Vietnam’s real estate market among most promising in Asia-Pacific: Knight Frank

Vietnam’s residential property market has captured the attention of High-Net-Worth Individuals (HNWIs) and investors, driven by strong GDP growth, urbanisation, and its strategic role in the “China+1” strategy, according to Knight Frank’s report.

According to Knight Frank, the average selling price for high-end apartments in Ho Chi Minh City and Hanoi ranges from 5,400 USD to 15,000 USD per sq.m, aligning with global markets but offering significant growth potential. (Photo: VNA)
According to Knight Frank, the average selling price for high-end apartments in Ho Chi Minh City and Hanoi ranges from 5,400 USD to 15,000 USD per sq.m, aligning with global markets but offering significant growth potential. (Photo: VNA)

HCM City (VNA) – Vietnam’s residential property market has captured the attention of High-Net-Worth Individuals (HNWIs) and investors, driven by strong GDP growth, urbanisation, and its strategic role in the “China+1” strategy, according to Knight Frank’s report.

The Asia-Pacific Horizon Report Part 4: “Quality Life-ing: Mapping Prime Residential Hotspots” released on November 25 positions Vietnam as a standout market within the region’s luxury real estate sector.

The report evaluates 15 markets based on five indicators – Economy, Human Capital, Quality of Life, Environment, and Infrastructure & Mobility – guiding investors and prospective movers in choosing ideal locations.

With a 6.1% GDP growth forecast in 2024, Vietnam stands as the second-fastest-growing economy in the region, just after India, signaling a robust trajectory for its real estate sector

The average selling price for high-end apartments in Ho Chi Minh City and Hanoi ranges from 5,400 USD to 15,000 USD per sq.m, aligning with global markets but offering significant growth potential.

Ongoing development of highways, metro systems, and airports is enhancing connectivity and property values in emerging urban areas.

According to the report, Vietnam’s cost-effective yet high-quality real estate offerings are attracting expatriates and investors, particularly in districts like District 1 and Thu Duc city in Ho Chi Minh City, known for their corporate hubs and tranquil riverside views.

Nguyen Truong Anh, Research Manager at Knight Frank Vietnam, said that Vietnam’s rapid economic growth and strategic location make it a compelling destination for investors and expatriates alike. With a mix of luxury and affordability, the market is poised for long-term growth.

Kevin Coppel, Managing Director of Knight Frank Asia-Pacific, noted as global wealth shifts and geopolitical landscapes evolve, affluent individuals are seeking prime residential hotspots that provide both lifestyle benefits and financial security. Markets like Singapore, Japan, and Australia continue to attract the world’s most discerning investors.

Alongside Vietnam, other emerging Asia-Pacific markets are experiencing notable transformations.

For examples, Philippines’ Manila tops Knight Frank’s Prime Global Cities Index for the third quarter of 2024, recording a remarkable 29.2% annual growth in prime residential prices. This surge is fueled by economic confidence and pre-selling prices for luxury developments.

Meanwhile, in India -the fastest-growing economy in the region with 7.0% projected GDP growth in 2024, the residential market recorded its highest quarterly sales in the third quarter of 2024, with 46% of sales in the luxury segment.

Bangkok’s prime real estate market demonstrates resilience, with over 80% of available supply sold despite challenges like land scarcity and rising costs./.

VNA

See more

At an automotive exhibition in Shanghai, China. (Photo: AFP/VNA)

Chinese electric vehicles drive back into Vietnamese market

About a decade ago, Chinese car brands like Zotye Z8, Beijing X7, and Brilliance V7 entered the Vietnamese market to limited success. But a new fleet of modern Chinese vehicles began to gain traction in the Vietnam market last year.

Illustrative image (Photo: VNA)

Nearly 16 trillion VND raised through January bond auctions

The January auctions saw a strong preference for 10-year and 15-year bonds, representing 80.2% and 14.8% of the total, respectively. Specifically, 10-year bonds raised 12.81 trillion VND, while 15-year bonds garnered 2.36 trillion VND.

Thang Long ferry at Cau Da port in Ba Ria - Vung Tau province. (Photo: VNA)

Vung Tau - Con Dao high-speed ferry reoperated

The high-speed ferry service connecting Vung Tau city and Con Dao island in the southern province of Ba Ria-Vung Tau and vice versa was resumed on February 7 by Phu Quoc Express JSC after a 5-month suspension.

At the working session between the Vietnam Directorate of Market Surveillance and the US Embassy over counterfeit Sunview-branded raisins in Hanoi on February 7. (Photo: dms.gov.vn)

Vietnam, US tackle counterfeit Sunview-branded raisins

Statistics showed that since 2024, there have been 27 documented cases involving Sunview raisins, resulting in fines of over 536 million VND (21,440 USD), primarily due to the sale of smuggled goods and products of unclear origin.

The VF3 model manufactured by VinFast is the most popular model in Vietnam's market. ( Photo courtesy of the company)

EVs will no longer be exempt from registration fees

Instead of enjoying a zero percent registration fee, battery-powered electric vehicles (EVs) will be required to pay 50% of the fee applicable to internal combustion engine cars with the same seating capacity.

Thuan An Fishing Port (Photo: tuoitrethudo.vn)

Thuan An fishing port opens, boosting Hue’s seafood industry

The second docking area of Thuan An Fishing Port has a minimum cargo handling capacity of 20,000 tonnes per year, and is capable of simultaneously accommodating 500 fishing vessels of at least six metres in length for docking and storm shelter.

Vietnamese prefer buying gold to mark God of Wealth Day (Photo: VNA)

Gold prices up again on God of Wealth Day

Gold prices surged significantly, exceeding the threshold of 90 million VND (3,550 USD) per tael at the opening session of the God of Wealth Day on February 7 (the 10th day of the first lunar month).