Alongside its rare “dual identity” as both an economic powerhouse and a premier resort capital, combined with the open-minded investment attraction from local leaders, the intrinsic strength of this livable city is the decisive reason why this urban area is given opportunities. It can be said that the priority mechanism corresponds with expectations, responsibilities, and the mission to lead the real estate market—particularly the resort segment—in the coming time.
In the seminar “Da Nang – Unleashing Potential, Elevating to International Level” organized by VCRE, Nobu Danang, and CBRE on August 3, 2024, in Hanoi, the speakers focused on discussing the overall picture of the Vietnamese and Da Nang economies. Not only did they provide in-depth analysis, but the open discussions also brought many new perspectives based on the new special mechanism resolution specifically for Da Nang to promote its international status.
High Expectations for Condotel
Economic expert Can Van Luc said that Da Nang’s real estate market is significantly affected by policy changes. The biggest positive aspect is the improvement of legalities and the issuance of certificates through detailed and clear guidelines. The new special development mechanism is considered Da Nang’s “right time,” strongly affirming its position as the ‘economic hub of Central Vietnam,’ and serving as a lever for Da Nang’s robust development in the future. Moreover, it is necessary to harmonize with regional tourism-linked products for sustainable growth goals.
Optimistic yet cautious, because this market has once been the cradle of condotel—a groundbreaking product with the highest excitement and unforgettable “heartaches” for many investors, even the most seasoned ones. However, the city’s land law changes have brought many positive signals back to this urban area.
According to Government Decree No. 10/2023/ND-CP on amending and supplementing some articles of the decrees guiding the implementation of the 2013 Land Law, effective from May 20, 2023, tourist apartments (condotel), officetel, and tourist villas formed on commercial and service land are granted land use rights certificates.
“Especially, the Condotel and Officetel types have been defined as “floor area” which can be considered for ownership certification depending on the project’s term. The regulation that type 1, 2, and 3 urban areas are not allowed to divide land for sale or transact with cash also significantly reduces risks for participating parties, bringing real estate back to its actual value. Although prices are expected to rise, transparency will help investors access full information, accurate processes, and clarity,” Mr. Luc shared.
The official effect of three important laws related to land and business from August 1, 2024, is unclogging bottlenecks. This is also an essential push for Da Nang to regain its competitive edge, even compared to the strongest markets like Hanoi or Ho Chi Minh City.
Owning many advantages, Da Nang’s position is a unique case in Vietnam’s real estate to be granted the right to lead the market.
Destination for International Brands
According to MSc Trinh Tuan Bao, representative of the Da Nang Department of Tourism, in the past six years, the service sector accounted for over 70% of the economic structure, with tourism being the standout highlight of Da Nang’s economic development. Besides having the central position of the country, creating growth poles, international gateways, and strategic points in the East-West economic corridor, the cultural uniqueness, connecting Central heritage with friendly qualities, a safe, clean, and secure environment is also the largest “asset” that helps Da Nang be granted special mechanisms to develop according to both national expectations and international status.
“Apart from focusing on human resources, land, and urban infrastructure, the business environment is also a development driver, with economic strength primarily propelling the city. Da Nang is confident in its high-quality tourism accommodation infrastructure, strongly attracting top global hotel brands,” Mr. Bao emphasized.
A representative from VCRE shared that the growing economy and key position make Da Nang an attractive destination for businesses and investors. Finding interest in the peaceful yet dynamic lifestyle, convenience, and opportunities of the city, many foreign experts also choose Da Nang because they can easily integrate and feel at home here.
My Khe beach frontage is currently an ideal destination for world-renowned operating brands.
He also emphasized that cooperation with reputable international operating brands not only brings unique experiences to resort projects but also instills confidence in multinational customers to invest in Da Nang.
Recently, Da Nang has also received positive signals as it becomes a meeting place for influential figures like Bill Gates and an investment destination from the US, Sweden, Japan, Korea, India, etc. This forms the basis for enhancing multilateral cooperation between Da Nang and businesses from various countries, mainly in areas such as tourism, real estate, smart city development, artificial intelligence, semiconductor technology, and infrastructure.
Previously, Mrs. Truong Thi Hong Hanh, Director of Da Nang Tourism Department, also affirmed that the city’s development orientation is to prioritize the high-end, super-luxury segment with well-planned international promotions for each specific customer market.
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