Savills report notes strong supply and sales in coastal city.
Three new projects entered Nha Trang’s real estate market in the first half of 2015, according to the latest report from Savills on the coastal city, adding more than 1,150 units.
There are now approximately 3,550 units from eleven projects. Six active projects supplied 1,649 units with 60 per cent sold and the remaining stock was fully sold.
Sixty per cent of the stock was developed as studios or one-bedroom units, ranging in size from 32 to 50 sq m. Two-bedroom units account for approximately 36 per cent of the total stock.
Current Supply - Apartment Sector
Performance by location-Apartment Sector
Projects in Loc Tho saw the best performance, with an average selling price of VND48 million per sq m ($2,136), with 65 per cent of projects selling out. All projects are located on Tran Phu Street and have professional management and good facilities, with most buyers coming from Ho Chi Minh City, Hanoi or overseas.
Regarding market demand, over the last five years Khanh Hoa province’s tourism market has performed well, according to the report. Annual revenue grew by 20 per cent and the annual growth rate of arrivals was 18 per cent. The amended Law on Housing allows foreigners to have a 50-year leasehold in residential projects.
Nine future apartment projects were in the pipeline in the first half, which will supply approximately 7,240 units. “One project is currently under construction while the others are being planned or on hold,” the report wrote.
- Nha Trang real estate market