Residential property sales in the resort city of Da Nang grew during the second quarter of the year, according to real estate firm Savills in its latest research report.
During Q2 the total villa stock was stable QoQ (quarter-on-quarter) but up 33 percent YoY (year-on-year) with 17 projects providing 410 dwellings entering the primary market.
Apartment stock also remained unchanged QoQ, but rose 7.4 percent YoY with 12 projects providing 575 units to the primary market. Son Tra district was the largest supplier with a 58 percent market share, followed by Hai Chau with 39 percent.
According to Savills, active pre-sales activities were observed in both the villa and apartment markets. Apartment sales drove up in-quarter absorption by 7 percentage points to 11 percent, and absorption-to-date by 2 percentage points to 85 percent. Villa absorption increased by 1 percentage point to 4 percent and absorption-to-date also increased by 1 percentage point to 67 percent.
The lowest primary apartment price was recorded in Hai Chau district (VND 15 million per sqm) while the highest was in Ngu Hanh Son district (VND 69 million per sqm). The lowest and highest primary villa prices were both recorded in Ngu Hanh Son district at VND 22 million per sqm and VND 54 million per sqm respectively.
Savills also noted that developer reputation, construction progress and proximity to the beach were key factors among the best performing projects this quarter.
Guaranteed returns have been widely offered in many projects’ pre-sales programs. It also noted that a large supply of more than 7,000 apartments/condotels are expected towards the end of 2018.
Image: A villa for sale from exclusive real estate agency Savills in the city of Da Nang.
