Condotel supply suddenly increased sharply, absorption rate is over 90%.

DKRA statistics show that the supply of condotel resort apartments in the Southern market suddenly increased sharply to more than 2,000 units, the absorption rate reached 92%.


According to the statistics of R&D - DKRA Vietnam, in July 2019, there were 4 newly launched projects supplying 2,114 units. Consumption rate reached about 92%, (1,940 units).


New supply in July increased sharply, mainly from Sunbay Park Hotel & Resort project in Ninh Thuan accounting for 78% (1,675 units) of the total new supply of the whole market. Centralized open-sale projects in Ninh Thuan, Ba Ria Vung Tau and Binh Thuan.


The demand increased significantly, the sales situation was quite good from the Sunbay Park Hotel & Resort project with the sales rate reaching 85% (about 1,645 units) on the total new supply of the whole market.


Sunbay Park Hotel & Resort projects account for the majority of the condotel market. (Photo of project perspective).


For the second quarter of 2019, the market of three new condotel projects opened for sale, about 3,824 condotels, equal to 218% compared to the previous quarter (1,751 units). Sales rate reached 74% (2,815 units), equal to 217% compared to the previous quarter (1,300 units).


With the segment of marine apartments, in July 2019, only one new project launched to provide 16 units, equaling 20% of the previous month (80 units). The consumption rate is about 25% (4 units), equal to 25% in June 2019 (16 units).


New project launched in the month is Edna Resort of Nhat Phat Tourism Service Trading Co., Ltd in Binh Thuan. The project has a scale of 5 hectares, with a total of 16 units, the average selling price ranges from 21.5 to 22.6 billion VND/unit, selling about 4 units.


DKRA stated that the new supply has decreased slightly, the market demand is quite low. Newly launched projects have a slow sales situation.


In the second quarter of 2019, the market welcomed 6 new projects with 1,734 villa villas, an increase of 8 times over the previous quarter (188 units). With approximately 1,614 units of the new supply being sold, the sales rate reached 93% and was 19 times higher than the previous quarter (79 units).


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