Vietnam Residential Real Estate Market Size (2024 - 2029)

Vietnam Residential Real Estate Market Analysis

The Vietnam Residential Real Estate Market size is estimated at USD 25.26 billion in 2024, and is expected to reach USD 45.62 billion by 2029, growing at a CAGR of 12.55% during the forecast period (2024-2029).

• The growth in the Vietnamese population is driving the demand for new housing units, thereby supporting the growth of the residential construction market in the Southeast Asian market. Notably, the population is projected to further increase over the next few years in Vietnam. Vietnam's population is equivalent to 1.23% of the total world population.
• According to the Ministry of Construction, the urban population proportion is at more than 40% currently and is projected to reach 45% by 2030. As a result of this growth in proportion, Vietnam will have to add another 70 million square meters of housing every year.
• Over the next three to four years, Vietnam is expected to experience a high demand growth for housing units in big cities and industrial zones. This growth in demand will keep assisting the growth of the residential construction segment, as well as the growth of the overall construction market, from the short to medium-term perspective.
• Vietnam, across various sectors, including construction and real estate, is rising with great potential among the Southeast Asian economies and is expected to continue its stellar growth in the coming years. The outlook for the Vietnamese residential real estate market is buoyant, mainly due to continued strong economic growth, rapid urbanization growth, and the construction of several mega projects in major cities such as Ho Chi Minh and Hanoi.
• The rising internet penetration and increase in disposable income by the middle-class youth population in Vietnam have surged the demand and sales proportion of residential real estate through online channels. This quick surge in individual wealth has made property affordable for many Vietnamese people, contributing to an increase in new developments and property prices.
• The residential market's focus has shifted from the high-end to the mid-value segments as urbanization has created an ongoing demand for housing in large urban centers. Furthermore, the country is now widely seen as the luxury real estate market hotspot, with a growing economy coupled with laws that have made it easier for foreigners to purchase the property.
• In Q4 2022, the successful transaction volume for condominiums and individual houses was 14,349 transactions (approximately 28% compared to Q3/2022), including 3,821 transactions in the North, 5,968 transactions in the Central region, and 4,560 transactions in the South. Specifically, there were 454 successful transactions in Hanoi and 1,986 successful transactions in Ho Chi Minh City. In Q4 2022, the successful transaction volume for land plots is 149,197 transactions (approximately 130% compared to Q3/2022), including 29,402 transactions in the North, 32,579 transactions in the Central region, and 87,216 successful transactions in the South.

Vietnam Residential Real Estate Industry Segmentation

Residential real estate is broadly defined as real property (land and any buildings) used for residential purposes.

The report provides a comprehensive background analysis of the Canadian facade market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry. Additionally, the COVID-19 impact has been incorporated and considered during the study. The Vietnam residential real estate market is segmented by type (villas and landed houses and condominiums and apartments) and by city (Ho Chi Minh City, Hanoi, Danang, Quang Ninh, and the rest of Vietnam). 

The report offers market size and forecasts for the Vietnamese residential real estate market in value (USD) for all the above segments.