Vietnam Luxury Residential Real Estate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

The market is segmented by Type (Apartments and Condominiums, Villas and landed houses) and by Cities (Ho Chi Minh City, Ha Noi and Other Cities). The report offers market size and forecasts for luxury residential real estate market in Vietnam for all above segments.

Market Snapshot

Market Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: >3 %

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Market Overview

The luxury residential real estate market in Vietnam is expected to register a CAGR of approximately 3% during the forecast period.

Real estate prices and particularly rents dropped much during the COVID pandemic, which had pushed developers and agents to the limit. With restrictions on traveling, agents had been forced to focus primarily on local buyers due to the limited number of foreigners that had remained. Despite the downturn, there are deals to be made in the market for those who work with experienced and credible partners with boots on the ground. Particularly high demand has been seen for distressed luxury units that can fetch prices that are 20% lower than usual.

Vietnam is emerging as a thriving real estate market in Southeast Asia, with HCMC (Ho Chi Minh City) being among the locations where housing prices are increasing rapidly. Vietnam is among the 10 fastest-growing property markets in the upscale segment. Vietnam is also emerging as a country with rapid growth in affluence and demand for upscale properties. However, the spurt in prices and supply, which shows no signs of stopping, is causing concern about luxury apartments and branded residences developing at too fast a rate, causing the market to overheat.

In Vietnam, the number of local and international customers in the luxury apartment market is on the rise. Vietnam has begun to be seen as the next luxury property market hotspot, with a booming economy coupled with laws that recently have made it easier for foreigners to buy. As a result, wealthy international investors have been drawn to the country. The burgeoning middle-and upper-classes, along with the inflow of foreign talents emerging in Vietnam, have stimulated the demand for high-quality residences. In the meantime, property prices in neighboring countries such as Hong Kong, Thailand, Taiwan, and Singapore are becoming too expensive. For example, a luxury apartment in a prime location in HCMC costs around USD 5,000 per square meter, while the same apartment can cost four times more in Singapore and Hong Kong, making Vietnam an ideal destination for investors.

Scope of the Report

Prime location, high-end interior finishes such as marble countertops, professional-quality kitchen appliances, customized closets, and hotel-like amenities such as concierge services, a top-of-the-line fitness center, and spa center are often staples of a luxury building. The luxury residential real estate market in Vietnam is segmented by type and by city. By type, the market is segmented into apartments and condominiums, villas, and landed houses. By cities, the market is segmented into Ho Chi Minh City, Ha Noi, and other cities.

By Type
Apartments and Condominiums
Villas and Landed Houses
By City
Ho Chi Minh City
Ha Noi
Other Cities

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Key Market Trends

Increasing Rich Population driving the Demand for Urban Branded Residences

According to the Wealth-X report, the rich population in Vietnam increased by 13.9% per year from 2010 to 2019. This group is expected to grow by 10,1% per year in the 2018-2023 period, in the top 4 nations that have the highest growth rate of the rich population. In the latest report by New World Wealth, 2021 Estate Trends, the high-net-worth people are looking for a private and secure place, lifestyle living, community, facilities, and controlled traffic. These are the key characteristics offered by urban branded residences. Therefore, the increase in the rich population will boost the demand for urban branded residences in Vietnam.

In the future, with the rapid growth of the rich population in Vietnam and the need to improve the quality of life, the urban development of Ho Chi Minh City with the planning of the central area and the expansion to the East to Thu Duc City will contribute to the activation of branded products in the urban area, especially near Metro stations No. 1. These new urban branded residences will meet these strict requirements and standards from their wealthy residents.

Number of HNWI

Luxury Apartments in Ho Chi Minh City (HCMC) Showing a Record High Price Growth

The price of luxury apartments in prime HCMC locations like District 1 and the newly established Thu Duc City has hit VND 100-400 million (USD 4,300-17,400) per square meter. The initial price of a luxury apartment project in District 1’s Da Kao Ward was around USD 6,500-8,000 per square meter in 2018, which was the highest price for an apartment project then. As of April 2021, the price has surged to USD 7,500-9,800 per square meter.

