Many estate trading floors on Nguyen Phuoc Lan Street, which is home to many real estate agents in Danang, remain shut.
It is easy to see online information about real estate in Danang. However, demand is very modest. Many houses and land plots which have failed to be sold over the past one or two years have been offered for sale again at much lower prices.
Land plots in the Thi Anh area in Hoa Quy Ward are put up for sale at around VND2 billion (USD84,745) from VND2.4 billion previously. Those in the city centre have seen slightly lower price reductions.
Land prices in Danang have sharply fallen
Many houses are being advertised for sale at VND2-4 billion, depending on different locations, much lower than prices of 2019.
A house on Pham Van Nghi Street, Thanh Khe District, is being offered for sale at VND4.2 billion compared to VND4.6 billion advertised earlier. But the broker said customers could negotiate with the house owner for a further discount.
Nguyen Duc Lap, head of the Real Estate Research and Training Institute, said that the property market in Danang, and Vietnam in general, had slumped slump. This is attributed to higher interest rates. Since June last year, land prices in the city’s south and west have fallen by 20-30 percent.
In 2022, nine new apartment building projects in Danang with a total of 658 apartments were put up for sale. Only 56 percent of these apartments were sold, down 37 percent on-year.
