Making news

Foreigners allowed house ownership in Da Nang

The Department of Construction of central Da Nang city has listed 17 commercial housing projects that allow foreigners to own homes, including eight in Son Tra peninsula and six in downtown Hai Chau district.

The department made an official announcement on February 14, stating that these projects were built as trading centres, condotel complexes and apartments.

It said foreigners will be given ownership certificates when buying apartments or houses at the Lapaz Tower apartment; the Han River side 34-storey Aruza, Hoang Anh Gia Lai Lake View; Da Nang Plaza; FPT City, An Vien Residential Zone and Harmony Apartment Tower.

Other projects, including Blooming Tower, Golden Square complex; Summit Son Tra View; Thuy Tu Urban, Green Hoa Binh Da Nang Complex; the Monarchy; Garden Tower Apartments; P.A condotel tower are already available for foreign buyers and investors.

The department also announced that three projects – F-Home apartment, Da Nang Diamond tower and Indochina Riverside tower – will not allow foreigners to buy and own houses.

It has yet to review the expansion of housing ownership for foreigners at other projects not included in the list of 17.

Hotel and resort projects have been booming in the city, offering 28,000 rooms for accommodation of 15 million tourists.

Soleil Da Nang is the biggest apartment and hotel complex project in the city with a 58-storey five-star hotel and three 47-storey apartments, and will launch 1,000 luxury flats in 2020.

According to the ministry of construction, 750 foreigners have been given housing ownership in Vietnam between 2014-2017.

Da Nang is the most mature coastal market, catering to a range of visitors, including traditional and MICE guests. Apart from its beautiful beaches, it is also an economic hub. Most of its upscale accommodation is found along the white sandy beaches of Ngu Hanh Son district.

The city hosted 7.6 million tourists, of which 2.87 million were foreigners, earning revenue of 24 trillion VND (over 1 billion USD) in 2018.

Da Nang officially announced the highest price for land at coastal property projects in Ngu Hanh Son, Son Tra and Hai Chau districts worth 98 million VND (4,300 USD) per square metre.