Resort real estate supply and sales fell to a five-year low last year, according to real estate consulting company DKRA Vietnam.
Supply of villas fell by 79 percent to 541, and only 239 were sold, an 88 percent decline, it said.
There were only three new condotel projects with a total of 525 units last year, down 95%.Sales fell 96%.
Leading condotel markets such as Khanh Hoa, Da Nang, and Phu Quoc have no new projects.
Leisure tourism is in its most serious crisis in decades.The market is not expected to revive in 2021.
According to some experts, the situation of the resort real estate market in 2020 is partly due to the change in investor sentiment due to the Covid-19 pandemic.
However, even before the pandemic, the level of investor interest in resort real estate remained low because of the incomplete legal status for these types of assets and the dispute that broke out over reneged promises of regular returns on investment.
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