Only one beach villa sold in Vietnam in May

VnExpress data shows that only one unit was sold in a villa project in the northern province of Hoa Binh.

The villas there were priced VND8.8-10.2 billion ($374,800-434,400) per unit.

In the south, five villas in Ba Ria – Vung Tau were listed in a project by up to VND72 billion per unit, but none sold.

No sales were recorded in the central provinces of Da Nang, Quy Nhon, Khanh Hoa and Binh Thuan.

Data from property consultancy DKRA Group showed that only one beach villa was sold across the country last month, down 99.6% year-on-year.

Sales were low even though developers offered many discounts in terms of prices and loan interests, it said.

The Vietnam Association of Realtors said that the delay in approval of many luxury projects in northern and central Vietnam had made the projects less attractive to buyers.

Trang Bui, country head of Cushman & Wakefield Vietnam, said that financial difficulties had left developers struggling to complete their projects.

It is unlikely that luxury property prices will rise in the short-term, and therefore some have sold their units for a loss to recoup part of their investment, Bui added.