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3.2 million visitors come to Da Nang

Large condotel supplies mainly from domestic investors will be available in the second half of 2017 and 2018.

Capacity and rental rates increased sharply, boosting average hotel room sales in Da Nang by 22% in the past six months, reports Savills.

According to Savills, Da Nang continues to maintain its position as a leading destination for domestic and international tourists. In the first 6 months, the number of tourists reached VNd3.2 million, up 33% over the same period last year. In particular, international visitors increased 72% year on year, reaching VND1.2 million.

Da Nang hotel market is achieving good business results in 6 months
Da Nang hotel market is achieving good business results in 6 months

Market supply includes 86 3 – 5 star hotels with about 9,400 rooms. In 6 months, the average room rate increased by 11% year on year. Average room occupancy increased by 22% y / y.

Average capacity was 72%, up 7 percentage points year-on-year. The top 5-star segment and the best performer ever.

In the second half of 2017, more than 1,300 hotel rooms in the 4 and 5 star segments are expected to enter the market.

Regarding the condotel market, Savills reported that there was only one new open plan in the first half of 2017. Similarly, the market for condos for sale also had only one new open plan, which made the total supply of apartments increased by 3% year on year.

Average selling rate of apartments for sale is about 33%. Average selling price reached $ 1,690 / sqm. In the 2-H, two projects are expected to provide about 1,200 units to the market.

According to Savills, the absorption rate of the condotel market is quite high, reaching about 70%. The high commitment of up to 12% per annum and commitment to acquisition from the investor has recently attracted many customers.

Large condotel supplies mainly from domestic investors will be available in the second half of 2017 and 2018.
Large condotel supplies mainly from domestic investors will be available in the second half of 2017 and 2018.

Large condotel supplies mainly from domestic investors will be available in the second half of 2017 and 2018.

For villas, the total supply in Da Nang is 801 units, of which the primary supply is 169 units. Ngu Hanh Son district has the largest supply with 728 units, equivalent to 91% market share, followed by Son Tra district with 73 units (9% market share).

By the end of the first 6 months of 2017, the market absorption rate reached 81%. Seven projects have been sold out ownership, commitment to profit and proximity to the sea are key success factors.

The fully furnished villa is priced from $650 / sqm to about $3,000 / sqm. In the second half of the year, the market is expected to have 45 villas.

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