HANOI, May 14 (Xinhua) -- Around 90 percent of condotel projects in Vietnam recorded no sales in the first quarter of 2024, Vietnam News Agency reported Tuesday, citing the property consultancy DKRA Group.
The country's condotel market sales hit the lowest level in six years while the demand plunged to a five-year low.
Out of the 4,800 condotel units available for sale nationwide, only 64 units were sold during the cited period, representing just 1.3 percent of the total, said the report.
One of the main reasons for the situation was the high prices of condotels, which remain around 150 million Vietnamese dong (about 6,000 U.S. dollars) per square meter.
The report cited experts as saying that developers are hesitant to lower prices due to the heavy investment in high-end projects targeting affluent customers.
According to the Vietnam Real Estate Association, the country has over 240 tourism property projects with more than 114,000 condotels valued at 297 trillion dong (11.8 billion dollars). ■