Mr. Nguyen Van Tuan, an investor in Hanoi, shared that for the past 4 years, since the failure of the Cocobay Da Nang project, he has no longer been interested in the condotel model.
However, recently, when all real estate segments have stagnated, there are almost no transactions, while the tourism market is recovering and especially recently Decree 10 of the Government has allowed the granting of certificates for condotels, he changed his mind. Mr. Tuan realized that this is a potential segment at the present time.
“ The Chinese tourism market has now reopened, and this will be a large source of customers for accommodation establishments, including condotels, to develop ,” said Mr. Tuan.
According to Mr. Tuan, over the past year, the trend of the tourism real estate market has shifted to building homestays for accommodation business because condotels have been frozen due to legal issues. Therefore, when this bottleneck is untied, this segment will certainly warm up.
Many investors plan to return to the condotel market when legal bottlenecks are resolved. (Illustration photo)
In addition, this investor also said that in the past 3 years, the prices of many real estate segments have increased too high, while condotels have remained almost unchanged, even decreasing, so they are quite attractive.
“ I have now paid a deposit for two condotels in Nha Trang, each priced at over 3 billion VND, the same price as the original owner when he bought them from the investor, ” Mr. Tuan shared.
Ms. Nguyen Thanh Tam, a real estate broker in Phu Quoc, also said that many investors from Hanoi and Ho Chi Minh City have begun to pay attention to the condotel segment again. In recent days, when Decree 10 on granting condotel ownership certificates was issued, the number of customers "inquiring" about this segment has been quite high.
“ For the past week, our brokerage office has received dozens of calls every day about condotel products in Phu Quoc. Beachfront units with sea views and reasonable prices are all of interest, and some people have already placed deposits ,” said Ms. Tam.
Ms. Tam hopes that the situation will get better and better. Currently, the number of these apartments is still not much, only about 2-3 apartments.
According to Mr. Nguyen Van Dinh - Vice President of Vietnam Real Estate Association, President of Vietnam Real Estate Brokers Association - granting certificates to condotels is considered a new step of important significance for the resort real estate market nationwide.
This move contributes to overcoming long-standing problems in the market such as: Resolving conflicts between customers and investors in legal issues (previously mainly term lease contracts between investors and buyers); having specific, official guidance and synchronous implementation nationwide; building trust in buyers when their right to use real estate is legally recognized. At the same time, it gives buyers more choices in choosing a lending bank instead of being dependent on the unit associated with the investor as before. Therefore, it can attract many investors back to the market.
Mr. David Jackson, General Director of Colliers Vietnam, commented: “ The profit potential of resort real estate depends largely on the infrastructure and synchronous development of the surrounding area. If located near large entertainment areas, metropolitan areas, famous tourist destinations, beautiful beaches... then it is very favorable for real estate to increase in value ”.
He further analyzed that many resort markets have been frozen for about 3 years, and when tourism shows clear signs of recovery, many investors want to buy the bottom of tourism real estate. It is very possible that a new growth cycle is starting, some investors may want to take advantage of this period to seek large profits later.
Mr. Nguyen Chi Thanh, Permanent Vice President of Vietnam Real Estate Brokers Association also commented: “ When the legal process is cleared, it will help create confidence for investors or people who want to invest in condotels. People also hope that when investing in it, they will have a day off during the year, and at the same time have a source to do business in tourism real estate .”
According to experts, resort real estate is an investment channel with a lot of potential and room for sustainable development. While the land segment has increased by 30-50% in the past 3 years, apartments have increased by about 15-20%, the condotel segment has remained stagnant in price, and many investors have even reduced prices due to financial pressure since 2020. Therefore, in terms of price, this is a good time to "catch the bottom" of this segment.
In particular, at present, the tourism industry is gradually witnessing a strong recovery.
However, to ensure safety, experts advise: During this period, investors should focus on localities with tourism strengths and abundant visitors such as Da Nang, Nha Trang, Phu Quoc or Ba Ria - Vung Tau ... Because these are the most vibrant tourist markets, from which the rental accommodation problem will recover better. Meanwhile, newly developed localities or those in potential areas must wait for a long time to apply the rental problem well.
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