Investors have been rushing to buy land in the central city of Danang, pushing land prices in the city up even further.

Land prices in new urban areas in the north-west of the city have increased by 30-50% compared to late 2017.

Land prices in Danang on the rise

Nguyen Hoai Anh, a member staff from a real estate company in Danang said that these days his company serves dozens of customers daily.

Truong Thi Trang from another real estate firm in the city said that up to 80% of customers who come to buy land in Danang are from other localities, including Hanoi and HCM City. Most of them just want to buy land for speculation.

Land in many projects in the south and western north of the city have been sold out.

“The demand for land plots in the city is very high and there’s no new land available. At this time, we’ve mainly traded land which is just changing hands for speculation,” Trang added.

According to Tran Van Nguyen, an investor from the central province of Quang Nam, claimed Danang had announced some property projects recently, which was among the reasons for higher land prices in the city.

Dam Quang Tuan, chairman of Danang Real Estate Association alleged that this was a good sign for the city’s property market, but poses a high risk for investors. Investors need to carefully study municipal planning.