Hanoi’s investors eye Da Nang real estate market

Nearly 80% of customers who buy luxury villas or apartments in the central city of Da Nang come from Hanoi, said a real estate company.

Luxury villas and apartments in Da Nang are popular among the wealthy

Savills, a real estate service provider, tracks statistics and has labeled Da Nang as a top investment location in Vietnam, particularly for Vietnamese investors.

Although the overall real estate market of Vietnam is not doing well, Da Nang’s market is promising due to its opportunities for investors.

According to the Da Nang Statistics Department, about 2,100 new property enterprises were licensed in 2009. This number went up about 23% compared to 2008.

In the past 5 years, the number of enterprises established has steadily risen attracting overseas Vietnamese investment in particular and giving that demographic influence over the market.

In 2009, the volume of remittances transferred into the city by overseas Vietnamese was about USD 94.6 million and about 4,715 overseas Vietnamese visited the city.

In addition, overseas Vietnamese own about 57 companies with a total of USD500 million in registered capital. Thus, they are a group that can influence the property market including offices for lease, villas and apartments in Da Nang.

The selling price of each square metre for a villa is about $800-3,900. The apartment selling price of each square metre is about $750-3,000. However, location and views from an apartment or a villa are the main factors contributing to the total value of the property.

According to Savills, the majority of customers who want to buy high class villas and apartments are wealthy Vietnamese.

The number of customers from Hanoi make up for 80% of the total customers, followed by Ho Chi Minh City at 12 %. The remaining customer group includes foreign investors, overseas Vietnamese and wealthy people from other parts of Vietnam.

Most of the expensive villa projects are positioned along Da Nang beach. In the second quarter of 2010 alone, two new villa projects, including Dune Residence and Vinpearl Da Nang along with two apartment projects including Bau Thac Gian and Vinh Trung Plaza had been launched on the market.

Indochina Tower and Da Nang Plaza project owners have sold all of their apartments. Apartment projects are located mainly in four districts including Hai Chau, Thanh Khe, Ngu Hanh Son and Son Tra. Currently, Da Nang has a total of 11 apartment projects with 2,300 units.

By Lan Huong

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