Beachfront villa sales down 83% in November

By Vu Le   December 14, 2022 | 06:11 pm PT
Beachfront villa sales down 83% in November
Beachfront villas and shophouses in Mui Ne in the central Binh Thuan Province. Photo by VnExpress/Huu Khoa
Only 56 beachfront villas were sold in Vietnam in November, marking a year-on-year drop of 83%, according to property consultancy DKRA Vietnam.

Thirty five beachfront shophouses were sold, down 96%, though developers offered discounts of 30-40%.

They sold 340 condotels, mainly in the southern province of Ba Ria Vung Tau and marginally more than in October.

Since July 100-500 condotels have been sold each month though developers have had inventories running into thousands of units.

In the secondary market, investors have been willing to sell at losses of 8-10% in recent months but still have not been able to find buyers for beachfront villas and shophouses.

It has been the same in the case of condotels, which investors have been willing to sell at losses of 20-30%.

The developer of a resort project in the central region said the number of condotel, townhouse and beachfront villa transactions has decreased sharply since May despite discounts of 30-40% and the low demand for beachfront properties could last several more quarters.

DKRA Vietnam forecast liquidity to further decline this month, mainly due to tightened credit, higher interest rates and the declining sentiment among investors.

Apartments, lands, townhouses, and villas have also seen demand decline since the second quarter.

Experts have warned the property market will worsen further next year.

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