Condotel sales plummet

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.