Apartment retail market booms in Nha Trang. (Photo: VNA)

The apartment retail segment in Nha Trang city in central Khanh Hoa province is growing in both supply and attention, reported Savills Vietnam real estate service provider.

According to a recent report by Savills, 60 percent of the city’s stock was developed as studios or one-bedroom units sized from 32 – 50 square metres while two bedrooms account for about 36 percent.

Three new projects are now available for sale, adding more than 1,150 units during the first half of 2015 and bringing the city’s total apartment supply up to 3,550 units from 11 projects. Six of these projects have sold at least 60 percent of their capacity.

Projects in Loc Tho ward performed the best with 65 percent sold despite the average selling price of 48 million VND (2,134 USD) per square metre. Buyers were mostly foreigners and Vietnamese nationals from Ho Chi Minh City and Hanoi, the firm said.

The property market in Nha Trang has become more attractive to foreigners since the amended Housing Law permits them to have a 50-year lease tenure for residential units, Savills explained.

Furthermore, tourism in the coastal resort city with its year-round sunshine has been successful over the past five years with annual expenditures growing by 20 percent and an annual arrival growth rate of 18 percent.-VNA