Da Nang Condo Prices Skyrocket in Volatile Market Surge

Following the merger, not only land plots but also numerous apartment complexes in Da Nang have seen staggering price hikes, particularly in Cam Le and Son Tra districts.

Ms. Thanh Huong, a resident of Phong Bac Apartment Complex (Cam Le District), shares that in recent months, many prospective buyers have been inquiring about units in her complex. Notably, a significant number of buyers are from former Quang Nam Province, relocating to Da Nang for work and residence.

“Just two months ago, a 52 sqm unit was priced around VND 1.5 billion, but now it’s listed above VND 1.7 billion. Similarly, a 63 sqm unit now fetches nearly VND 2 billion. Despite the rapid price increases, every available unit is quickly snapped up. Friends have asked me to keep an eye out for listings, but there’s nothing available,” she said.

This apartment complex, located approximately 10 km from the city’s administrative center, offers convenient access via riverside roads. Its central park and peaceful, well-organized community make it a popular choice. Units in buildings CT01, CT02, and CT03 are often sold out.

Ms. N.X., a local real estate agent, mentions that she constantly searches for listings, sometimes hourly, but availability is scarce. Some units are reserved within hours of being listed. “Previously, selling an apartment could take months of negotiations, but now buyers decide swiftly, fearing further price increases. Some even break deposits to secure higher offers,” she explained.

Apartments in Son Tra District have also seen significant price increases. Ms. Minh Trang (12T2 Apartment Complex) notes a recent surge in real estate agents showing units, with prices now reaching nearly VND 2 billion. Given the complex’s proximity to both the beach and city center, she finds this pricing reasonable amid the current real estate boom. She recalls that earlier this year, she never imagined her apartment would reach VND 2 billion, yet now buyers are struggling to find available units.

On social media and real estate platforms, apartments priced around VND 2 billion are trending. Nguyen Quang, a real estate agent, notes high demand for immediate housing from newcomers to Da Nang. Most of his clients are workers, civil servants, and officials with limited budgets, seeking mid-range or older apartments.

Mr. Xuan Hoang and his wife, from Nong Son District, relocated to Da Nang for work. With their savings, they sought an apartment for their family. Two months ago, they found a VND 1.5 billion unit in Cam Le District but hesitated, exploring other options. However, similar units within 10 km of the administrative center were equally priced or higher. “Our hesitation cost us hundreds of millions as prices soared. Now, we’re determined to buy before prices rise further, but finding a unit remains challenging. Once, we arrived for a viewing only to find the seller had accepted a higher offer,” he said.

Da Nang is currently developing several commercial apartment projects, but prices exceed VND 70 million per sqm, out of reach for most workers and civil servants.