ASEAN Condominiums and Apartments Market Size and Share - Growth Analysis Report and Forecast Trends (2026-2035)

Market Overview

The ASEAN Condominiums and Apartments Market attained a value of USD 92.40 Billion in 2025 and is projected to expand at a CAGR of around 7.52% through 2033. With accelerating urbanisation and a rapidly expanding middle class across Southeast Asia, government-led affordable housing initiatives, rising cross-border investment and foreign ownership liberalisation, and growing demand for mixed-use and transit-oriented vertical communities, the market is set to achieve USD 164.80 Billion by 2033.

Key Market Trends and Insights

Indonesia dominated the market in 2025, holding the largest country revenue share, and is projected to grow at a CAGR of approximately 7.8% over the 2026 to 2033 forecast period, driven by rapid urbanisation and a large and expanding urban middle-class population base.

By Property Segment, the Mid-Range segment is projected to witness a CAGR of approximately 7.2% over the forecast period, supported by strong first-time buyer activity, expanding home loan access, and developer pipelines that increasingly prioritise the mid-market price band.

By Country, Vietnam is expected to register the highest CAGR of approximately 9.2% over the forecast period due to landmark housing and land law reforms, rising middle-class purchasing power, surging foreign direct investment inflows, and robust GDP growth consistently above 6% annually.

Market Size & Forecast

Market Size in 2025: USD 92.40 Billion

Projected Market Size in 2033: USD 164.80 Billion

CAGR from 2026-2033: 7.52%

Fastest-Growing Country Market: Vietnam

The ASEAN condominiums and apartments market, valued at approximately USD 92.40 Billion in 2025, is expanding on the back of the region's accelerating urbanisation, a demographically youthful and income-rising population, and government-driven housing development programmes across all six major economies. Southeast Asia's urban population reached approximately 400 million in 2024 and is projected to grow further, generating sustained structural demand for vertical residential units in city centres and transit-adjacent corridors. Countries such as Vietnam, Indonesia, and the Philippines are experiencing particularly strong absorption in mid-range and affordable apartment segments, fuelled by first-time buyer activity and housing finance policy support.

The region's condominium and apartment pipeline is diversifying in response to evolving buyer profiles. Luxury high-rise developments in Singapore, Bangkok, and Ho Chi Minh City continue to attract high-net-worth domestic buyers and an influx of foreign capital, aided by ownership liberalisation measures. In parallel, the affordable and mid-range segments remain the most substantial by volume, underpinned by structural housing deficits and government programmes in Indonesia, Vietnam, and the Philippines. Smart-home integration, green building certification, and mixed-use master-planned communities are reshaping developer propositions, while falling mortgage rates and improved home-loan access are expanding the addressable buyer pool across the region.

Key Takeaways

Key Takeaway 1: Indonesia commands the largest country share of the ASEAN condominiums and apartments market, driven by a massive urban population, substantial housing deficit, and active government investment in subsidised residential programmes.

Key Takeaway 2: Vietnam is the fastest-growing national market, propelled by landmark land and housing law reforms effective January 2025, consistent GDP growth above 8%, and record foreign direct investment inflows directed at the residential sector.

Key Takeaway 3: The mid-range property segment leads in transaction volume share, while the luxury and premium tier records the highest growth rate, driven by high-net-worth buyer demand and rising foreign investor participation in Singapore, Bangkok, and Ho Chi Minh City.

ASEAN Condominiums and Apartments Market Report Summary

Key Trends and Recent Developments

The ASEAN condominiums and apartments sector is being reshaped by urbanisation-driven housing demand, regulatory liberalisation of foreign ownership, government affordable housing policy interventions, and a growing emphasis on sustainable and technology-enabled residential development. The following trends define the current market landscape and near-term growth trajectory.

