Vietnam’s residential real estate market has seen notable changes in recent years, shaped by urbanisation, population growth, and economic development. Major cities like Ho Chi Minh City and Hanoi dominate the market, offering a mix of housing options, from affordable apartments to high-end villas and condominiums. These urban centres are key locations for both local and international developers seeking to address growing demand for modern housing.
The market’s growth is influenced by a young population, improving household incomes, and ongoing infrastructure improvements. Many residential projects now include amenities such as schools, parks, and retail spaces to meet evolving buyer preferences. Foreign developers have also contributed to the high-end segment, introducing international standards while operating within local regulations that limit foreign ownership.
Challenges remain, including affordability issues, rising land costs, and a mismatch between housing supply and demand in some segments. Regulatory complexities and infrastructure gaps also present obstacles to development. Nonetheless, urbanisation and infrastructure projects are likely to shape the residential real estate market’s trajectory in the coming years.
Residential real estate in Vietnam data
The Vietnam residential real estate market is estimated to be valued at US$25.26 billion in 2024. It is expected to grow at a compound annual growth rate of 12.55 percent during the forecast period from 2024 to 2029, reaching an estimated market size of US$45.62 billion by 2029, according to Mordor Intelligence’s Vietnam Residential Real Estate Market Report.
Residential real estate prices
Vietnam’s residential real estate market has experienced notable growth, with property prices varying across major cities.
Apartment prices, Q3 2024, per m², HCMC
| VNDmns | US$ | ||||
| Project Name | Location | Min | Max | Min | Max |
| Diamond Century | Tan Phu | 61 | 73 | 2,401 | 2,885 |
| Stown Tham Luong | District 12 | 30 | 44 | 1,173 | 1,712 |
| Urban Green | Thu Duc City | 52 | 60 | 2,047 | 2,350 |
| Glory Heights, Vinhomes Grand Park | District 9 | 40 | 80 | 1,574 | 3,149 |
| The Aurora Phu My Hung | District 7 | 88 | 90 | 3,464 | 3,543 |
| The Beverly Solari, Vinhomes Grand Park | District 9 | 47 | 66 | 1,843 | 2,582 |
| Average | 53 | 69 | 2,084 | 2,704 | |
Source: Ministry of Construction
Apartment prices, Q3 2024, per m², Hanoi
| Apartment prices, Q3 2024, per m² | VNDmns | US$ | |||
| Project Name | Location | Min | Max | Min | Max |
| Vinhomes Ocean Park (The Zurich) | Cau Giay | 46 | 55 | 1,811 | 2,165 |
| Lumi Prestige | Nam Tu Liem | 69 | 2,716 | 0 | |
| The Ninety Complex | Dong Da | 60 | 75 | 2,362 | 2,952 |
| Sapphire, Vinhomes Smart City | Nam Tu Liem | 47 | 61 | 1,850 | 2,401 |
| 107 Nguyen Tuan Vinacomplex | Thanh Xuan | 75 | 97 | 2,952 | 3,826 |
| Khai Son City | Long Bien | 50 | 68 | 1,968 | 2,677 |
| Average | 58 | 71 | 2,276 | 2,804 | |
Source: Ministry of Construction
Foreign FDI in Vietnam’s real estate industry
In October 2024, Vietnam’s real estate sector recorded a significant increase in foreign direct invested projects, with nine new projects compared to just two in September, according to Ministry of Planning and Investment data. However, the sector’s registered capital in October saw a decline of 16.91 percent from the previous month, totalling US$846.43 million compared to September’s US$1.02 billion.
Year-to-date, the real estate industry has attracted 64 projects, with cumulative capital reaching approximately US$5.23 billion, reflecting strong interest from foreign investors despite fluctuations in monthly capital inflows.
Domestic residential real estate firms in Vietnam
Vietnam’s residential real estate market is shaped by several prominent domestic firms that have significantly contributed to urban development and housing solutions. Notable companies include:
Vinhomes Joint Stock Company
A subsidiary of Vingroup, Vinhomes is a leading real estate developer in Vietnam, focusing on high-end residential, commercial, and industrial projects. The company is renowned for its innovative designs, premium amenities, and strategic locations, holding a dominant position in the luxury real estate segment.
