ASEAN Condominiums and Apartments Market Size (2024 - 2029)

The ASEAN Condominiums and Apartments Market is experiencing significant growth, driven by a surge in foreign investment, particularly from Chinese and Russian buyers seeking affordable luxury properties. Economic recovery across the region is expected to further enhance the market's expansion. Singapore and Vietnam are poised for quicker recoveries compared to their Southeast Asian counterparts, with increased housing demand and robust industrial property performance. Despite challenges in countries like Malaysia, the Philippines, and Thailand, the overall market sentiment remains positive, supported by high vaccination rates and increased international buyer interest, particularly in Cambodia and Thailand's popular destinations.

Market Size of ASEAN Condominiums and Apartments Industry

ASEAN Condominiums & Apartments Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.50 %
Market Concentration Low

Major Players

ASEAN Condominiums & Apartments Market Major Players

*Disclaimer: Major Players sorted in no particular order

ASEAN Condominiums & Apartments Market Analysis

The ASEAN Condominiums and Apartments Market is anticipated to register a CAGR of more than 7.5% over the forecast period.

  • The market has been propelled by the huge number of foreign investors especially Chinese and Russians who are looking forward to buying affordable, luxurious properties as well in the region. Furthermore, economic recovery is anticipated to boost the market growth.
  • Singapore's property market is expected to recover faster than its Southeast Asian peers from the Covid-19-induced slump as the region rushes to vaccinate its population. Vietnam is also expected to perform better than the majority of the region's major economies. Even though the fact that challenges are unlikely to disappear anytime soon, the region as a whole has some upside in 2022, with economic recovery expected to be more visible in 2023. Aside from a noticeable increase in housing demand, Vietnam's industrial property markets have performed well. Malaysia, the Philippines, and Thailand, on the other hand, are likely to face difficulties this year. Home prices in Manila, Kuala Lumpur, and Penang are still 3-5% lower than in 2020, while those in Jakarta, Indonesia's capital, are largely flat.
  • Over the last five years, Cambodia's real estate investment market has grown as foreign buyers have fueled property development, particularly in the capital, Phnom Penh. Moreover, despite a slowing in demand as Covid-19 took hold, the sector is well-positioned for post-pandemic recovery, thanks in part to the country's high vaccination rate. Cambodia, indicating increased market confidence over the previous year. The website, which has over 30,000 active property listings and 200,000 monthly visitors, also saw an increase in traffic from international buyers during H1 2022. There has been an increase in Hong Kong investors. Many of the buyers are from China, Japan, South Korea, and Singapore, but there are also investors from the United States, Europe, and Australia.
  • Mainland Chinese buyers have purchased the most private apartments in Singapore in 2022, outnumbering other foreigners, highlighting the amount of wealth flowing into the city-state from the world's second-largest economy. According to a report by industry watcher OrangeTee & Tie, Chinese buyers purchased 932 private units in the first eight months of 2022, nearly twice the number purchased by Malaysians, who came in second. Chinese buyers accounted for nearly 20% of sales, or 81 units, for luxury condominiums priced above USD 3.5 million. Americans came in second place with 34 units. India is among the top five foreign buyers, followed by the United States and Indonesia.
  • Russia's invasion of Ukraine has resulted in economic sanctions against its citizens that are among the swiftest and most severe ever imposed on any country. Sanctions have had a little economic impact, either in Russia or elsewhere. However, the Southeast Asian property market has shown signs of bucking this trend, albeit in a few select destinations such as Pattaya, Phuket, and Bali. Inquiries for properties in Thailand increased by 50% in March 2022 compared to the previous year, and by 200% in April 2022. Bali had the highest increase in inquiries in Southeast Asia, up 360% in the first quarter compared to the same period last year. Uncertainty at home and punitive sanctions in many foreign destinations have fueled the trend.

ASEAN Condominiums & Apartments Industry Segmentation

A private residence in a building or house divided into several separate dwellings is known as an apartment. A condominium (also known as a "condo") is a large property complex made up of individual units, each of which is owned separately. Typically, ownership includes a nonexclusive interest in certain "community property" managed by the condominium management. The ASEAN Condominiums and Apartments Market is segmented by country (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, and the Rest of ASEAN). The report offers market size and forecasts for the ASEAN condominiums and apartments market in value (USD billion) for all the above segments.

By Country
Indonesia
Thailand
Vietnam
Singapore
Malaysia
Philippines
Rest of ASEAN
Need A Different Region Or Segment?
Customize Now

ASEAN Condominiums and Apartments Market Size Summary

The ASEAN Condominiums and Apartments Market is poised for significant growth, driven by a surge in foreign investments, particularly from Chinese and Russian buyers seeking affordable yet luxurious properties. The market is expected to benefit from economic recovery across the region, with Singapore and Vietnam anticipated to lead the recovery efforts. Despite challenges, such as fluctuating home prices in cities like Manila and Kuala Lumpur, the overall sentiment remains positive. The region's real estate sector is witnessing increased demand, with countries like Thailand, Indonesia, and Malaysia attracting foreign direct investment, which is crucial for job creation and economic resurgence. The introduction of Real Estate Investment Trusts (REITs) in the Philippines is also seen as a potential catalyst for enhancing the real estate market's fundamentals.

The market landscape is characterized by a mix of local, regional, and global players, with companies like Ayala Land Inc., Pace Development Corporation, and Sinar Mas Land playing significant roles. Singapore continues to be a favored destination for high-net-worth individuals, despite recent tax increases aimed at cooling the market. The city-state's stable political environment and strong currency make it an attractive investment hub. However, investors are also exploring opportunities in Malaysia and Thailand, where property markets are emerging as viable alternatives. The market's fragmentation offers opportunities for both local and international players to cater to diverse consumer needs by developing properties that align with market demand.

Explore More

ASEAN Condominiums and Apartments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS DYNAMICS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Overview

    3. 1.3 Market Dynamics

      1. 1.3.1 Drivers

      2. 1.3.2 Restraints

      3. 1.3.3 Opportunities

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Residential Real Estate Buying Trends - Socioeconomic and Demographic Insights

    7. 1.7 Government Initiatives and Regulatory Aspects Pertaining to the Residential Real Estate Sector

    8. 1.8 Insights into the Interest Rates for the General Economy and Real Estate Lending

    9. 1.9 Insights into the Rental Yields in the Residential Real Estate Sector

    10. 1.10 Insights into the Capital Market Penetration and REIT Presence in the Residential Real Estate Sector

    11. 1.11 Insights into the Support Provided by the Government and Public-private Partnerships for Affordable Housing

    12. 1.12 Insights into the Tech and Startups Active in the Real Estate Sector (Broking, Social Media, Facility Management, and Property Management)

    13. 1.13 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Country

      1. 2.1.1 Indonesia

      2. 2.1.2 Thailand

      3. 2.1.3 Vietnam

      4. 2.1.4 Singapore

      5. 2.1.5 Malaysia

      6. 2.1.6 Philippines

      7. 2.1.7 Rest of ASEAN

ASEAN Condominiums and Apartments Market Size FAQs

The ASEAN Condominiums and Apartments Market is projected to register a CAGR of greater than 7.5% during the forecast period (2024-2029)

Ayala Land Inc., Pace Development Corporation (PACE), Vinhomes, Major Development PCL and Sinar Mas Land (SML) are the major companies operating in the ASEAN Condominiums and Apartments Market.

ASEAN Condominiums and Apartments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)