No beachfront villas or condotels were sold in the year’s first quarter in the central province of Khanh Hoa, according to its Department of Construction.
In the period 3,878 properties, comprising 2,935 plots of land, 68 apartments and 875 townhouses and villas were sold.
The transactions added up to VND1.613 trillion (US$68.3 million), up from VND1.2 trillion in the third quarter of last year and VND250 billion in the fourth.
There are 26 beachfront projects with a total of 12,149 condotels and 2,588 villas in the province, the department said.
For the first time in 10 years no beachfront shophouses, villas or condotels were sold anywhere in the country in the first two months of the year, property services provider DKRA Vietnam said.
Vo Hong Thang, R&D deputy director of DKRA, said demand for beachfront properties could start recovering in April though the market still faces challenges related to availability of credit, interest rates and the legal status of condotels and beachfront villas.
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