H1 resort real estate sales in Vietnam fall to decade low

By Vu Pham, Hai Yen
Sun, August 4, 2024 | 8:00 am GMT+7

Resort real estate sales in Vietnam plummeted 69% year-on-year to 54 units in the first half of this year, reaching a decade low, according to a report by property consultancy firm DKRA Group.

The resort real estate supply hit 60 projects with 2,182 units during the period, down 5% over the year, said the report.

Resort realty prices varied between VND106 billion and VND6 billion ($4.2 million-$237,930) per unit in the northern region, between VND134.4-14.6 billion ($5.33 million-$578,960) in the central region, and between VND155.7-5.2 billion ($6.2 million-$206,210) in the southern region.

Resort real estate projects in Northern Cam Ranh Peninsula, Khanh Hoa province, south-central Vietnam. Photo courtesy of Nguoi Lao Dong (Laborer) newspaper.

Resort real estate projects in Northern Cam Ranh Peninsula, Khanh Hoa province, south-central Vietnam. Photo courtesy of Nguoi Lao Dong (Laborer) newspaper.

Resort real estate supply has been decreasing, accounting for only 6% of the market. In the secondary market, prices have decreased by 15-20% compared to initial contract prices.

In the primary market for resort shophouses, there were 32 projects with a total of 3,066 units in the past six months, up 6% year-on-year. However, only 20 units were sold during this period, down 59%.

Resort shophouse prices ranged between VND34.2 billion and VND4.6 billion ($1.3 million-$182,410) per unit in the northern region, between VND56.7-6 billion ($2.25 million-$578,960) in the central region, and between VND70-5.2 billion ($2.8 million-$230,000) in the southern region.

Supply of resort shophouses has also declined, with over 97% originating from the inventories of older projects. Despite the vibrant tourism industry, the market has been struggling with liquidity issues and limited capacity for price increases.

In terms of condotel, the market logged 45 projects with 7,225 units in H1, up 51% year-on-year, with 2,062 units sold, a 6.8-fold increase.

Condotel prices were set between VND141 million and VND36.6 million ($5,590-$1,450) per square meter in the northern region, between VND180 million-VND42.4 million ($7,140-$1,680) in the central region, and between VND154.5 million-VND55.5 million ($6,130-$2,180) in the southern region.

Primary condotel supply mainly came from inventories of old projects, which made up 66% of the total.

Vo Hong Thang, chief investment officer at DKRA, said that condotel supply in Q3 of this year will likely significantly drop from Q2, slipping to 400-500 units.

Projects will primarily be located in Danang city, Khanh Hoa province in the south-central region, and the northern province of Quang Ninh. Overall demand is anticipated to remain low through the end of 2024, Thang added.

The Vietnam Association of Realtors (VARS) projected that the local real estate supply may improve with a modest number of new projects. The dominant supply could be high-rise projects priced under VND5 billion ($198,280) per unit.

Commenting on the resort real estate market, Nguyen Hoang, an industry expert, noted that it will continue to be gloomy in the short term as supply has outstripped demand following a boom in 2025-2020.

Furthermore, many projects have been delayed or stalled, resulting in a loss of customer confidence. Hoang also pointed out that unclear legal issues continue to affect the resort real estate market.

Comments (0)
  • Read More
Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland 

Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland 

Novaland, a major real estate developer in Vietnam, simultaneously implements the plans to issue bonus shares and offer ESOP shares, with a total issuance rate of 5%, equivalent to more than 97 million units.

Companies - Sat, May 31, 2025 | 11:09 pm GMT+7

Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed

Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed

Billionaire Pham Nhat Vuong has registered to transfer more than 48 million Vingroup (VIC) shares to the newly-established VinSpeed that registered to build the North-South high-speed railway project.

Infrastructure - Sat, May 31, 2025 | 7:14 pm GMT+7

Two investors propose $65 mln wind power project in central Vietnam

Two investors propose $65 mln wind power project in central Vietnam

A consortium of Quang Tri Renewable Energy Investment JSC and Win Power Holding Pte Ltd, and Nam Binh Wind Power JSC have submitted an application to implement a 48-megawatt wind power plant in the central province of Quang Tri.

Energy - Sat, May 31, 2025 | 3:10 pm GMT+7

Central Vietnam city seeks investors for $209 mln LNG, LPG terminal project

Central Vietnam city seeks investors for $209 mln LNG, LPG terminal project

The central city of Danang is calling for investment in an LNG and LPG terminal project worth over VND5.43 trillion ($208.7 million).