Key Trends Heading 1: Urbanisation and Middle-Class Expansion Driving Vertical Housing Demand - January 2025

ASEAN's urban population surpassed 400 million in 2024 and continues to grow at one of the fastest rates globally, compressing available urban land and accelerating the structural shift toward high-density vertical living. National statistical agencies across Indonesia, Vietnam, the Philippines, and Malaysia confirm sustained urban migration as rural populations relocate to manufacturing corridors, technology hubs, and service-sector employment centres. The expanding middle class, projected by the Asian Development Bank to grow by over 160 million households in ASEAN by 2030, is a primary demand engine for mid-range and premium condominiums. This cohort prioritises modern amenities, proximity to employment, and lifestyle conveniences that high-rise developments uniquely provide. Developers are responding by launching larger-scale integrated communities combining residential towers with retail, education, and wellness facilities. ASEAN condominiums and apartments market growth is directly tied to this urbanisation megatrend, particularly in Greater Jakarta, Metro Manila, Ho Chi Minh City, Hanoi, and Bangkok. In Hanoi, Savills reported that apartment market supply reached 24,996 units in 2024, its highest level in five years, driven by large urban township developments that cater to the city's growing working-age population.

Key Trends Heading 2: Foreign Ownership Liberalisation and FDI Inflows Reshaping Premium Condominium Markets - March 2025

Regulatory reforms across multiple ASEAN nations are making condominium ownership progressively more accessible to foreign buyers, unlocking significant cross-border demand particularly in Vietnam, Thailand, and the Philippines. Vietnam's Land Law 2024, effective January 2025, granted overseas Vietnamese land-use rights equivalent to domestic citizens and streamlined registration procedures, while retaining a 30% foreign ownership cap per project. Remittances into Vietnam totalled USD 16 billion in 2024, with approximately 22% channelled into residential real estate purchases, according to data from the Vietnam Association of Realtors. In the Philippines, legislation passed in September 2025 extended private land lease limits for foreign investors to 99 years, strengthening long-term investor confidence in premium residential developments. Singapore continues to attract wealthy foreign buyers despite Additional Buyer's Stamp Duty measures, with luxury condominium launches in the Core Central Region recording strong absorption throughout 2025. FDI inflows into ASEAN's real estate sector surged, with Vietnam alone registering cumulative FDI of USD 29.5 billion in the first half of 2025, more than doubling the same period in 2024, according to the Foreign Investment Agency of Vietnam.

Key Trends Heading 3: Government Affordable Housing Programmes Boosting Mid-Range Supply and Buyer Access - May 2025

National and municipal governments across ASEAN are actively implementing housing programmes designed to address supply shortfalls and improve affordability for low-income and first-time buyers. Indonesia's Rumah Subsidi programme provides government-backed subsidised mortgages for units below defined price thresholds, sustaining housing demand outside the premium segment. In Vietnam, Circular 14/2025 directed lower capital risk weights for social housing lending, channelling credit toward affordable segments while expanding the supply pipeline. The Philippines government mandates developers to allocate a portion of new residential projects to socialised and economic housing, creating structural supply pressure in the affordable tier. Malaysia's MyHome and Youth Housing Schemes have maintained a steady pipeline of affordable apartment approvals in Kuala Lumpur, Selangor, and Johor Bahru. These policy interventions create baseline demand visibility that supports longer-duration development pipelines and reduces developer risk in high-volume affordable and mid-range markets, collectively expanding the addressable buyer pool and diversifying the ASEAN condominium market across all price tiers.

Key Trends Heading 4: Green Building Certification and Smart-Home Integration Becoming Developer Differentiators - August 2025

Environmental sustainability and technology integration have shifted from optional amenities to baseline buyer expectations in ASEAN's condominium and apartment markets, particularly in Singapore, Malaysia, and urban Vietnam. Green building certification schemes including Singapore's BCA Green Mark, Malaysia's GBI Green Mark, and Vietnam's LOTUS rating system are increasingly required for premium developments, compelling developers to invest in energy-efficient design, photovoltaic integration, and sustainable construction materials. In December 2025, Ayala Land, Inc. achieved EDGE Zero Carbon certification for more than 1.5 million square metres of its commercial portfolio and has extended green principles across its residential brands in the Philippines, positioning sustainability as a core brand pillar. Smart-home features including IoT-enabled utility management, automated access control, and app-based building management systems are being embedded into new launches across Singapore, Vietnam, and Malaysia to differentiate products in increasingly competitive urban markets. Developers such as CapitaLand, UOL, and GuocoLand are incorporating biophilic design, sky terraces, and comprehensive wellness infrastructure into new Singapore launches to justify premium pricing and achieve faster sales absorption.

