Vietnam’s branded residences market is experiencing a remarkable surge, positioning the country as a key player in Southeast Asia with 59 properties and a total of 20,000 units — split evenly between completed and in-development projects — outpacing Thailand’s 12,500 units. This sector has seen an astonishing 210% growth over the past decade, driven by the rapid increase in Asia’s affluent population, who are increasingly drawn to luxury living and investment opportunities managed by prestigious brands like Marriott International and The Ritz-Carlton. Notably, Marriott’s Grand Marina Saigon project underscores the immense potential developers see in Vietnam, catering to high-net-worth individuals seeking upscale residences. Coastal destinations such as Da Nang, Hoi An, and Phu Quoc are becoming major hubs for branded residences, capitalizing on Vietnam’s stunning beaches, growing tourism, and high rental yields that appeal to international buyers looking for luxury villas. Meanwhile, urban centers like Hanoi and Ho Chi Minh City are also witnessing significant activity, with Hanoi’s condo prices soaring 36% in 2024 and Ho Chi Minh City experiencing steady growth, reflecting strong demand across both urban and resort markets.
The driving force behind this boom is Vietnam’s robust economic growth, with a GDP increase of 7.09% in 2024, one of the highest in the region, creating a favorable environment for luxury real estate development. The government has played a crucial role by implementing policies to attract foreign investment, such as easing regulations for overseas buyers, which has further boosted market confidence and drawn global interest. However, the journey hasn’t been without challenges; in 2023, Vietnam’s real estate sector faced a credit crunch and legal bottlenecks that stalled many projects and eroded consumer trust. Recent developments, including the introduction of the 2024 Land Law, have helped stabilize the market, as evidenced by a 99% surge in apartment sales in Hanoi during early 2024, signaling a strong recovery. With its economic momentum, strategic coastal developments, and a recovering real estate sector, Vietnam stands out as a prime destination for luxury branded residences, offering diverse opportunities for investors and buyers alike. For those interested in the luxury real estate market, Vietnam’s dynamic growth, supported by increasing foreign interest and major branded projects, makes it a market to watch closely in the coming years.
More details:
https://asia.nikkei.com/Spotlight/ASEAN-Money/Southeast-Asia-s-luxury-real-estate-market-sizzles-as-rich-move-in
https://brandedresi.com/country/thailand/
https://www.delightfull.eu/blog/2024/03/08/luxury-living-discover-the-top-branded-residences-in-thailand/
https://www.siamrealestate.com/news/thailand-emerges-as-asias-biggest-market-for-branded-residences