Since the beginning of 2024 until now, the number of house and land transactions has increased significantly compared to the same period in 2023. In particular, many commercial housing and shophouse projects have been kicked off or put into use, bringing signals of continued improvement in the Da Nang real estate market in the coming time.

A number of housing projects under construction in Hai Chau District, Da Nang bring positive signals to the Da Nang real estate market. Photo: HOANG HIEP

According to Deputy Director of the Da Nang Department of Construction Tran Van Hoang, in the first quarter of 2024, the number of real estate transactions in the city was recorded at 2,117 apartments and individual houses, an increase of 145% over the same period in 2023 and increase 103.2% compared to the fourth quarter of 2023. Along with that, 5 commercial housing projects have been licensed to be constructed.

“The real estate market in Da Nang is starting to show positive signs and is expected to gradually improve in the near future.”, said Mr. Tran Van Hoang.

The municipal Department of Construction also actively monitors and closely monitors the operations of social housing projects in the city, in tandem with recommending that organisations and individuals participating in real estate transactions carefully study the project's legal status and only conduct transactions in real estate projects that are qualified for business.

According to a report recently released by the DKRA Group Joint Stock Company on the real estate market in Da Nang and surrounding areas in the first quarter of 2024, the overall demand of the land segment recorded signs of improvement, with consumption climbing by about 30% compared to the end of 2023, whilst secondary prices recorded a slight increase of 2-3% and liquidity had many positive changes.

In the apartment segment, supply increased by 33% over the same period of 2023. New supply and consumption are mainly distributed in Ngu Hanh Son District. With a number of projects in Da Nang in the stage of accepting reservations and preparing to launch products to the market, supply in the coming months is forecast to achieve certain developments.

The national government's positive moves to remove difficulties for the market, especially legality and capital sources, are expected to create conditions to promote the market's recovery in the near future.

Mr. Vo Hong Thang, the Director of Project Development and Consulting Services of DKRA Group Joint Stock Company, said: “In the second quarter of 2024, it is forecast that the real estate market in Da Nang and surrounding areas will record certain progress strides, depending on each specific segment. The land market increased slightly, whilst liquidity and secondary price levels recorded more positive signals compared to the first quarter of 2024. For the apartment segment, in response to the move of a number of large projects being opened for sale, new supply coming to the market in the second quarter is expected to have more positive changes than the first quarter. In the same vein, primary and secondary market liquidity is likely to increase."

Amid a fact that there are many housing projects (apartments, villas and shophouses) that have been licensed to start construction, implemented construction or received reservations, investors expect them to lead the real estate market to grow. In particular, apartments are also a direction for sustainable real estate investment and development in accordance with the actual situation and housing trends of urban residents in the future.

According to Director of Van Dat Real Estate Development Investment Joint Stock Company Pham Van Sung, because land funds are increasingly limited and land prices are increasing, the apartments segment not only provides accommodation but also creates a suitable environment associated with a civilized lifestyle for urban people at a moderate cost.

Reporting by HOANG HIEP - Translating by A.THU