Vietnam's residential property market is attracting High-Net-Worth Individuals (HNWIs) and investors, driven by robust GDP growth, urbanization, and its pivotal role in the "China+1" strategy, as highlighted in a report by Knight Frank.
The report identifies Vietnam as a key player in the region's luxury real estate market, assessing 15 markets using five indicators: Economy, Human Capital, Quality of Life, Environment, and Infrastructure & Mobility.
With a projected GDP growth of 6.1% in 2024, Vietnam is set to be the region's second-fastest-growing economy after India, indicating strong prospects for its real estate sector. High-end apartment prices in Ho Chi Minh City and Hanoi range from USD 5,400 to USD 15,000 per sq.m, comparable to global markets but with notable growth potential.
The ongoing expansion of highways, metro systems, and airports is boosting connectivity and increasing property values in Vietnam's emerging urban areas. Knight Frank's report highlights that Vietnam's affordable yet high-quality real estate is drawing expatriates and investors, particularly to areas like District 1 and Thu Duc City in Ho Chi Minh City, known for their business centers and serene riverside views. Nguyen Truong Anh, Research Manager at Knight Frank Vietnam, emphasized that the country's rapid economic growth and strategic location make it an attractive destination for both investors and expatriates.
Blending luxury with affordability, the market is well-positioned for sustained growth. Kevin Coppel, Managing Director of Knight Frank Asia-Pacific, added that as global wealth shifts and geopolitical dynamics change, wealthy individuals are increasingly seeking premier residential locations that offer both lifestyle appeal and financial security. Markets such as Singapore, Japan, and Australia continue to attract the world's most discerning investors.
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