On April 17th, DKRA Group, a real estate services corporation, officially announced the " Da Nang and surrounding areas residential real estate market report for Q1/2024".
According to DKRA, in the first quarter of 2024, the majority of the residential real estate supply in Da Nang and its surrounding areas came from the inventory of older projects, with a scarcity of new projects being launched. Overall demand in key segments, although increasing, remained relatively low compared to the period before 2020.
Purchasing power increased slightly.
In the first quarter of 2024, the Da Nang and surrounding areas market saw 9 primary market projects with a supply of approximately 820 plots. The sales rate of the primary market supply reached 14% (corresponding to 144 plots), an increase of about 30% compared to the end of 2023. The projects launched were mainly concentrated in Da Nang and Quang Nam. Thua Thien Hue province, however, maintained a supply shortage. Primary market prices remained relatively stable, but secondary market prices recorded a slight increase of 2-3% compared to the end of 2023.
The apartment market recorded 14 projects currently on sale with a primary supply of approximately 1,334 units, a 33% increase compared to the same period in 2023. These projects are concentrated in Da Nang, while Quang Nam and Thua Thien Hue continue to experience a shortage of new supply. The sales rate reached approximately 8% of the primary supply, equivalent to 106 units, 2.4 times higher than the same period last year. Transactions were concentrated in the price range of 50-65 million VND/ m² .
The primary supply of townhouses/villas in Da Nang and surrounding areas increased by 17% compared to the same period in 2023, with approximately 734 units from 12 projects launched. The majority of this primary supply came from existing inventory of older projects (accounting for 96%), while new projects continued their downward trend. The sales rate reached 6% (approximately 47 units), a 38% increase compared to the same period last year.
Primary market prices remained stable, while the secondary market recorded a 3-5% decrease compared to the end of the year. The decrease was mainly concentrated in projects that have been underway for a long time, are behind schedule, and have not yet completed legal procedures.
The supply of resort properties is lower than the same period last year, mainly concentrated in older projects. Primary market selling prices remain stable with little fluctuation.
In the resort villa segment, primary supply decreased by approximately 5%, with only 9 projects launched, offering 234 units to the market. The market was almost illiquid, with no transactions occurring during the quarter. Primary market prices remained unchanged compared to the same period last year. However, profit-sharing/revenue-sharing policies, principal debt grace periods, interest rate support, etc., continued to be widely applied to increase liquidity.
Specifically in the resort townhouse/shophouse segment, the market also recorded no new transactions. Primary selling prices remained stable and showed little fluctuation compared to the same period last year, with current asking prices ranging from 7.1 to 16.3 billion VND per unit. The secondary market continued to be sluggish, with no transactions recorded.
In the condotel segment, primary supply increased slightly by 2% year-on-year, driven by 8 projects launching with a total of 677 units. Quang Nam and Da Nang continued to lead the market, accounting for 93% of the total primary supply in Q1 2024. However, market demand remained low, liquidity stagnated, and no transactions were recorded during the quarter.
Not yet recoverable
According to forecasts from DKRA Group, the land market in Da Nang City and its surrounding areas will see a slight increase in Q2/2024, with the number of plots fluctuating around 120-150. Da Nang and Quang Nam will continue to maintain their leading position in terms of supply and demand. Primary market prices are trending sideways, and developers continue to implement market stimulus policies to increase liquidity.
In the apartment segment, new supply in Q2/2024 is expected to see more positive developments through the launch of several large projects. The high-end apartment segment continues to account for a large proportion of new supply entering the market, concentrated in Ngu Hanh Son and Son Tra districts (Da Nang). Primary market selling prices may see a slight upward adjustment due to input cost pressures.
New supply of townhouses/villas in Q2 2024 is forecast to remain scarce, mostly coming from subsequent phases of previously launched projects. Overall demand may increase compared to Q1, but a significant surge is unlikely in the short term, focusing primarily on projects with complete legal documentation, guaranteed construction progress, and selling prices below VND 10 billion per unit. Primary market prices are expected to remain stable. Liquidity in the secondary market is anticipated to improve compared to Q1 2024.
For resort real estate, new supply is likely to remain scarce due to developers being more cautious in launching sales. Primary market prices remain stable and have not fluctuated much compared to the previous quarter. Policies supporting interest rates, principal debt grace periods, and extended payment schedules continue to be applied by many developers in Q2 2024.
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