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Vietnam Residential Real Estate Market Size, Share, Growth: By Type: Apartments and Condominiums, Villas and Landed Houses; By Budget: Less than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, More Than $2,000,000; By Size; By Business Type; Competitive Landscape; 2024-2032
Vietnam Residential Real Estate Market Outlook
The Vietnam residential real estate market size is estimated to grow at a CAGR of 1.6% in the forecast period of 2024-2032. The market is being aided by factors like rapid urbanisation and rising demand for modern residential real estate.
Key Trends in the Market
Real estate is a property which consists of lands, buildings, and other tangible assets that are owned or rented by a person. Residential real estate refers to properties such as apartments, duplexes, condominiums, and multifamily homes, among others, that are mainly used for housing purposes.
- Rapid urbanisation in Vietnam, due to the rise in living standards, economic growth, and rising immigration, is one of the prominent Vietnam residential real estate market trends. Such factors have led to a surge in demand for housing spaces in urban areas.
- Rising demand for luxurious and modern residential real estate is another crucial trend aiding the market expansion. Real estate developers are focused on building housing solutions for the upper-class community of the country as well as rich migrants seeking to work and settle in Vietnam.
- Growing land acquisitions by international market players are also expected to contribute to the Vietnam residential real estate market growth. For example, in September 2023, SkyWorld Vietnam, a subsidiary of Skyworld Development Bhd, presented a proposition of acquiring 1.2 acres of land in Ho Chi Minh City at approximately VND350 billion to promote residential urban development and boost its market presence in the country.
Market Analysis
Based on type, the market is bifurcated into apartments and condominiums and villas and landed houses. The Vietnam residential real estate market segmentation, on the basis of budget, includes less than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, and more than $2,000,000.
Based on size, the market is divided into less than 50 square meters, 51 to 80 square meters, 81 to 110 square meters, 111 to 200 square meters, and more than 200 square meters. On the basis of business type, the market is classified into sales, rental, and lease.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Vietnam residential real estate market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Sun Group
- Novaland Investment Group Corporation
- Dat Xanh Real Estate Service Contructions Corp
- FLC Group JSC
- Hung Thinh Land Joint Stock Company
- Phu My Hung Development Corporation
- Vinhomes Joint Stock Company
- Nam Long Investment Corporation
- Phat Dat Real Estate Development Corporation
- NovaGroup
- Others
Market Share by Type
Apartments and condominiums occupy a significant portion of the Vietnam residential real estate market share, due to the healthy economic growth of the country, coupled with a growing preference for modern housing options among the rising middle-class population.
Additionally, favourable government incentives to promote residential real estate development also fuel the segment’s growth. On April 2, 2023, Project 338 was issued by the Vietnamese government under which around 1 million social housing apartments are expected to be built by the year 2030.
Market Share by Business Type
As per the Vietnam residential real estate market analysis, rental residential real estate accounts for a substantial market share, owing to the growing migration of working professionals to cities. The rising consumer interest in renting property compared to the purchase of housing accommodation owing to benefits such as flexibility and minimal upfront costs also boosts the segment’s growth.
In the fourth quarter of 2022, townhouse rentals witnessed a surge of 179% whereas apartment rentals witnessed a growth rate of 21%. Meanwhile, sales of residential properties are anticipated to witness steady growth in the forecast period, due to the rising purchase of villas and luxury houses by affluent customers.
Competitive Landscape
Sun Group, founded in 2007, with its headquarters in Da Nang, Vietnam, is a real estate company. The company is mainly recognised for its projects such as holiday resorts, luxury real estate, and attraction parks for tourists. The company is well known for its project, Sunset Town, which is expected to become a multi-visit tourist destination in the country.
Novaland Investment Group Corporation is a real estate development company, established in 2007 and based in Ho Chi Minh City, Vietnam. It offers real estate services in the residential, hospitality and industrial sectors. The company also complies with environmental protection initiatives and readily invests in green and sustainable real estate projects.
Dat Xanh Real Estate Service Contructions Corp, incorporated in 2003, is a real estate brokerage company, headquartered in Ho Chi Minh City, Vietnam. The company is focused on digital transformation as its central strategy to build a strong real estate network in the country.
