Scant Q4 supply seen in greater Danang housing market

By Tuong Minh
Tue, October 25, 2022 | 9:48 am GMT+7

The residential market in central Vietnam’s Danang city and nearby areas is unlikely to see large supplies in all segments in the fourth quarter, a new report says.

The report for the central region, compiled by HCMC-based property services firm DKRA, estimates new Q4 supply of land plots from Greater Danang at about 700-800 plots, mainly in Danang city and Quang Nam province. Thua Thien-Hue province will have few new supplies, it says.

Primary price levels may increase slightly at a few projects that complete legal procedures and secondary-market liquidity will remain average, the report says.

In the apartment segment, new supply is expected to be about 150-200 units, mainly in Danang, while Thua Thien-Hue and Quang Nam will not have much to offer. Primary price levels will continue to be at their currently high level. Primary-market liquidity will remain at a low or average level, but the secondary market is likely to recover.

“However, high-end apartment projects in primary locations, managed and operated by international brands, will draw attention from long-term investors,” the report says.

In the townhouses and villas segment, new Q4 supply will remain the same as Q3 at about 350 to 450 units. Quang Nam province is forecast to supply more than Danang and Thua Thien-Hue in this segment. Overall demand and market liquidity will be similar to Q3. Primary price levels are likely to increase slightly and the secondary market is likely to remain stable.

In the resort segment, the regional market is likely to welcome 100 new villas in Q4, and about 100 - 200 condotel properties.

The report says Q4 will see meager supply of shophouses. Customer attention will be more on projects managed and operated by international four or five-star brands.

Greater Danang’s Q3 results

The third quarter saw 13 land-plot projects open for sale with 998 plots, down 17.2% over Q2. Among these, 586 plots were sold, or 59% of the total, which was 92% more than Q2.

New land-plot supply in Q3 was mainly from Quang Nam, accounting for 59%.

Property projects by the beach in Danang city, an economic hub in central Vietnam. Photo courtesy of Viet People newspaper.

Property projects by the beach in Danang city, an economic hub in central Vietnam. Photo courtesy of Viet People newspaper.

In the apartment segment, Q3 had three projects launch for sale, all in Danang, providing 91 units, down 64.5% over Q2. Just 43 units were bought, or 47%. Grade A apartments accounted for 89% of the total supply and 66% of the trading, and the average primary-market selling price increased by 10% - 16% compared to the beginning of the year, according to DKRA.

The townhouse and villas segment recorded seven projects for sale in Q3 with 374 units, down 36.8% against Q2. Danang accounted for 48% of the new supply. The segment saw 177 units, or 47% of the total supply, sold in Q3.

The resort segment recorded an increase in condotel supply but it was still at a very low level compared to the pre-2019 period, the report says.

The condotel segment recorded 348 condotel units on sale from two projects in Q3, 281 of which were bought. The new supply was mainly from Quang Nam and Danang. Primary-market prices continued to increase, from 5% - 8% on Q2.

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