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INSIGHTS

Real estate to recover in Da Nang, Vietnam

Real estate to recover in Da Nang, Vietnam
Interest in the property market in Da Nang is expected to rise in low and medium priced neighborhoods after the Da Nang People’s Council announced new rates for 2014. Under the new rates, land fronting Nguyen Van Linh, Hung Vuong and Le Duan streets will become the central city’s most expensive real estate, with pri
Interest in the property market in Da Nang is expected to rise in low and medium priced neighborhoods after the Da Nang People's Council announced new rates for 2014.

Under the new rates, land fronting Nguyen Van Linh, Hung Vuong and Le Duan streets will become the central city's most expensive real estate, with prices of $1,200 per square meter or 37.5% less, in comparison to last year's price of $1,920.

Meanwhile, each square meter of commercial real estate in the main downtown is to range from $723 to VND21.8 million $1,038.

Further, a square meter of new residential property in outlying areas will be priced at $238.

The decreased price of land is meant to end the stagnation in the real estate market in the central city, as seen in recent years.

Investors also offer a 5-month deferred payment for land plots valued at VND500 million to lure buyers.

The vice chairman of the Da Nang Property Association, Cuong, said he expects apartments with prices of $237 per square meter would be attractive to buyers Q1 2014.
At the same time, tourism property developments has attracted foreign investment.

According to the city's investment promotion center, investment in resorts and tourism made up 22% of the city's total FDI projects in 2013.
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