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Da Nang is one of the biggest cities in Vietnam and attracts many local and foreign property investors.
Personally, I believe that Da Nang will become one of the most interesting economies in Vietnam, thanks to its pleasant location along the shoreline and functioning economy.
The city is leading the industrialization of the central parts of Vietnam and welcomes millions of tourists each year.
If you plan to buy property in Da Nang, it’s important that you learn the basics about foreign ownership regulations, where you should buy property, and more.
- Is Da Nang a good place to invest?
- Da Nang’s proximity to other popular cities
- Where should I buy property in Da Nang?
- Buying Villas in Da Nang
- Da Nang Real Estate Listings
- Da Nang Condo Prices
Is Da Nang a good place to invest?
With a bit more than 1.2 million people, Da Nang is the fifth-largest city in Vietnam and one of the most developed cities in Vietnam. Serving as a demilitarized zone just a few decades back, you can now get access to public WiFi all over the city center.
Da Nang is most famous for its hills, mountains, and proximity to the ocean. It faces the beautiful South China Sea and is located right in between the capital, Hanoi, and the southern metropolis, Ho Chi Minh.
The main reason why people escape the stress in Hanoi and Saigon is that you’re closer to nature with more outdoor activities just around the corner.
Compared to many other resort-destinations, such as Phuket in Thailand, the city doesn’t only rely on tourism but has much commercial activity as well.
Many local and foreign companies set up offices here, especially in the hi-tech and maritime industries.
The central parts of Vietnam experience rapid industrialization and Da Nang is undoubtedly the epicenter of this transformation. Along with this economic growth, we see dozens of new resorts, office buildings, and hotels being built in the city.
Despite this transformation, property prices and living costs are below those in Ho Chi Minh, making Da Nang a preferred choice among retirees and entrepreneurs who want to invest in condo units or set up local offices.
Da Nang’s Proximity to Other Cities
If you ever visit Vietnam, you’ll come across people who recommend visiting Hoi An, one of Vietnam’s oldest cities. It’s the home of French colonial buildings, Chinese shophouses, and a center for spice trade.
Since 1999, the whole city has been inscribed as a UNESCO World Heritage site, which speaks for itself. The beauty of living in Da Nang is that Hoi An is located merely a 30-minute drive away and boosting tourism.
If you want to visit Hoi An, you have to land in Da Nang and most people usually spend some nights here before continuing to Hoi An. We also see increased connectivity between the cities as developers build resorts in between the cities.
On top of that, the old historical capital of Vietnam, Hue, is located a 2-hour drive away from Da Nang.
Not only is Da Nang right in between the two biggest cities, Hanoi and Saigon. It’s also closer to Hong Kong, Korea, Taiwan, and mainland China, at least from Saigon.
With a difference in flight time of almost an hour from Hong Kong, for example, some investors prefer the tranquility in Da Nang and the reduced travel time.
The Best Areas to Buy Property in Da Nang
Da Nang is split up by a river called the Han River. There’s a Western and an Eastern side of the city.
First, my suggestion is always that you visit Da Nang to see which area suits you the most. With that said, Da Nang is still relatively small and you have no problems getting around in the city, no matter on which side you stay.
The Western side of the city is more bustling and offers more cafés, shops, and diners compared to the Eastern side.
The most popular areas typically include:
- Hoa Hai (Truong Sa Street)
- My An (Vo Nguyen Giap Street)
- Cam An (Lac Long Quan Street)
This can be indicated by the larger number of residential projects and other establishments located here.
Here, you can find real estate that is centrally located and luxury condos just nearby the river. You can reach the beaches on the Eastern side with a 10-minute drive, as these are only 2 kilometers away.
The Eastern side is located on the right-hand side of the river, offering beautiful beaches and sceneries of the ocean. This is the place where people can find large beach houses and experience a more relaxed atmosphere.
If you want to live closer to the locals and beaches, the Eastern side is the place to be. This is also the place to target if you look for a landed house.
I also recommend you to read my separate article that explains the most popular areas to live in Da Nang.
Buying Villas in Da Nang
You’ll find most of the villas for sale on the Eastern side of the city and along the coast or the river, stretching to Hoi An.
Villas often sell for as much as USD 500,000 – 1,000,000. If you are determined to buy a house that has a pool and other amenities close by, like golf courses, you’ll most likely have to spend at least USD 400,000.
Units in projects like Le Meridien Resort start from as much as USD 1.5 million.
Many foreigners get surprised by the high prices offered for branded luxury villas. If buying a villa is beyond your budget, you’d better look for a condo unit instead, which is the most popular option among foreigners.
Keep in mind that buying a villa is a different undertaking than buying a condo. Therefore, you should find a credible agent that can help you through the screening and buying process.
Da Nang Real Estate Listings
Da Nang has both local and foreign-owned real estate agencies that have long experience catering to investors. You can find the agents on various listing websites such as:
- Indochina Properties
You can find plenty of properties that are available for sale or leases on the sites. The drawback of checking listings is that the information is sometimes outdated or insufficient.
For more information, I recommend you to check the websites and see which ones suit you the best. Asia Property HQ also works with local reputable partners that can present multiple options at once.
If you’re interested, simply write us an email or drop a comment below.
Condo Projects in Da Nang
Many high-end real estate projects have been completed or are currently under construction in Da Nang. Even if the number of projects is limited compared to Hanoi and Ho Chi Minh City, you should check the following:
- Le Meridien Resort & Spa
- Shantira Hoi An Beach Resort & Spa
- Premier Sky Residences
- Malibu MGM
- Monarchy Apartments
For more information, you can check my separate article that lists properties for sale in Da Nang.
Da Nang Condo Prices
While beach houses and luxury villas can sell for as much as USD 1 million, you can buy condo units for significantly lower prices.
Due to the greater influx of local and foreign investors, condo prices have increased much in Da Nang in recent years though.
Nowadays, you have to spend at least USD 90,000 for a small studio or one-bedroom condo unit. Two-bedroom condo units in new projects usually sell for USD 150,000 – 200,000 at least.
During the COVID-19 pandemic, Da Nang’s real estate market was affected badly as it relies on foreign investors and tourism.
Landowners informed that they sold land plots with prices that were 30% to 40% lower compared to before.
At Hoa Xuan and Nam Hoa Xuan, the cost for land plots dropped by about VND 1 billion (around USD 43,100) compared to 2019. Many transaction offices for land traders have been shuttered.
The steep price decreases also open for investment opportunities as the market is predicted to bounce back once we see the ease of traveling.
Below I have included commonly asked questions among foreign investors and my replies. If there’s anything else you wonder about, write a comment below or send us a message.
Can foreigners buy land in Da Nang?
No, foreigners cannot buy land in Vietnam as it’s owned by the Vietnamese people and controlled by the government.
Can foreigners buy commercial property in Da Nang?
Foreign individuals cannot buy commercial property in Vietnam. To do so, you have to set up a local real estate trading company or a joint-venture with a local partner.
Is real estate expensive in Da Nang?
Prices have increased much in the past years and property is considered expensive by national standards. This is especially the case for branded villas and condominiums located along the shoreline.