Retail space in Da Nang has increased

Savills Vietnam has just released a report on the Da Nang real estate market in the first half of 2019 with the retail space rent increasing by 8% year on year.


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According to the statistics of this unit, by the first half of 2019, the total supply of retail space reached about 212,000 m2, increasing 20% year on year. The market not only focused on the commercial center but also had diversified development in both downtown and coastal areas with the market entry of three projects in Hai Chau and Ngu Hanh Son districts.


Average gross rent on the ground floor increased by 8% year on year while occupancy decreased slightly by 1 percentage point year on year. Retail podium has improved the most due to newly launched projects. Retail sales reached VND 27.4 trillion, increasing 13% year on year.


The report also stated that the F&B industry (food and beverage industry has strongly developed; many F&B brands have not yet entered the Hanoi market but have been presented in Da Nang. In the second half of 2019 and 2020, the market will receive nearly 96,000 m2, concentrated mainly in coastal areas, Ngu Hanh Son district.


If in the retail segment, the situation is positive, looking at the segment of apartments, condotels and resort villas, the real estate market in Da Nang is going through a quiet period with the number of newly launched projects in 2019.


Savills noted the Da Nang market recorded a new project in the first half of 2019. Ngu Hanh Son District leads the supply with 50% market share. The future market recorded 14 projects that will open for sale from the second half of 2019.


According to Thanh Thinh