Condotel market slump to continue through 2025

Tough spot: Tourists walk over Huc Bridge on Hoan Kiem Lake in Hanoi. As the tourism sector struggles to recover in the wake of the pandemic, so too are developers finding it difficult to fulfil profit commitments. — AFP

HO CHI MINH CITY: The condotel market remains in a slump due to excess inventory and industry insiders warn it will not recover at least until 2025.

Despite recent positive news about government regulations granting land ownership titles to condotels, only 122 units were sold in the second quarter of 2023.