In recent years, the connection of transport infrastructure, tourist attractions and urban development planning has significantly contributed to driving the socio-economic growth of three central regional localities namely Thua Thien Hue, Da Nang and Quang Nam. Most notably, a closer link in urban chain has directly created more real estate supply to meet market demand.

Real estate products as part of urban planning projects in the south of Da Nang are on sale. Photo: TRIEU TUNG

According to the DKRA Viet Nam Joint Stock Company (DKRA Viet Nam) - a solution provider in real estate service, when the resort segment in the Thua Thien Hue-Da Nang-Quang Nam real estate market in 2021 continued maintaining its steady downward trend, the segment of townhouses, villas, and land plots experienced remarkable growth.

Mr. Vo Hong Thang, Head of the Research and Development Department of DKRA Viet Nam, said that from late 2021 to early 2022, the Thua Thien Hue-Da Nang-Quang Nam real estate market has been on the upswing and witnessed several new buyer trends after a quiet period due to the impact of COVID-19.

Notably, Da Nang is positioned as the destination of luxury real estate and resort real estate. With its development orientations to 2030, with a vision towards 2045, Da Nang targets to turn itself into one of the major socio-economic hubs in Viet Nam, and Southeast Asia as a whole, and into a regional financial centre, by focusing on 3 main pillars: tourism, hi-tech, and marine economy.

Not only developing commensurately with its position as the key economic hub in the central key economic zone, Da Nang also strives to become a famous tourist and resort destination with a world-class resort real estate system. With these orientations, it is forecast that real estate market in Da Nang will continue to attract many investors from both home and abroad to deploy high-end and luxury projects.

Meanwhile, with its orientation to 2025, Thua Thien Hue Province intends to become a centrally-governed city on the basis of preserving its ancient heritage and culture. Therefore, the central province has been paying special attention to accelerating the upgrade of urban infrastructure system, and developing a real estate development map, so as to attract more investment flows into the locality.

Also, heed has been on simultaneously developing an inter-regional transport system, in which top priority has been given to the implementation of projects connecting directly to Da Nang and Quang Nam Province’s Hoi An City. Aside from the ‘Ancient Hue’ space, Thua Thien Hue plans to create a ‘new Hue’ space with modern and civilised urban areas.

In the meantime, a very remarkable signal between Da Nang and Quang Nam Province is the embarking of a project to dredge the 25 km-long Co Co River, along with the operation of the transportation system connecting urban areas and resorts in both localities. The project is dubbed as a new breakthrough for socio-economic progress of Da Nang and its neighbour Quang Nam Province.

From the perspective of regional linkages in the direction of economic potential development, Mr. Can Van Luc, Chief Economist of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and a member of the National Financial and Monetary Policy Advisory Council, highlighted the significance of the formation of an urban cluster linking Thua Thien Hue, Da Nang and Quang Nam. With this orientation, all three central regional localities will jointly raise the value of contribution to the national economy of the region to new heights.

According to Mr. Luc, a series of key traffic projects which will be carried out or put into use by 2022, along with the gradual reopening of international flights, promises to bring recovery prospects to the Thua Thien Hue-Da Nang-Quang Nam real estate market.

Mr. Pham Lan, the Chairman cum Director of the DKRA Viet Nam, expressed his belief that a major change is underway in the Thua Thien Hue - Da Nang - Quang Nam real estate market, getting ready for the transformation and breakthrough in the coming time.

Reporting by TRIEU TUNG - Translating by M.DUNG