The Vietnamese Ministry of Construction issued Circular 123/TC-BXD dated July 28, 2022 to announce information on housing and real estate market in the second quarter of 2022 in the whole country with a focus on the northern, central and southern regions. As reported, in Da Nang alone, the price of luxury apartments has been recorded at VND 120 million/m².

Illustrative image (Photo: DNO)

According to the Ministry of Construction, in the second quarter of 2022, there were 3 soon-to-kick-off commercial housing projects in Central Viet Nam with a combined total of 961 units, 211 under-construction ones with a sum of 131,481 units.

The number of newly-licensed commercial houses in the central region has 9 projects with 678 units.

Through data in the central region and the national market, it shows that the supply of commercial housing in the second quarter of 2022 has not improved, especially the number of newly -licenced projects is only about 42% of the percentage recorded in the same period in 2021.

With regard to the number of projects and commercial apartments eligible to sell houses in the future according to aggregated data from localities, there were 18 projects with a total of 3,738 units in the central region.

The second quarter also recorded 69,079 successful transactions of apartments and individual houses, mainly concentrated in Hai Phong, Long An, Da Nang, Ho Chi Minh City and Can Tho.

The total transaction volume was 340% as compared to the first quarter of 2022 and 230% of the same period in 2021. Specifically, in the central region, there were 19,565 successful transactions.

The number of land transactions in the central region stood at 69,088.

Regarding the national average price of affordable apartments (from VND25 million/m² to VND30 million/m²), VND25.7 million/m² was reported at FPT Flaza Apartment project located in Ngu Hanh Son District, Da Nang.

As for the price of mid-end apartments (from about VND30 million/m² to less than VND50 million/m²), in Da Nang, there was The Sang Residence project in Ngu Hanh Son District with the price of about VND46 million/m².

High-class households (with a price of over VND50 million) were reported at the M Landmark Residence project in Hai Chau District, Da Nang with VND 120 million/m².

For individual houses, the land plot in Da Nang recorded at Euro Village 2 project, Cam Le District costs about VND92 million/m². A project south of Tuyen Son Bridge, Ngu Hanh Son District costs about VND115 million/m².

In general, the prices of individual houses and land plots for housing construction at projects in the second quarter of 2022 tended to slow down in most localities until economic development, business activities and services in other industries were restored to normal.

As for hotels and resorts, in the second quarter of 2022, the whole country recorded an increase in new supply.

Particularly in Da Nang, there were a number of 4-5 star hotel and resort projects put into operation like 5-star Radisson Hotel Danang, and many resort real estate projects launched for sale in the first half of 2022 and attracting the attention of many investors such as Fusion Resort & Villas Danang,The Filmore Da Nang, Aria Da Nang Hotel and Resort.

The Ministry of Construction also informed about the situation of credit granting for the real estate sector, citing a report of the State Bank of Viet Nam said that, as of June 30, 2022, the outstanding credit for business activities real estate had reached VND784,575 billion.

Reporting by NAM PHUONG – Translating by A.THU