Many of the older houses in Hoi An City in the central province of Quang Nam are being put on sale at prices in the millions of USD.
A 107-square metre house on Nguyen Thai Hoc Street is being offered for sale at VND38 billion (USD1.61 million). It is currently rented out at VND100 million per month.
Tourists in Hoi An City
Another house on Tran Phu Street which covers 165 square metres is being sold for VND37 billion. Meanwhile, a 100-square metre house on Bach Dang Street near the Japanese Covered Bridge is on sale at VND50 billion.
A local real estate broker said that housing prices in Hoi An have fallen by 30-40 percent compared to prior to the Covid-19 pandemic. However, transactions have been quite slow. It took some houses more than a year to be sold.
He added that houses with an area of around 100 square metres are often more expensive than those which are 200-500 square metres.
According to Nguyen Son Thuy, vice chairman of Quang Nam Province’s Tourism Association, before the Covid-19 pandemic, real estate transactions in Hoi An were quite busy. But the impact of the pandemic and the government’s tightened monetary policy had affected the real estate market.
Quang Nam has seen a considerable improvement in tourist numbers. On Reunification Day (April 30) and International Labour Day (May 1), the province welcomed 245,000 visitors, up 19 percent on-year, including 120,000 foreigners.
In the first four months of this year, Quang Nam served 2.5 million tourists, including one million foreigners.