Recent Market Developments

Development Heading 1: Ayala Land Launches Laurean Residences in Makati Central Business District

In January 2025, Ayala Land, Inc. (ALI) launched Laurean Residences, a bespoke ultra-luxury high-rise development in the Makati Central Business District. The project recorded approximately PHP 10.4 billion in reservation sales since its launch, reflecting strong demand for premium urban addresses among high-net-worth buyers. ALI's premium residential segment grew 25% in 2024, outperforming its core residential business. Ayala Land subsequently announced plans to launch PHP 57 billion worth of property development projects in the second half of 2025, reinforcing its position as the Philippines' leading full-line residential developer.

Development Heading 2: Vinhomes Launches 2,870-Hectare Can Gio Mega-Township in Ho Chi Minh City

In Q4 2024, Vinhomes, the residential arm of Vingroup, commenced the development of a 2,870-hectare mega-township project in Can Gio district, Ho Chi Minh City. Expected to deliver approximately 64,000 residential units including condominiums and landed properties, the project became the primary supply driver for HCMC's landed market in 2025, with CBRE reporting that new landed supply reached nearly 5,000 units in 2025, a 20-fold increase over 2024. Supply from the township is forecast to grow to 15,000 units per year by 2028, cementing Vinhomes' dominance of Vietnam's large-scale urban residential development sector.

Development Heading 3: CapitaLand and UOL Launch Premium Condominium Projects in Singapore

Throughout 2025, Singapore's leading developers launched a series of high-profile condominium projects reflecting continued premium demand. CapitaLand Development and UOL Group jointly launched Skye at Holland, a 666-unit luxury development in Holland Village with direct MRT access. UOL and Singapore Land Group launched UpperHouse, a 301-unit luxury condominium at Orchard Boulevard MRT. City Developments Limited and Mitsui Fudosan launched W Residences Singapore, a 683-unit ultra-luxury branded residence at Marina Bay. These launches collectively demonstrated Singapore's resilient premium condominium demand, supported by easing mortgage rates with the 3-month SORA declining to approximately 2.1% by mid-2025.

Development Heading 4: Cushman and Wakefield Reports Jakarta Condominium Market Stabilisation

Cushman and Wakefield's 2025 Jakarta MarketBeat report indicated that Greater Jakarta's condominium market is stabilising after an extended period of restrained new supply. No new condominium project launches were recorded throughout 2025, with developers focusing on clearing existing inventory. Condominium prices are expected to grow gradually through 2026 as inventory is absorbed, with the CBD office occupancy rate continuing to rise by 1.4% year-on-year. Indonesia's economic growth projection of 5.1% to 5.4% for 2026 is expected to support a recovery in housing demand across Greater Jakarta and secondary cities.

Development Heading 5: Vietnam's Land Law 2024 Comes into Effect, Unlocking New Investment Pathways

Vietnam's landmark Land Law 2024 came into full effect on January 1, 2025, fundamentally reshaping the legal framework for condominium ownership and investment. The law expanded land-use rights for overseas Vietnamese to match those of domestic citizens, introduced multi-purpose land use provisions, and digitised registration processes. The Ministry of Construction reported over 580,400 successful real estate transactions nationwide in 2025, with condominiums accounting for approximately 75% of total residential transactions. Ho Chi Minh City apartment prices averaged VND 111 million (USD 4,222) per sqm in 2025, reflecting a 23% annual increase per Cushman and Wakefield Vietnam, confirming the transformative market impact of the regulatory overhaul.

