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Empire Group dominates Danang condotel’s supply

Empire Group dominates Danang condotel’s supply

The latest report from Savills Vietnam said that in the second half of 2017, the whole market in Da Nang has 830 condotel hotels are launched. Most of them came from the Empire Group.

With 830 units added, total condotel supply in Da Nang by the end of 2017 is about 5,210 units (from 14 projects). Ngu Hanh Son district and Son Tra district led the supply with 85% market share from 12 projects.

The absorption rate is 73% in the second half of 2017. The average selling price is $ 1,890 / sqm, almost unchanged from the first half.

Empire Group dominates Danang condotel’s supply
Empire Group dominates Danang condotel’s supply

In 2018, 11 new projects will provide 8,320 units to the market

Regarding the villa segment, Savills said that the Danang market did not record new supply in the second half of 2017. This resulted in a total supply of resort-style villas at 800 units from 15 projects. Ngu Hanh Son district has the largest supply with 12 projects, accounting for 91%.

The market absorption rate reached 86%. The fully furnished villa is priced from $1,000 / sqm to about $1,700 / sqm.

In 2018, it is expected that the market will have an additional 45 resort villas.

In the apartment segment, total supply in Da Nang reached 4,340 (from 18 projects). The new project offers 770 units to the market. Son Tra district leads the primary supply, accounting for 60% of total supply.

The absorption rate is 97%, with sales in the second half of 2017 11 times higher than last year. The average selling price was $ 1,410 / sq m, down 12% y / y. In 2018, Savills forecasts more than 610 properties will enter the market.

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Empire Group dominates Danang condotel’s supply
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