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Second homes flourish

Released at: 10:45, 06/06/2015

Second homes flourish

The popularity of owning a second home in Vietnam shows no sign of abating.

by Quynh Nguyen

On the afternoon of June 5, sales of five-star villas at Naman Residences in central Da Nang city officially began and the opening attracted many potential buyers, especially those seeking a villa for holidays.

Part of the five-star Naman Retreat, residents at Naman Residences have access to all the Retreat’s five-star amenities, which include a conference center, a spa, a beach bar, a first class restaurant, and a kids playground. All villas will be handed over to customers in March 2016.

According to Mr. Nguyen Thanh Nam, General Director of Thanh Do, Naman Residences is different to other projects in and around Da Nang as it lies entirely within a resort and is separated from the hustle and bustle of the city. “Its green spaces and hanging gardens are among its many beautiful features,” he added.

Construction of Naman Residences, developed by the Thanh Do Investment Development and Construction JSC and the second phase of the Naman Retreat project, began in October 2014 and has 34 villas in four types, ranging up to 935 sq m in land area.

Located on the Truong Sa Highway it sits between two famous golf courses: Da Nang Golf Club and Montgomery Links, and is just 15 minutes from Hoi An ancient town and 25 minutes from Da Nang International Airport.

The project offers villas in contemporary designs and uses natural materials such as stone and glass, creating wide, open views. Each villa also comes with a private pool and fully-furnished interiors, giving residents a feeling of prestige and comfort.

With strong economic growth the wealthy class is rising in number, driving up demand for owning properties for holidays or as long-term investments. As a relatively new second home market, Vietnam presents a range of opportunities for investors.

Mr. Matthew Powell, Director of Savills Hanoi, told VET that the second home trend has been going on for few a years already in Vietnam with many people, especially from Hanoi, buying a villa for holidays. “Quality is becoming increasingly more advanced and many new projects are emerging, giving buyers a range of choices.”

And it’s not just Vietnamese who are attracted by the idea of buying a villa, he added. Resort villas are attracting many people from Singapore, Hong Kong and even Europe because prices are cheaper but the quality is equal.  

With the amended Law on Housing to come into effect on July 1, permitting foreigners to buy houses in Vietnam, there’s been a spike in interest in properties in Da Nang, especially resort properties, Mr. Powell said. The popularity of buying a second home is expected to remain strong for the foreseeable future.

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