In unprecedented slump, no beachfront properties sold for 2 months

By Vu Le March 14, 2023 | 03:15 pm PT

A beachfront villa project in Mui Ne, Phan Thiet, Binh Thuan Province. Photo by VnExpress/Huu Khoa

For the first time in 10 years no beachfront shophouses, villas and condotels were sold in the first two months of the year, property service provider DKRA Vietnam said.

Some developers offered discounts of 30-40% for shophouses but yet found no buyers amid the difficult economic situation and drying up of capital flows into the real estate market.

Another consultancy, Cushman & Wakefield Vietnam, blamed this on tightened credit, high interest rates and low market sentiment.

Many beachfront projects in Binh Dinh Province, Binh Thuan Province, Danang City, and Ba Ria - Vung Tau Province have extended promotions and discounts of 20-40% from late last year in a vain bid to stimulate demand.

Vo Hong Thang, R&D deputy director of DKRA, said demand for beachfront properties could start recovering gradually in April though the market still faces challenges related to availability of credit, interest rates and the legal status of condotels and beachfront villas.