Condotel project Cocobay Danang – a tourism complex which features footballer Cristiano Ronaldo in its advertising – suffered a PR disaster last week as the developer reneged on its 12 per cent profit commitment, shedding doubt on the promises of other condotel schemes trying to attract second-home buyers with expectations of high profits. .
In light of the Cocobay Danang situation, in which contracts are not being honoured due to unrealistic expectations being placed on the condotel model, Mauro Gasparotti, director of Savills Hotels APAC, writes on his expectations of the condotel market in Vietnam, and what solutions could be found to ease the situation.
Tourism growth has led to the development of the Danang real estate market with a variety of products. In particular, high-end apartments with high liquidity and stable legal framework show the strongest appeal.
Hundreds of investors and prospective buyers flocked to the Novaland Expo which opened in HCM City yesterday.
The HCMC Real Estate Association (HoREA) has proposed amending unreasonable regulations to close legal loopholes affecting the condotel segment in a bid to prevent losses for investors.
The property market in Vietnam has received increased FDI inflows during the past years. VIR talked with Savills Vietnam managing director Neil MacGregor about his assessments of these FDI flows and expectations for the property market in the year ahead.
With many investors getting duped by developers, the Ministry of Construction says it will enact new laws to regulate the condotel sector.
Around 3,000 to 4,000 real estate agents in HCMC have quit their jobs between January and November as new housing supply dwindles.
After the successful launching ceremony in Danang, PPC An Thinh Vietnam Investment and Infrastructure Development JSC (PPCAT) introduced the Nimbus apartment building to customers in the north, especiallyin Hanoi.
Phu My Hung Development Corporation, the giant HCM City housing developer, announced that 80 per cent of units in its new condominium project, Happy Valley Premier, has been sold within three weeks.