ASEAN Condominiums and Apartments Industry Segmentation

The EMR's report titled "ASEAN Condominiums and Apartments Market Report and Forecast 2026-2033" offers a detailed analysis of the market based on the following segments:

Market Breakup by Property Segment

Luxury/Premium

Mid-Range/Mid-Market

Affordable/Economy

Key Insight: The mid-range segment commands the largest share of the ASEAN condominiums and apartments market by transaction volume, capturing approximately 45% of total segment value in 2025. In Vietnam, mid-priced apartments between USD 1,300 and USD 3,000 per sqm captured 57% of Hanoi's new supply in 2024, while Savills projected Class B apartments to account for 88% of Hanoi's new supply in 2025. In Metro Manila, the mid-income condominium segment accounted for 77% of net take-up in Q3 2025 (Colliers International), and developers shifted 64% of their 2025 launches to the PHP 3.2 to PHP 12 million band in response. The luxury tier is the fastest-growing sub-segment at a projected 8.5% CAGR, driven by high-net-worth buyer demand and rising foreign investor participation in Singapore, Bangkok, and Ho Chi Minh City.

Market Breakup by Country

Indonesia

Thailand

Vietnam

Philippines

Malaysia

Singapore

Others

Key Insight: Indonesia holds the largest country-level share of the ASEAN condominiums and apartments market by absolute value at approximately 34%, supported by a population exceeding 280 million and one of the region's most substantial urban housing deficits. Vietnam and the Philippines are the fastest-growing national markets, with Vietnam recording over 580,400 residential transactions in 2025 (Ministry of Construction) and the Philippines seeing sustained pre-selling momentum in Metro Manila and suburban corridors supported by USD 34.49 billion in remittance inflows (Bangko Sentral ng Pilipinas, 2024). Singapore, while smallest in unit volume, leads in per-unit transactional value and commands a disproportionate share of regional luxury condominium revenue.

Market Breakup by Region

Indonesia

Thailand

Vietnam

Philippines

Malaysia

Singapore

Others

Key Insight - Indonesia: Indonesia leads the ASEAN condominium and apartment market, driven by a massive urban population, active government support through its Rumah Subsidi subsidised mortgage programme, and steady economic growth projections of 5.1% to 5.4% for 2026 (Cushman and Wakefield Jakarta MarketBeat). Greater Jakarta remains the primary urban condominium market, with developers focused on inventory absorption and gradual price recovery heading into 2026.

Key Insight - Vietnam: Vietnam is the fastest-growing condominium market in ASEAN, underpinned by GDP growth of 8.02% in 2025, the Land Law 2024 reforms effective January 2025, and record FDI inflows of USD 29.5 billion in H1 2025 (Foreign Investment Agency of Vietnam). Hanoi apartment prices rose approximately 40% year-on-year in 2025, while HCMC apartment prices averaged USD 4,222 per sqm, confirming Vietnam's position as the regional market with the strongest pricing momentum.

Key Insight - Philippines: The Philippines residential market is supported by consistent urbanisation, remittance inflows of USD 34.49 billion in 2024, and a youthful demographic. Metro Manila's CBD condominium stock rose 5% to 162,510 units in 2024 (Colliers International). The residential price index recorded year-on-year growth of 6.7% in Q4 2024 (Bangko Sentral ng Pilipinas), with Ayala Land, SM Prime Holdings, and Megaworld Corporation expanding luxury and mid-income pipelines across Manila and secondary city corridors including Cebu, Davao, and Clark.

Key Insight - Singapore: Singapore commands the highest per-unit condominium values in ASEAN, with its Core Central Region luxury segment attracting strong domestic and foreign investor demand. The 2025 launch season featured landmark projects including W Residences Singapore (683 units at Marina Bay), Skye at Holland (666 units in Holland Village), and UpperHouse (301 units at Orchard Boulevard), all supported by falling interest rates and a robust rental market with gross condominium yields averaging above 3.5% in prime districts.