At a recently launched luxury apartment project on Ton Duc Thang Street, which runs alongside the Saigon River in District 1, apartments are priced at USD 18,000 per square meter, the highest Q1 rate in the country. Luxury apartment prices in the Saigon riverside area have soared by around 50% in two years. The highest-priced apartment project in erstwhile Thu Duc District, located on Vo Van Nghia street, has a price tag of USD 4,000 per square meter. The average price of luxury apartment projects in HCMC hit USD 6,898 per square meter in Q1, up 4.7% year-on-year, according to real estate consultancy CBRE Vietnam.

Average Price of Luxury Apartments

Competitive Landscape

Vietnam Luxury Residential Real Estate Market is fairly fragmented, with local and global players existing in the market. Key players in the market are leveraging partnerships, acquisitions, and mergers to capture the market share. Some of the major players in the market include SonKim Land, Dat Xanh Group, FLC Group, Vingroup, and CapitaLand.

Recent Development

October 2021: SonKim Land Corporation (SonKim Land) and Viettel Networks Corporation officially announced as strategic partners to deploy telecommunications infrastructure in Smart City projects implemented by Son Kim Land. As a real estate developer who has always been at the forefront of applying high-end technology. Besides the luxurious architectural design, prime location, SonKim Land also focuses on building a smart living environment through the application of digital technology. SonKim Land cooperates with Viettel in the strategy of providing 4G / 5G services and IoT (internet of things) connectivity solutions to develop Qualcomm's Smart City platform, establishing a telecommunications infrastructure network for SonKim Land's Smart City projects. And The 9 Stellars project will be the first to develop under this model.

December 2021: CapitaLand Development (CLD), the development arm of CapitaLand Group has sold all units of DEFINE, its highly-anticipated luxury residential development in Ho Chi Minh City in two hours.  Sales began at the exclusive weekend preview on Saturday, 4 December 2021 in Vietnam, and by 11:30am (GMT +7), all units of the 88-unit development were sold out.  The units were sold at an average selling price of about VND 125 million (USD 5,500) per square metre (psm) and all units were sold above VND 23 billion (USD 1 million).  The highest-priced four-bedroom unit on the 24th floor was sold at about VND 150 million (USD 6,500) psm.  The penthouse unit located on the 25th level with spectacular views of the Saigon River, was also sold through a ballot at about VND 83 billion (USD 3.7 million), equivalent to VND 160 million (USD 7,000) psm.

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study


    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases



    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Drivers

      2. 4.2.2 Restraints

    3. 4.3 Value Chain / Supply Chain Analysis

    4. 4.4 Industry Policies and Regulations

    5. 4.5 Technological Developments in the Sector

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 By Type

      1. 5.1.1 Apartments and Condominiums

      2. 5.1.2 Villas and Landed Houses

    2. 5.2 By City

      1. 5.2.1 Ho Chi Minh City

      2. 5.2.2 Ha Noi

      3. 5.2.3 Other Cities


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 SonKim Land

      2. 6.2.2 Dat Xanh Group

      3. 6.2.3 FLC Group

      4. 6.2.4 Vingroup

      5. 6.2.5 CapitaLand

      6. 6.2.6 Hung Thinh Real Estate Business Investment Corporation

      7. 6.2.7 NovaLand

      8. 6.2.8 Phat Dat Real Estate Development Corporation

      9. 6.2.9 Phu My Hung

      10. 6.2.10 Nam Long Investment Corporation

      11. 6.2.11 Sun Group

      12. 6.2.12 Masterise Homes Real Estate Development Company Limited

      13. 6.2.13 Filmore Real Estate Development Corporation*

    3. *List Not Exhaustive


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Frequently Asked Questions

The Vietnam Luxury Residential Real Estate Market market is studied from 2018 - 2027.

The Vietnam Luxury Residential Real Estate Market is growing at a CAGR of >3% over the next 5 years.

DAT XANH GROUP, FLC Group, Vingroup, CapitaLand, SonKim Land are the major companies operating in Vietnam Luxury Residential Real Estate Market.

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