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Pain set to continue for resort real estate in 2022

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The liquidity in the condotels, beach villa and beach shophouse segments has dried up in the last 12 months, with no transactions in condotels for months, according to DKRA Vietnam.

In the first quarter of 2021 the HCMC hotel market was gloomy as the third wave began in late January. The average room rate fell by 20 percent year-on-year and occupancy rate was only 17 percent, down 31 percentage points.

The five-star hotel segment was affected the most, with room rates down 30 percent and occupancy down 35 percentage points year-on-year, due to its heavy reliance on corporate and foreign guests.

The resort real estate market did not even start to recover before the fourth wave began in late April. The number of tourists fell by 40 percent during this period and room cancellations were rampant as the first Covid infections were announced in late April and early May.

Major tourist destinations like the central cities of Da Nang and Nha Trang had a slew of…

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