Could Vietnam’s Da Nang be Asia’s next luxury hotspot?

The Vietnamese city of Da Nang on the South China Sea has long been touted as Asia’s next up-and-coming luxury home market. Now, with high-end homes sales on the rise, the resort town may finally be on the map for well-heeled cosmopolitan homebuyers.

The latest phase of the 642-acre Danang Beach Resort development has brought eight new oceanfront villas to the market, five of which have sold in the last three months for $1.6 million to $2.8 million, Matthew Koziora, director of sales and marketing at Vietnam-based developer VinaCapital Real Estate, told the Wall Street Journal.

And about one third of the 66 homes at the Estates at Montgomerie Links, an 18-hole golf course designed by European golf pro Colin Montgomerie south of Da Nang, have sold with prices ranging from $500,000 to $850,000.

“Right now we’re at an inflection point with supply and demand,” Peter Ryder, CEO of Indochina Land, the developer of the Estates at Montgomerie Links, Hyatt Regency Residences and the Nam Hai, which includes 40 private luxury villas in Hoi An, told the Journal. “But I see demand outstripping supply within the next 12 months.” [WSJ] –Christopher Cameron