Da Nang new apartment sales soar as confidence in market returns

Some 15 new projects with 2,300 units were added to the market during the period, a 32% year-on-year increase, translating to an absorption rate of 47%, it said in a recent report. Most of the transactions were in Son Tra District.

Real estate consultancy Avison Young Vietnam said apartment prices in the primary market remained steady during the quarter at US$3,000-3,500 per square meter.

Though buyers remain concerned about the legal status of some ongoing projects, their confidence in the market has improved, it noted.

Ha Nghiem, director of property trading platform Batdongsan’s Da Nang office, said more people are buying new apartments to live in or rent out than in 2021-2022, when speculation was more common.

David Jackson, CEO of Avison Young Vietnam, said the market is attracting buyers looking for a second home that could serve as either a long-term residence or a vacation home.

To further boost buyers’ confidence, resolving legal issues is crucial and should be prioritized by property developers, he added.

DKRA expected another 2,000-3,000 new apartments to hit the market this quarter.

Developers are expected to offer incentives such as favorable payment plans, gifts and discounts to spur demand, it added.