With the number of foreign travelers decreasing sharply and legal problems remaining unsettled, the condotel market is the ‘darkest’ part of the real estate market. According to the Khanh Hoa provincial Association of Real Estate Brokers, hotels have received a high number of requests for room booking cancellations from clients. Only one project was open for sale in Q1 (January) which provided 82 condotels, or 3.9 percent of the previous quarter and 4.7 percent of the same period last year. Only 25 products were sold, down by 95 percent and 98 percent, respectively. Only one project was open for sale in Q1 (January) which provided 82 condotels, or 3.9 percent of the previous quarter and 4.7 percent of the same period last year. Only 25 products were sold, down by 95 percent and 98 percent, respectively. Future Mai Lan Red books won’t determine the survival of condotels: experts Real estate experts believe that the condotel growth will not depend on state agencies but on investors. More regulations needed to promote condotel market development Detailed regulations are needed to promote a healthy condotel market, which has been going off-track for years due to an unclear legal framework, experts have said.
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