Da Nang real estate: Land prices remain stable, while apartment prices are gradually recovering.
According to DKRA Group, in October 2024, land prices in Da Nang continued to remain stable, while apartments showed signs of recovery, with supply increasing by 25%.
DKRA Group has just updated its real estate market report for residential properties and surrounding areas in Da Nang City for October 2024.
According to this unit, in the land plot segment, the primary supply has not fluctuated much compared to previous months and has increased by about 32% compared to the same period in 2023. Quang Nam and Da Nang provinces lead the market with about 1,076 products currently on sale, accounting for 100% of the primary supply.
Overall demand remained low, with primary consumption decreasing by approximately 42% compared to October 2023, and transactions mainly concentrated in the group of products with completed infrastructure and legal procedures.
Furthermore, primary market prices continued their sideways trend compared to the previous launch and remained pegged at high levels due to the impact of various input costs.
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| The land market segment in Da Nang City is trending sideways. |
According to DKRA's assessment, in the short term, the market has not yet shown many signs of recovery in terms of both supply and liquidity in the land plot segment.
For the apartment segment, primary supply increased by 25% year-on-year, mainly concentrated in Da Nang, while Thua Thien Hue and Quang Nam continued to experience a shortage of supply for sale.
Market demand is showing signs of recovery, increasing 2.3 times compared to the same period last year, with most of the sales coming from a newly launched project in Ngu Hanh Son district.
Primary and secondary market prices remained relatively stable, with secondary transactions concentrated in projects that had already been completed, had clear legal documentation, and offered convenient access to the city center.
According to DKRA's assessment, in the latter part of the year, with several projects preparing for launch, the new supply of apartments is expected to continue to show positive developments.
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| Liquidity in the resort real estate market in Da Nang remains sluggish. |
For the townhouse and villa segment, primary supply decreased slightly, recording a decline of about 3% compared to the previous month; the majority of the current supply comes from existing inventory, while new supply continues to be absent.
The sluggish market liquidity and the fact that most projects have closed their sales portfolios to adjust their sales policies are also reasons why no transactions were recorded in the market last month.
For the resort real estate segment, market liquidity has almost frozen, with over 90% of projects closing their inventory, resulting in no transactions recorded during the month.
Liquidity difficulties continue to weigh on market sentiment for the resort real estate segment; investor confidence remains low, leading to a prolonged slump with no signs of short-term recovery…
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