The apartment retail segment in Nha Trang city in central Khanh Hoa province is growing in both supply and attention, reported Savills Vietnam real estate service provider.
Apartment retail market booms in Nha Trang. (Photo: VNA)
The apartment retail segment in Nha Trang city in central Khanh Hoa province is growing in both supply and attention, reported Savills Vietnam real estate service provider.
According to a recent report by Savills, 60 percent of the city’s stock was developed as studios or one-bedroom units sized from 32 – 50 square metres while two bedrooms account for about 36 percent.
Three new projects are now available for sale, adding more than 1,150 units during the first half of 2015 and bringing the city’s total apartment supply up to 3,550 units from 11 projects. Six of these projects have sold at least 60 percent of their capacity.
Projects in Loc Tho ward performed the best with 65 percent sold despite the average selling price of 48 million VND (2,134 USD) per square metre. Buyers were mostly foreigners and Vietnamese nationals from Ho Chi Minh City and Hanoi, the firm said.
The property market in Nha Trang has become more attractive to foreigners since the amended Housing Law permits them to have a 50-year lease tenure for residential units, Savills explained.
Furthermore, tourism in the coastal resort city with its year-round sunshine has been successful over the past five years with annual expenditures growing by 20 percent and an annual arrival growth rate of 18 percent.-VNA
The pick-up of the property market has triggered bubble fears, but State management agencies said the market would be closely watched to prevent it from happening again.
A steady economic growth rate, the new Property Business Law and the revised Housing Law, which took effect on July 1, are encouraging the recovery of the property market which has suffered a long period of downturns.
Investment inflows into the property sector has surged, especially credit from banks, said Nguyen Tran Nam, former Deputy Minister of Construction and Chairman of the Vietnam Real Estate Association.
Despite local taboos associated with buying houses in the seventh month of the lunar calendar, property transactions have not seen the usual lull this year.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
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Apartment retail market booms in Nha Trang. (Photo: VNA)