Key Insight - Thailand: Thailand's condominium market experienced a slowdown in new launches in 2025, with only 16,408 new units launched across the full year, down approximately 53% from prior quarter levels in Q4 2025 alone (Cushman and Wakefield Bangkok MarketBeat). Bangkok and Phuket remain primary demand nodes, with the luxury segment supported by foreign buyers from China, Europe, and the Middle East. The Bank of Thailand's temporary LTV relaxation (effective May 2025 to June 2026) is providing demand stabilisation support, and the market is expected to see improved launch activity from 2026 onwards.

Key Insight - Malaysia: Malaysia's real estate market, valued at USD 36.76 billion in 2025 and growing at a CAGR of 6.64% through 2033, continues to be anchored by Kuala Lumpur and the Greater Klang Valley corridor. Government initiatives including the Home Ownership Campaign and MyHome scheme have maintained a steady affordable apartment approval pipeline in Kuala Lumpur, Selangor, and Johor Bahru. The residential sector, particularly apartments and condominiums, is expected to remain a significant growth contributor, driven by rising disposable incomes, sustained urbanisation, and improving public infrastructure connectivity across Peninsular Malaysia.

ASEAN Condominiums and Apartments Market Share

The mid-range condominium and apartment segment commands the dominant share of the ASEAN condominiums and apartments market, reflecting the structural demographic composition of a region where the urban middle class represents the broadest and most consistent buyer cohort. Across the major ASEAN markets, mid-priced vertical residential units in the USD 1,300 to USD 5,000 per sqm range have demonstrated the most reliable absorption rates and developer pipeline activity. In Vietnam, mid-market apartments captured 57% of Hanoi's new supply in 2024, with Class B apartments accounting for 88% of future supply through 2025 per Savills Vietnam. In the Philippines, mid-income condominiums accounted for 77% of net take-up in Metro Manila during Q3 2025, with developers responding by increasing the share of mid-priced launches from 43% in 2024 to 64% in the first nine months of 2025 (Colliers International). This segment's resilience during periods of economic uncertainty reflects its dual role as a primary residence vehicle and a stable investment instrument for domestic buyers seeking capital appreciation in high-growth urban corridors.

The luxury and premium tier, while smaller in transaction volume, is the fastest-growing sub-segment across ASEAN, capturing significant incremental capital from high-net-worth domestic buyers and foreign investors attracted by ownership liberalisation measures. Singapore's Core Central Region remains the regional benchmark for premium condominium pricing, with multiple landmark 2025 launches exceeding SGD 3,000 per square foot in prime districts. In Vietnam, HCMC's average primary apartment price rose to USD 3,752 per sqm in Q3 2025, representing an 8.8% year-on-year increase per Knight Frank Vietnam, reflecting the accelerating luxury demand wave in the city. Thailand's high-end market maintains strong underlying demand from foreign buyers in Bangkok and Phuket, with gross rental yields averaging 6.28% (Global Property Guide, 2025). The luxury segment's premium dynamics are drawing major developers to concentrate new launches in iconic urban addresses with superior connectivity and lifestyle amenities, further differentiating the top tier from more commoditised mid-market offerings.

The affordable housing segment plays a foundational role in underpinning the market's breadth and depth across Indonesia, Vietnam, the Philippines, and Malaysia, where government-mandated and incentivised programmes create a reliable pipeline of lower-priced units for first-time buyers and low-income urban households. Indonesia's Rumah Subsidi programme and Vietnam's social housing credit directives under Circular 14/2025 are representative of the policy architecture sustaining this tier. While margin compression limits developer enthusiasm for purely affordable standalone developments, mixed-income projects and government land grants are incentivising broader participation from national developers. In Ho Chi Minh City, projects offering units below VND 4 billion (USD 157,168) in well-planned urban precincts reported strong absorption in 2025, confirming sustained underlying demand for attainable residential products in ASEAN's densest and fastest-growing urban environments.

