ASEAN KEY DESTINATIONS
Foreigners allowed house ownership in Da Nang
The central city’s construction department has listed 17 commercial housing projects that allow foreigners to own homes, including eight in Son Tra peninsula and six in the downtown Hải Châu district.
The department made an official announcement on Thursday, 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, Hoàng Anh Gia Lai Lake View; Đà Nẵng Plaza; FPT City, An Viên residential Zone and Harmony apartment tower.
Other projects, including Blooming Tower, Golden Square complex; the Summit Son Tra View; Thuy Tu Urban, Green Hoa Bình Da Nang Complex; the Monarchy; Garden Tower apartment; 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 Viet Nam between 2014-17.
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 Ngũ Hành Sơn District.
The city hosted 7.6 million tourists, of which 2.87 million were foreigners, earning revenue of VND24 trillion ($1 billion) 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 VND98 million (US$4,300) per square metre.
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