Housing supply climbs 50 percent in Da Nang

• Vietnam extends $1.3 billion loan package to boost gloomy real estate market
• Vietnamese real estate firms mushroomed in first five months
• Residential real estate cools off in Vietnam’s two largest cities
• Real estate giants pounce on land expansion strategies

Da Nang’s real estate market sold about 1,000 apartments as of May 31, a growth of 74.6 percent on-year. Low class apartments accounted for 45.8 percent of total transactions followed by medium class (36.3 percent) and high class (17.9 percent), according to the leading real estate consultancy CBRE Vietnam.

Medium and low class real estate projects made up 78.9 percent of the total property supply in Vietnam's central city of Da Nang.

Da Nang has seen a rise in apartment projects. Photo by VnExpress

The price of class A apartments in Da Nang stayed constant at $1,623 per square meter in the first five months while the price of medium class apartments boosted 3.7 percent ($826 per square meter) and low class apartments decreased 7.7 percent ($656 per square meter) compared to the same period last year. The latter's drop followed the launch of a project in Son Tra District, which offered housing at $600 to $700 per square meter.

CBRE added that nearly 60 percent of buyers were from Hanoi and Ho Chi Minh.

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