Hotels with ‘for sale’ signs have mushroomed across different parts of Vietnam, despite a scarcity in buyers.
The sales trend first kicked off in central areas of HCMC and Hanoi’s Old Quarter, but later spread to other tourism hotspots like Phu Quoc Island, Da Nang City, and other coastal towns including Nha Trang, Vung Tau, and Quy Nhon.
Dozens of hotels have been listed for sale each day by brokers or on real estate websites, since the second Covid-19 outbreak hit the country late July.
Longtime brokers in the real estate market say the current wave of hotel sales is the biggest they have seen in the past decade.
The current situation is completely contrary to 5-7 years ago, when a wave of investment in mini hotels was so popular in Saigon that many street houses were bought specifically for such renovation purposes.