The granting of ‘red books’, or land-use rights certificates, to condotels has been described as good news for the condotel market. But it’s too early to say if investors will come back.

After the short golden age, the condotel market is witnessing decline with the number of successful transactions just accounting for 25 percent compared to 70 percent in 2016-2017.

In light of the Cocobay Danang situation, Mauro Gasparotti, director of Savills Hotels APAC, writes on his expectations of the condotel market in Vietnam, and what solutions could be found to ease the situation.

Condotel project Cocobay Danang – a tourism complex which features footballer Cristiano Ronaldo in its advertising – suffered a PR disaster last week.