Condotel sales plummet

By Trung Tin   October 19, 2020 | 06:42 pm PT
Condotel sales plummet
A hotel room in condotel project Cocobay Da Nang. Photo courtesy of Empire Group.
The number of condotels sold in the third quarter fell 99 percent year-on-year as demand continued to fall over legal uncertainties.

Absorption rate was as low as 10-15 percent in the provinces of Ba Ria-Vung Tau and Quang Nam, while Phu Quoc and Khanh Hoa recorded 2 percent, according to a report by real estate consultancy DKRA Vietnam.

Several other central and southern localities posted zero sales in the third quarter, it said.

Ninh Thuan, however, managed to buck the trend with a 100 percent absorption rate.

Supply was also scarce, with just one new 71-unit project entering the market.

Industry insiders say the condotel market took a serious hit after the fallout of major condotel project Cocobay Da Nang last year exposed legal loopholes in this property type that could lose investors their money.

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