Prices of condotels across the country have dropped by 8 per cent this year compared to 2018. Photo Batdongsan.com.vn HCM CITY — Prices of condotels have dropped by 8 per cent this year compared to 2018 following disruptions in the profit commitments made to buyers, according to real estate portal Batdongsan.com.vn. The website has released an overview of the real estate market this year, noting the “gloomy” signs in the condotel segment next year. “The year 2020 will be a tough one for the condotel segment as investors are losing confidence after the recent failure by a developer to commit to paying a huge yearly profit of 12 per cent to its customers,” it said. The average price of condotels nationwide dropped from VNĐ40 million (US$1,723) per square metre last year to only VNĐ35 million in the fourth quarter this year, a fall of 8 per cent year-on-year. The potential of the condotel segment is considered less attractive than other products such as condos, villas, townhouses and land plots in the coming year, the website said. The term condotel refers to a combined condominium and hotel building that is owned like a condo but operates like a hotel. Huỳnh Phước… Read full this story
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