Hung Thinh Land
Established in 2002, Hung Thinh Land has become a significant player in Vietnam’s residential real estate sector. The company has developed numerous projects, contributing to the urban landscape and providing various housing options to meet market demand.
Dat Xanh Group
Recognised as one of Vietnam’s top property developers, Dat Xanh Group primarily focuses on residential developments. The company has also ventured into resort, office, and trade centre projects, offering a diverse portfolio to cater to different market segments.
Nam Long Investment Corporation
With over two decades in the industry, Nam Long Investment Corporation specialises in affordable housing and integrated urban developments. The company aims to provide quality living spaces for the growing middle class, contributing to the expansion of Vietnam’s residential market.
Khang Dien House Trading and Investment Joint Stock Company
Founded in 2001, Khang Dien focuses on developing residential projects, including villas and townhouses. The company is known for its commitment to legal transparency and quality, appealing to a broad range of homebuyers.
These domestic firms are key players in shaping Vietnam’s residential real estate landscape, catering to diverse housing needs and supporting urban development.
Foreign residential real estate firms in Vietnam
Vietnam’s residential real estate market has attracted significant interest from foreign developers, who have introduced international standards and diversified housing options. Notable foreign residential real estate firms operating in Vietnam include:
CapitaLand Vietnam
A subsidiary of Singapore-based CapitaLand, CapitaLand Vietnam has developed numerous residential projects in major cities like Ho Chi Minh City and Hanoi. Their portfolio includes high-end condominiums and serviced apartments, catering to both local and expatriate communities.
Hongkong Land
Part of the Jardine Matheson Group, Hongkong Land has invested in luxury residential developments in Vietnam. Notable projects include The Nassim in Ho Chi Minh City and The Marq, which offer premium living spaces with modern amenities.
Keppel Land
A division of Singapore’s Keppel Corporation, Keppel Land has been active in Vietnam’s real estate market, focusing on residential and mixed-use developments. Their projects, such as Estella Heights and Palm City, are known for quality construction and strategic locations.
Gamuda Land
Originating from Malaysia, Gamuda Land has developed large-scale residential townships in Vietnam, including Gamuda City in Hanoi and Celadon City in Ho Chi Minh City. These projects emphasize green spaces and community-centric designs.
These foreign developers have played a pivotal role in elevating Vietnam’s residential real estate sector by introducing diverse architectural styles, advanced construction techniques, and comprehensive urban planning concepts, thereby enhancing the quality and variety of housing options available in the market.
Residential real estate regulations in Vietnam
Vietnam’s residential real estate sector is governed by a comprehensive legal framework aimed at regulating market activities and ensuring transparency. The primary legislation includes the Law on Residential Housing and the Law on Real Estate Business, each addressing specific aspects of property transactions and ownership.
Law on Residential Housing
The Law on Residential Housing outlines the rights and obligations of property owners and developers, setting standards for housing quality, transactions, and ownership. It specifies conditions under which individuals and entities, both domestic and foreign, can own residential properties in Vietnam. The law also addresses issues related to housing development, management, and the rights of residents.
Law on Real Estate Business
This law regulates real estate business activities, including the sale, transfer, lease, and purchase of properties. It establishes requirements for real estate enterprises, such as capital adequacy, professional qualifications, and ethical standards. The law aims to promote transparency and efficiency in the real estate market, protecting the interests of all parties involved.
Foreign Ownership Regulations
Foreign individuals and entities are permitted to own residential properties in Vietnam, subject to specific conditions. Ownership is typically granted for a 50-year leasehold period, with the possibility of extension. However, foreigners are generally not allowed to own land directly; instead, they can obtain land use rights through leases.
What’s next?
Vietnam’s residential real estate market is shaped by urbanisation, economic growth, and rising demand for diverse housing options. Major cities like Ho Chi Minh City and Hanoi dominate the sector, with developments ranging from affordable apartments to luxury villas. That said, there are challenges in the sector such as affordability issues and rising land prices. Regardless, the residential market remains a vital component of Vietnam’s real estate landscape.
With this in mind, Vietnam’s residential real estate market can be dynamic and change quickly. To keep up with the latest developments in Vietnam’s residential real estate space, foreign firms should make sure to subscribe to the-shiv.