Condotel Market Overview

The condotel market has witnessed a remarkable surge, with sales increasing by 2.6 times in 2024. Approximately 7,800 units were available in the primary market, with 40% being quickly purchased. The central region, especially Khanh Hoa Province, dominated transactions, accounting for 54% of the total.

Supply and Pricing Trends

Supply in the condotel sector rose by 40% from 2023. Pricing varies across regions, starting at VND34 million (US$1,345) per square meter in the central region, VND36 million in the north, and VND55 million in the south.

Cocobay condotel project in Da Nang City, central Vietnam. Photo by VnExpress

Market Drivers and Challenges

Vo Hong Thang, deputy CEO of DKRA Group, highlighted the growth in the condotel segment, driven by the recovery in property and tourism. However, challenges such as legal uncertainties and low returns persist, alongside slow progress in developments due to funding shortages.

Future Outlook

Despite the challenges, new supply is expected to remain steady, with developers possibly offering incentives to stimulate demand. The condotel market continues to evolve, reflecting the dynamic nature of Vietnam's real estate and tourism sectors.