Competitive Landscape

The competitive landscape of the ASEAN condominiums and apartments market is fragmented at the pan-regional level, with no single developer commanding a decisive share across all six major economies. The landscape is shaped by national champion developers with dominant home-market positions and selective cross-border expansion strategies. Competitive priorities centre on masterplan quality, brand trust, land bank depth, financing innovation, and green building credentials. Competition intensity varies significantly by price segment, with the affordable tier dominated by government-linked and large national developers, while the luxury tier increasingly attracts international joint ventures and branded residence concepts.

Ayala Land, Inc. (Philippines): Headquartered in Makati City, Philippines, Ayala Land is the country's largest publicly listed real estate developer, with a trailing 12-month revenue of USD 3.01 billion as of Q3 2025 (PitchBook). The company operates a full-line residential portfolio spanning the ultra-luxury Ayala Land Premier brand, mid-market Alveo and ARYA brands, and affordable Avida Land brand across master-planned integrated estates in Bonifacio Global City, Arca South, and Nuvali. In 2025, Ayala Land launched Laurean Residences and achieved EDGE Zero Carbon certification for over 1.5 million sqm of its commercial portfolio, earning recognition as the Philippines' Best Real Estate Developer by Euromoney in 2025.

Vinhomes (Vietnam): A subsidiary of Vingroup, Vietnam's largest conglomerate, Vinhomes is the dominant residential developer in Vietnam and among the most active large-scale developers in ASEAN. Headquartered in Hanoi, the company develops mega-scale urban townships combining condominiums, landed homes, retail, schools, and social infrastructure. Its projects in Hanoi and Ho Chi Minh City consistently record Vietnam's highest absorption rates, with condensed presales often achieving above 90% take-up at launch. The 2,870-hectare Can Gio township development reinforces Vinhomes' extraordinary scale advantages and pipeline dominance through the forecast period.

Sinar Mas Land (Indonesia): Sinar Mas Land is one of Indonesia's largest and most diversified property developers, operating through BSD City in Tangerang as its flagship master-planned township spanning over 6,000 hectares near Jakarta. The company develops residential, commercial, and industrial components within a self-sustaining integrated estate model, and serves a broad buyer spectrum from affordable housing to premium high-rise residential. Sinar Mas Land leverages its substantial land bank, established community infrastructure, and township ecosystem to maintain competitive advantages over smaller developers in the Greater Jakarta corridor.

Major Development PCL (Thailand): Major Development PCL is one of Thailand's leading luxury residential developers, headquartered in Bangkok. The company specialises in ultra-luxury and luxury condominium developments in Bangkok's prime central districts, including Sukhumvit, Silom, and Sathorn, targeting high-net-worth domestic buyers and international investors. Its design-forward approach and central location strategy have established a strong premium brand in Thailand's competitive condominium landscape, with projects consistently achieving among the highest price-per-square-metre values in Bangkok's condominium market.

Other key players in the ASEAN Condominiums and Apartments Market report include Pace Development Corporation (Thailand), SP Setia Bhd (Malaysia), City Developments Limited (Singapore), CapitaLand Development (Singapore), SM Prime Holdings, Inc. (Philippines), and Megaworld Corporation (Philippines).

Key Highlights of the ASEAN Condominiums and Apartments Market Report

Comprehensive quantitative and qualitative market analysis with 2021-2033 historic and forecast data

In-depth segmentation by property segment (luxury, mid-range, affordable), country, and regional performance trends

Competitive landscape profiling major ASEAN developers, their land bank strategies, segment positioning, and recent launches

Evaluation of government housing policy impacts, foreign ownership liberalisation frameworks, and urban planning initiatives shaping residential demand across all six major ASEAN economies

Insights into urbanisation dynamics, middle-class expansion, foreign buyer activity, FDI inflows, and green building adoption across Indonesia, Thailand, Vietnam, the Philippines, Malaysia, and Singapore

Strategic recommendations for developers, institutional investors, and financial institutions based on market dynamics, regulatory environments, and country-specific growth opportunities Show more