Why transactions for real estate in Vietnam’s coastal tourism cities decreased?

Hit hard by the COVID-19 pandemic, hotel owners have been forced to put their properties up for sale at much lower prices, providing opportunities for investors who were betting on the tourism recovery when the virus was brought under control.

More and more hotels across the country have been put up for sale since the outbreak of the fourth wave of coronavirus starting from late April.

According to batdongsan.com.vn, one of the top real estate portals in Vietnam, advertisements for hotel sales have increased considerably in recent months.

The number of transactions for condotels, villas, town- and shophouses in coastal tourism cities in July decreased due to Covid-19 outbreaks, according to DKRA Vietnam.

No condotel projects were launched onto the market last month as 19 southern cities and provinces imposed social distancing.

Only 26 sea-front town- and shophouses of one project were on offer in July, declining 89 percent against June, while sales fell 97 percent. The supply and liquidity of this property segment decreased to its lowest level since the first quarter of this year.

Meanwhile, 179 sea-front villas of four projects were launched onto the market, of which 21 were sold, accounting for 12 percent. Most of the sold villas are located in the central province of Binh Dinh.

READ  Wired for success

Real estate service provider DKRA Vietnam said the supply and liquidity of condotels, villas, town- and shophouses in coastal tourism cities will recover slowly without sudden changes, depending on the control of Covid-19 and vaccination progress, according to VNExpress.

Vietnam, hit by a fourth Covid-19 wave, the most challenging it has faced since the pandemic started, in late April has had 297,921 cases including 6,735 deaths.

Share this:

  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Email
  • Related

    Leave a Reply

    Your email address will not be published. Required fields are marked *