Infrastructure - Sat, May 31, 2025 | 10:52 am GMT+7

Thai-backed food giant C.P. Vietnam rejects pork safety accusations 

Thai-backed food giant C.P. Vietnam rejects pork safety accusations 

C.P. Vietnam, a subsidiary of Thailand’s food giant Charoen Pokphand Foods Public Company Limited (CPF), has dismissed social media allegations of selling diseased pork, calling them fabricated and false.

Companies - Sat, May 31, 2025 | 8:54 am GMT+7

Oman Investment Authority to expand investment fund in Vietnam

Oman Investment Authority to expand investment fund in Vietnam

Prime Minister Pham Minh Chinh has proposed Oman to enlarge the Vietnam-Oman Investment Fund (VOI) to $1 billion to better cater for the Southeast Asian country's investment needs.

Economy - Fri, May 30, 2025 | 11:26 pm GMT+7

Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta

Japanese retailer Aeon to build 2-hectare mall in Vietnam’s Mekong Delta

Retail giant Aeon will develop a 2-hectare mall in the Mekong Delta province of Tien Giang, with an estimated investment of VND1.16 trillion ($44.6 million).

Industries - Fri, May 30, 2025 | 4:44 pm GMT+7

76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC

76% of Vietnamese survey respondents say trade uncertainty encourages them to explore new opportunities: HSBC

Vietnamese businesses have experienced exponentially higher cost increases than the global average and are expecting additional short-term costs due to trade uncertainty. But many survey respondents (76%) think trade uncertainty has encouraged their business to evolve and explore new opportunities, write HSBC analysts.

Consulting - Fri, May 30, 2025 | 2:41 pm GMT+7

Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export

Vietnamese firm lands first $1 mln order on Alibaba after 8-year struggle to export

After five months of operating a virtual storefront on Alibaba’s B2B e-commerce platform, Sukavina Co., Ltd., a Binh Duong province-based manufacturer of metal tables, chairs, and beds, secured its first international order, marking a significant milestone in the company’s eight-year journey to global markets.

Companies - Fri, May 30, 2025 | 2:37 pm GMT+7

AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal

AgriS partners with IFC: Optimizing environmental and social management system, accelerating net zero 2035 goal

TTC AgriS (Thanh Thanh Cong-Bien Hoa JSC or AgriS) and International Finance Corporation (IFC) - a member of the World Bank Group - has signed an MoU to strengthen sustainable development governance in alignment with global standards.

Companies - Fri, May 30, 2025 | 2:30 pm GMT+7

Vietnam's stock market attractively priced: Finnish fund PYN Elite

Vietnam's stock market attractively priced: Finnish fund PYN Elite

Vietnam’s stock market is attractively priced, with a price-to-sales (P/S) ratio of 1.3, said Petri Deryng, portfolio manager at Finnish investment fund PYN Elite.

Finance - Fri, May 30, 2025 | 2:09 pm GMT+7

S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman

S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman

SK Group, South Korea’s second-largest chaebol, is exploring several LNG-fueled power projects in Vietnam, including three proposed to be included in the country's green growth project portfolio, said chairman Tae-Won Chey.

Energy - Fri, May 30, 2025 | 1:37 pm GMT+7

Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways

Vietnam's Hoa Phat Group to become Southeast Asia’s first producer of steel rails for high-speed railways

Hoa Phat Group, a top steelmaker in Vietnam, on Thursday signed an agreement with Germany’s SMS Group under which the latter will provide the former technology and production lines for manufacturing steel rails and shaped steel, with an annual capacity of 700,000 tons.

Companies - Fri, May 30, 2025 | 11:48 am GMT+7

Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense

Vietnam's telco giant Viettel signs deal with France’s John Cockerill Defense

Viettel High Tech, the core military and civilian R&D arm of Vietnam’s military-run telecom giant Viettel, has signed a cooperation agreement with John Cockerill Defense, a leading weapon designer and manufacturer in France.

Companies - Thu, May 29, 2025 | 9:14 pm GMT+7

MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event

MB showcases comprehensive financial solution Biz MBBank at Digital Transformation Day event

Vietnam's leading bank MB on Thursday introduced its latest digital technology solutions, notably the Biz MBBank digital financial platform, at the "Smart Digital Ecosystem in the New Era" event organized by the central bank.

Companies - Thu, May 29, 2025 | 8:02 pm GMT+7

Vietnam's auto distributor TMT to launch $3.8 mln charging station firm

Vietnam's auto distributor TMT to launch $3.8 mln charging station firm

Vietnamese auto distributor TMT Motors has announced the establishment of a charging station company with a charter capital of VND100 billion ($3.84 million).

Companies - Thu, May 29, 2025 | 4:45 pm GMT+7