The resort property sector, especially condotels (condominiums in hotels), have stalled in both supply and transactions, according to the Vietnam Association of Realtors (VARS).
In the third quarter of this year, Da Nang, Nha Trang, and Phu Quoc recorded no new supply units, except Lanuna project becoming available on the market. The country’s total condotel transactions were around 1,000 units.
The VARS attributed that to the State’s move to tighten capital sources, unclear legal policy for condotels, and the limited capacity of Vietnamese investors in terms of resort property management, thus affecting the trust of buyers.
At prices of VND35-70 million (US$1,520-3,000) per sq.m, buyers have also found it hard to resell.
During the past three quarters, as many as 8,061 units were put on sale, notably Hyatt Regency Da Nang, Ocean Suite, Olalani, Coco Bay, Muong Thanh, Anfanam, Hoa Binh, and Furama. In the third quarter, up to 294 units were made available.
In Nha Trang city in the central province of Khanh Hoa, new supplies were put on offer by Hudbuilding Nha Trang, Ariyana, and Panarama.
In the third quarter, over 1,000 condotel units were put up on the market, raising the total to 12,000.
However, only 789 units were sold in Khanh Hoa, a decline from the first and second quarter figures.