Vietnam’s second home market is mostly concentrated in Da Nang and Nha Trang.
TVhat’s according to recent research from CBRE Vietnam.
The real estate firm reported that condotels are the most promising sector.
Supplies IN Vietnam’s second home market surged in Q2 2016 with Da Nang recording five new projects, mostly in the high-end sector, while Nha Trang welcomed Vinpearl Beachfront as the only project offering permanent ownership.
Average asking prices for condotels in Da Nang fluctuated.
CBRE noted there was a decrease of 21.7 percent y-o-y to US $2,177 per sqm because of increasing competition.
Average asking prices in Nha Trang remained unchanged at US$ 2,103 per sqm in the high-end segment.
As of 2016 no new supply in second home villas was noted in Da Nang, thus there has not been much change on average asking price of US$ 3,756 per sqm.
Nha Trang also witnessed the same occurrence, with no new holiday villas planning to be launched in Q3 2016.
Regarding buyers’ profile, while Da Nang second home buyers are dominantly from the Northern region including Hanoi accounted for approximately 75 percent to 85 percent of buyers, investors from the Southern region have been leading the demand in Nha Trang market.
CBRE predicted that condotels will continue to lead Vietnam’s second home market since supply is on the rise.
Simultaneously, although no new villa project will join the market in the near future, demand for the villa market is expected to continue to be led by rich Vietnamese Overseas and Europeans.
In addition, completed villa projects are anticipated to receive more enquires than villa land plots.
