Da Nang seaside resort real estate attractive to investors
Seaside resort real estate has become a hotspot for investors in the recent two years in the central city of Da Nang, said the property service group CBRE Vietnam on August 9.
Da Nang (VNA) – Seasideresort real estate has become a hotspot for investors in the recent two yearsin the central city of Da Nang, said the property service group CBRE Vietnam onAugust 9.
In particular, condodel segmentis becoming a magnet thanks to its profitability from expected lease in thefuture.
Since early this year, 250high-end apartments from Coco Ocean Resort & Spa, part of Cocobay resortcomplex, have raised the total supply to 6,700. In the last two months thisyear, roughly 1,350 rooms from five projects are expected to be put on sale. Inthe next two years, the total new supply will amount to 9,000.
Meanwhile, villas are soldless than condotels due to limited supply.
Duong Thuy Dung, head of theCBRE Vietnam market research and development consultancy unit, said the wave ofinvestment in reresort property is to meet visitors’ demand before and afterAPEC 2017 events in Da Nang, adding that profitability from villa and condotelprojects in vantage locations in Da Nang, Nha Trang and Phu Quoc is higher thanthose in Hanoi and Ho Chi Minh City.
Several projects offer annualprofit of 8-10 percent for 5-10 years, she said.
Also according to the CBREVietnam, a series of four-starred hotels recently opened in Da Nang, especiallythose along Vo Nguyen Giap street, are painting a new skyline for the city.
This year, the local marketwill also welcome new facilities by foreign hotel brands such as Sheraton, FourPoints by Sheraton, Hilton and JW Mariott, making Da Nang the top locality inthe country in terms of attracting foreign hospitality providers.-VNA
Foreign direct investment (FDI) in the real estate market hit nearly 52.7 billion USD as of May this year, with 65 percent of which or 40 billion USD being poured into resort projects.
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Illustrative image (Source: VNA) 
