Close supervision required on foreigners' home buying in Vietnam: experts
Foreigners are potential buyers of luxury apartments in Vietnam.
Foreigners are potential buyers of luxury apartments in Vietnam.
Severe economic impacts as a result of the pandemic have put more stress on the local condotel market.
Failures of several developers and a lack of legal framework on ownership have considerably slowed investment in the condotel segment.
It is also unclear as to how the construction of these kind of property was authorized, given the lack of legal framework governing it.
A regulatory framework for condotels must be soon made to end the current chaos which causes huge losses to secondary investors.
Some experts have said that the collapse of Cocobay may lead to a serial fall of other similar developments.