Other Vietnam residential real estate market players include FLC Group JSC, Hung Thinh Land Joint Stock Company, Phu My Hung Development Corporation, Vinhomes Joint Stock Company, Nam Long Investment Corporation, Phat Dat Real Estate Development Corporation, and NovaGroup, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Budget |
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| Breakup by Size |
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| Breakup by Business Type |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Residential Real Estate Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Residential Real Estate Historical Market (2018-2023)
8.3 Asia Pacific Residential Real Estate Market Forecast (2024-2032)
9 Vietnam Residential Real Estate Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Residential Real Estate Historical Market (2018-2023)
9.3 Vietnam Residential Real Estate Market Forecast (2024-2032)
10 Vietnam Residential Real Estate Market by Type
10.1 Apartments and Condominiums
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Villas and Landed Houses
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Vietnam Residential Real Estate Market by Budget
11.1 Less than $300,000
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 $300,001 to $700,000
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 $700,001 to $1,000,000
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 $1,000,001 to $2,000,000
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 More Than $2,000,000
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
12 Vietnam Residential Real Estate Market by Size
12.1 Less Than 50 square meters
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 51 to 80 square meters
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 81 to 110 square meters
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 111 to 200 square meters
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 More Than 200 square meters
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
13 Vietnam Residential Real Estate Market by Business Type
13.1 Sales
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Rental
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Lease
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Sun Group
15.2.1.1 Company Overview
15.2.1.2 Type Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Novaland Investment Group Corporation
15.2.2.1 Company Overview
15.2.2.2 Type Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Dat Xanh Real Estate Service Contructions Corp
15.2.3.1 Company Overview
15.2.3.2 Type Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 FLC Group JSC
15.2.4.1 Company Overview
15.2.4.2 Type Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Hung Thinh Land Joint Stock Company
15.2.5.1 Company Overview
15.2.5.2 Type Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Phu My Hung Development Corporation
15.2.6.1 Company Overview
15.2.6.2 Type Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Vinhomes Joint Stock Company
15.2.7.1 Company Overview
15.2.7.2 Type Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Nam Long Investment Corporation
15.2.8.1 Company Overview
15.2.8.2 Type Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Phat Dat Real Estate Development Corporation
15.2.9.1 Company Overview
15.2.9.2 Type Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 NovaGroup
15.2.10.1 Company Overview
15.2.10.2 Type Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Residential Real Estate Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Residential Real Estate Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Residential Real Estate Historical Market: Breakup by Type (USD Million), 2018-2023
4. Vietnam Residential Real Estate Market Forecast: Breakup by Type (USD Million), 2024-2032
5. Vietnam Residential Real Estate Historical Market: Breakup by Budget (USD Million), 2018-2023
6. Vietnam Residential Real Estate Market Forecast: Breakup by Budget (USD Million), 2024-2032
7. Vietnam Residential Real Estate Historical Market: Breakup by Size (USD Million), 2018-2023
8. Vietnam Residential Real Estate Market Forecast: Breakup by Size (USD Million), 2024-2032
9. Vietnam Residential Real Estate Historical Market: Breakup by Business Type (USD Million), 2018-2023
10. Vietnam Residential Real Estate Market Forecast: Breakup by Business Type (USD Million), 2024-2032
11. Vietnam Residential Real Estate Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 1.6% between 2024 and 2032.
The major market drivers are the growing population, the rise in disposable income, and the growth of the construction sector.
The key trends of the market include rapid urbanisation in Vietnam, rising demand for luxurious and modern residential housing, and a surge in land acquisitions by international market players.
Different types of real estate are apartments and condominiums and villas and landed houses.
Various residential real estate budgets are less than $300,000, $300,001 to $700,000, $700,001 to $1,000,000, $1,000,001 to $2,000,000, and more than $2,000,000.
The key players in the market are Sun Group, Novaland Investment Group Corporation, Dat Xanh Real Estate Service Contructions Corp, FLC Group JSC, Hung Thinh Land Joint Stock Company, Phu My Hung Development Corporation, Vinhomes Joint Stock Company, Nam Long Investment Corporation, Phat Dat Real Estate Development Corporation, and NovaGroup, among others.
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