(Danang, Vietnam) May 2012 – The resort property market on Vietnam's Central Coast continues to recover as prime property is selling again. Vietnam Sotheby's International Realty, exclusive Sales Agent for the Hyatt Regency Residences in Danang reported a new influx of purchasers and sees an upwards trend in resort sales. "Sophisticated domestic investors return to the market amongst falling interest rates while more foreign purchasers see the opportunities of an emerging holiday home market with excellent infrastructure and improved access through the new Danang International Airport Terminal. We have been able to sell over 22% of the remaining inventory of the Hyatt Regency Danang Residences since the beginning of the year, showing that clients are still looking for prime holiday homes.", says Michael Piro, General Director of Vietnam Sotheby's International Realty. While many developers can achieve sales only by giving excessive discounts, properties at Hyatt Regency Danang maintained their price points which illustrates that prime properties are an important part of an investors' portfolio, particularly in turbulent times on the financial markets.
While the domestic purchasers are buying finished units with excellent value proposition, foreigners tend towards absolute beachfront. As there is a good mix of units in different price ranges still available clients still have choice of different options from one- to three-bedroom units from US$200,000. "Although there is still inventory of all sizes, smaller units are nearly sold out and we are starting to transact units on the secondary market already. Many of our early investors are re-selling to purchase larger units or to take advantage of the capital appreciation since launch. Resales will become crucial to our business as we intend to clear the remaining units from the developer before the end of the year." Piro explains, citing that a full recovery of the resort home market should be visible during H2/ 2012.
With the decreasing supply of villas and condos at Hyatt Regency Danang the developer is expected to increase prices shortly for all remaining units, a tribute to the completion of the resort and reflecting the demand for the product in its market place. "There has been a slow period for resort sales during 2011 where buyers would be able to secure deals. Now that the market is bouncing back these deals will not be possible anymore", says Piro.