Nearly 60 percent of the 27 villa and condotel projects that entered the market in the second quarter with 3,251 units saw no transactions.

According to real estate service provider DKRA Vietnam’s latest report on the villa-condotel market segment in the southern region, the fourth wave of Covid-19 has hit its recovery.

Only around 60 beachfront villas at 10 projects, mostly in Ba Ria Vung Tau and Binh Thuan provinces, and 600 condotels were sold.

DKRA said 1,500-2,000 condotels would enter the market in the third quarter, mostly in Da Nang City, Quang Nam Province and Phu Quoc Island.

In the second half, 1,000-1,500 beachfront villas would also be launched, mainly in Ba Ria Vung Tau, Binh Thuan and Phu Quoc, along with 1,500-2,000 street houses and shophouses, it said.

It expected the real estate sector to remain severely affected by the pandemic, resulting in high unsold inventories of villas and condotels, and said liquidity would recover only after the pandemic is controlled and vaccination is accelerated.

Source: VNE