Nha Trang and Danang are the two leading real estate markets of Vietnam in terms of condotel supply.
Last week, two projects under construction comprising 3,000 condotel units were introduced to investors in Hanoi.
Thelargest of the two projects, which is being developed by the Marina Hotel JointStock Company offered to sell 2,000 condotel units in the 4.7ha Swisstouches LaLuna Resort project at the price of US$3,300 per square meter on October 17. The company pledged to pay nine per cent dividend in Vietnamese dong or six per cent dividend in US dollars per annum for the first five years of operation. The project delivered date has been set for the beginning of 2019.
Two days earlier, the Nam Tien Lao Cai Joint Stock Company also launched the Scenia Bay project with a total of 704 high-end apartments and 275 hotel rooms. The project, built on an area of 7,666 square meters, is cost VND2.055 billion (roughly US$90.588 million) to develop.
The project’s general director, Cao Thi Thu Hien, said that the number of tourists visiting Nha Trang is expected to exceed 7.2 million in 2020, compared to five million last year. That growing number of visitors is cited as an opportunity for investors, as the current condotel supply may not be enough to accommodate the increasing number of tourists.
However, more large scale projects in the area with over 1,000 condotel units, such as Panorama, Tropicana and Gold Coast, are expected be launched in the near future.
According to the real estate services firm CBRE, Nha Trang currently has 17,205 four-star and five-star hotel rooms, condotel units, and villas. CBRE forecasts that this figure will increase to 36,700 in 2020, nearly 5,000 units higher than the expected number in Danang.
Nha Trang currently leads the country in resort real estate with 10,138 four-star and five-star hotel rooms, 1,149 villas, and 10,913 condotels. Meanwhile, there are 8,253 four-star and five-star hotel rooms, 771 villas and 7,679 condotel units offered to sell in Danang.
According to CBRE, the liquidity of the real estate market in Danang and Nha Trang in the first half of this year was similar, with about 970 apartments booked. The absorption rate decreased sharply compared to last year when 5,190 units in Nha Trang and 4,530 units Danang were sold.
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