Sales healthy and plenty of new supply becoming available.
The apartment segment in Nha Trang is seeing good liquidity, with most customers coming from Hanoi and Ho Chi Minh City to purchase properties as a second home or as an investment, according to the latest report on Nha Trang’s real estate market in the first quarter released by Savills yesterday.
The report showed that one- and two-bedroom units had high absorption rates due to their affordable sales prices and good rental yield. Sales of one- and two-bedroom units accounted for approximately 90 per cent of all sales.
During the quarter two new projects entered the market adding more than 700 units. There were approximately 2,800 units in total added from ten projects. Six active projects provided some 1,200 units and the remainder came from four fully-sold projects.
Notably, most projects are located along the coast, especially on Tran Phu Street. Projects in Loc Tho saw the best performance, with an average sales price of VND60 million ($2,760) per sq m, followed by Phuoc Dong at VND23 million ($1,058) per sq m and Vinh Nguyen at VND21 million ($963) per sq m.
Performance by location
The target market is mostly people from other provinces, particularly those from Hanoi and Ho Chi Minh City. Ms. Pham Thu Loan, a customer from Hanoi, said that by investing VND1.3 billion ($60, 465) for an apartment in Nha Trang she can easily earn VND5 million ($230) a month from renting the apartment.