Da Nang period 2021 – 2030, vision to 2050 has been approved. In the future, Da Nang will attract more and more investors and experts to work and settle. As a result, the demand for housing, especially comfortable, modern apartments with central locations, is increasing.


    For the listed reasons, apartment prices are expected to rise, especially for projects in prime riverside or coastal locations, which typically command a premium of 15-30%.

    Overall, the apartment segment in Da Nang is forecasted to continue its positive trajectory with the introduction of new projects in the near future.




2. Taking Advantage Of Incentives, Many People Decide To Buy Real Estate Quickly.


Taking Advantage Of Incentives, Many People Decide To Buy Real Estate Quickly

The real estate market in Vietnam is showing signs of improvement, with increased transactions driven by buyer incentives and favorable conditions.


Nam Long, a notable developer, has sold over 700 units since early 2024, with Q1 revenue reaching 1,160 billion VND, six times higher than the same period last year. Successful sales at projects like Akari City and Flora Panorama are attributed to attractive payment policies and discounts. Market absorption rates have risen significantly, with notable growth in Ho Chi Minh City and surrounding provinces.


Both supply and demand have increased, leading to a slight rise in primary apartment prices. The market is expected to continue recovering, with increased investor confidence and a focus on practical, reasonably priced properties.




3. The Da Nang Market Heats Up With The Opening Of The Filmore Da Nang.


The Da Nang Market Heats Up With The Opening Of The Filmore Da Nang.

The opening ceremony of the luxury apartment complex The Filmore Da Nang (Bach Dang Street – Da Nang City) took place last weekend with the presence of customers, partners, investors and especially residents. first of the project. This event marks the official milestone of the project’s operation.


Previously, The Filmore Da Nang was approved for construction acceptance by the Da Nang Department of Construction and handed over the house to residents.
This is also considered a meaningful event to promote signs of recovery for the luxury and high-end real estate segment in Da Nang. The Filmore Da Nang also achieves this advantage when it has fully completed the legality and guaranteed long-term apartment ownership.


With many outstanding advantages, The Filmore Da Nang is considered a project that creates a driving force for recovery in the luxury apartment market in Da Nang, attracting renewed interest in the city’s real estate investment needs. This. The project’s attraction has increased rapidly since mid-April – when completion and handover of the house was announced – and continued to increase during the official opening.




4. Cooling Housing Market: Opportunities For Buyers As Prices Stabilize And Interest Rates Drop.


Cooling Housing Market: Opportunities For Buyers As Prices Stabilize And Interest Rates Drop.

At the beginning of the year, due to the “skyrocketing” of general prices, many people gave up the idea of buying a house. At the present time, when lending interest rates cool down, businesses launch stimulus policies, house prices no longer escalate, buyers have the mentality of “closing” their homes early. House prices have cooled down.


Limited supply has caused apartment prices in the Hanoi market to become a hot spot in the first months of the year. However, when apartment prices increased too high and buyers became more thoughtful, the market became quieter. Interest rates and corporate policies are attractive to home buyers.


To increase credit and support home buyers, many banks have lowered home loan interest rates by 1 – 2% compared to the end of last year. Surveys at some banks show that, for individual customers, most banks apply two interest rates for home loans, including: preferential loan interest rates, applied by banks. applied for new loans, with a grace period of 3 – 12 months; At the end of this preferential interest rate period, the home loan will be subject to a floating interest rate.




5. An exchange Announced It Exceeded 1,000 Bookings In 1 Month With A Coastal Apartment Project In Nha Trang.


An exchange Announced It Exceeded 1,000 Bookings In 1 Month With A Coastal Apartment Project In Nha Trang.

The Flex Home beachfront apartment project at Libera Nha Trang, developed by Đông Tây Land, has surpassed 1,000 bookings in just over a month since starting on May 1, 2024. According to surveys, the total number of bookings has reached over 10,000 for more than 2,000 apartments with 50-year ownership, causing a stir in the otherwise quiet resort market. Nguyễn Thái Bình, CEO of Đông Tây Land, attributes this success to focusing on three major markets: Ho Chi Minh City, Hanoi, and overseas Vietnamese customers, alongside effective marketing strategies and improved sales skills.


Despite this achievement, the real estate market in Nha Trang, particularly the resort sector, still faces significant challenges, especially post-Covid-19, due to its heavy reliance on tourists from Russia and China. Recent strategies to attract tourists from new markets like South Korea, Europe, and domestic regions, coupled with the opening of new highways, have sparked renewed interest in coastal properties. Bình noted that although these developments have led to a quicker recovery for Nha Trang’s tourism compared to other areas, sustained growth requires carefully tailored products that meet investor demand and legal requirements.


To ensure a sustainable recovery of the coastal real estate market, Binh emphasizes the need for more well-suited products that align with current market demands and investor expectations. This involves thorough planning regarding location, overall project design, legal status, and management quality. While the potential for beachfront properties remains high, investors are now more cautious, considering factors such as long-term usability and rental potential when the properties are not in personal use. Thus, the challenge and opportunity lie in delivering high-quality, reasonably priced products to attract and retain investor interest.




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