Q2 boom to keep Q3 apartment supply stable in central Vietnam: expert
A supply boom in Q2/2024 will keep Q3 supply stable in the central Vietnam city of Danang and several neighboring localities, according to property consultants DKRA Group.
A DKRA report says that the Danang’s Q2 market had 16 residential projects, including two new ones, totaling 2,484 apartments, 2.5 times higher than the same period last year.
The 16 projects accounted for 62% of the primary supply in the local real estate market, mainly consisting of high-end apartments in the city’s Son Tra district.
Apartment projects in Danang city, central Vietnam. Photo by The Investor/Nguyen Huy.
The local real estate market also recorded an absorption rate of 52% in the second quarter. Investors have found developments along the banks of the Han River particularly appealing.
Meanwhile, apartment selling prices remained relatively stable compared to Q1/2024 at between VND26 million ($1,030) and VND160 million ($6,320) per square meter.
In the shophouse/villa segment, primary supply decreased 2% year-on-year, with inventories accounting for 96% and new projects seeing a downward trend.
In contrast to the moribund state of the resort real estate segment, the “untouched” land supply rose 27% and 7.3% year-on-year for primary and new projects, respectively.
In Q1, the city had 11 land projects, including three new ones, up for sale with 1,039 land lots. However, the absorption rate was just 8%, down 41 percentage points over the year, with prices varying between VND51.2 million ($2,020)/sqm in Danang and VND19.5 million ($770)/sqm in the adjacent province of Quang Nam.
The DKRA researchers expect the recovery in the land segment to continue in Q3, with an expected new supply of 250-350 land lots mainly located in Danang and Quang Nam.
Apartment supply in Q3 will remain stable, with an anticipated rise in mid- and low-end apartments, mostly in Lien Chieu and Ngu Hanh Son districts of Danang, the report says.
Q3 supply is expected to remain scarce in the shophouse/villa segment.
Local real estate demand is forecast to edge up for the rest of this year but remain low compared to pre-2019 levels. Market liquidity will face challenges and a short-term boom is unlikely due to unresolved legal hurdles and low investor confidence.
The report notes that the amended laws on land, housing, and real estate business, set to take effect on August 1, 2024, are likely to give a boost to the market in the near future.
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