| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 7.50 % |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
ASEAN Condominiums & Apartments Market Analysis
The ASEAN Condominiums and Apartments Market is expected to register a CAGR of greater than 7.5% during the forecast period.
- The market has been propelled by the huge number of foreign investors especially Chinese and Russians who are looking forward to buying affordable, luxurious properties as well in the region. Furthermore, economic recovery is anticipated to boost the market growth.
- Singapore's property market is expected to recover faster than its Southeast Asian peers from the Covid-19-induced slump as the region rushes to vaccinate its population. Vietnam is also expected to perform better than the majority of the region's major economies. Even though the fact that challenges are unlikely to disappear anytime soon, the region as a whole has some upside in 2022, with economic recovery expected to be more visible in 2023. Aside from a noticeable increase in housing demand, Vietnam's industrial property markets have performed well. Malaysia, the Philippines, and Thailand, on the other hand, are likely to face difficulties this year. Home prices in Manila, Kuala Lumpur, and Penang are still 3-5% lower than in 2020, while those in Jakarta, Indonesia's capital, are largely flat.
- Over the last five years, Cambodia's real estate investment market has grown as foreign buyers have fueled property development, particularly in the capital, Phnom Penh. Moreover, despite a slowing in demand as Covid-19 took hold, the sector is well-positioned for post-pandemic recovery, thanks in part to the country's high vaccination rate. Cambodia, indicating increased market confidence over the previous year. The website, which has over 30,000 active property listings and 200,000 monthly visitors, also saw an increase in traffic from international buyers during H1 2022. There has been an increase in Hong Kong investors. Many of the buyers are from China, Japan, South Korea, and Singapore, but there are also investors from the United States, Europe, and Australia.
- Mainland Chinese buyers have purchased the most private apartments in Singapore in 2022, outnumbering other foreigners, highlighting the amount of wealth flowing into the city-state from the world's second-largest economy. According to a report by industry watcher OrangeTee & Tie, Chinese buyers purchased 932 private units in the first eight months of 2022, nearly twice the number purchased by Malaysians, who came in second. Chinese buyers accounted for nearly 20% of sales, or 81 units, for luxury condominiums priced above USD 3.5 million. Americans came in second place with 34 units. India is among the top five foreign buyers, followed by the United States and Indonesia.
- Russia's invasion of Ukraine has resulted in economic sanctions against its citizens that are among the swiftest and most severe ever imposed on any country. Sanctions have had a little economic impact, either in Russia or elsewhere. However, the Southeast Asian property market has shown signs of bucking this trend, albeit in a few select destinations such as Pattaya, Phuket, and Bali. Inquiries for properties in Thailand increased by 50% in March 2022 compared to the previous year, and by 200% in April 2022. Bali had the highest increase in inquiries in Southeast Asia, up 360% in the first quarter compared to the same period last year. Uncertainty at home and punitive sanctions in many foreign destinations have fueled the trend.
ASEAN Condominiums & Apartments Market Trends
Increase in demand for multifamily housing driving the market
In November 2022, Singapore developers sold 259 new homes excluding executive condominiums (ECs), a 17.3% decrease from the 313 units sold in October 2022. This is the lowest monthly sales total since December 2014, and it is also lower than the 277 units sold in April 2020, when the Circuit Breaker period began. The absence of notable project launches in November contributed to the lackluster new home sales. According to Song, developers launched 319 housing units excluding ECs last month, the majority of which were "smallish" launches with lukewarm take-up. While November 2022's launched units tripled the 102 homes launched in October 2022, it is 75% lower y-o-y.
The outbreak of the Ukrainian war in February 2022 jolted the world, which was still reeling from the effects of the COVID-19 pandemic. The resulting turmoil in global markets has shaken investor confidence, but there is still some good news in the Southeast Asian region, particularly in the residential housing market. Despite global uncertainties, Thailand, Indonesia, and Malaysia are experiencing increased demand, with the latter two experiencing higher asking or listing prices. Malaysia, Singapore, Thailand, and Vietnam's residential markets remain resilient. In terms of attracting foreign investments, the Southeast Asian region remained a magnet for FDI, which directly supported job growth and allowed economies to recover faster from the pandemic-caused slowdown.
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Affordability of properties in ASEAN countries attracting foreign buyers driving the market
The housing market in Kuala Lumpur has been particularly difficult, with prices falling 5.7% year on year. However, with infection rates beginning to fall and the government's recent effort to re-open more economic sectors following the acceleration of the vaccine drive, housing demand is expected to recover in 2022, and we may be able to see the light at the end of the tunnel for the city's residential market in the coming year. the introduction of REITs in the Philippines, which has gotten off to a roaring start with five new listings in less than two years - a much faster pace than seen in India. Long term, the introduction of REITs can benefit the country by raising fundamentals in its real estate sector to a whole new level.
Rich mainland Chinese have been the top foreign buyers of expensive private properties in Singapore in 2022, despite tax increases, as the city-state benefits from post-pandemic reopening and a relatively strong currency. Singapore has long been a magnet for the ultra-wealthy, drawn by the Southeast Asian city-state's stable politics, strong currency, and reputation as a haven for assets. Singapore's property prices have also tended to rise gradually, with fewer sharp rises and falls than in other popular markets. Stamp duties for foreigners without permanent residency were raised from 20% to 30% in 2022 to cool the private property market. Despite this, 143 luxury apartments were sold to foreigners from January to August 2022, up from 136 in the same period in 2019.
Southeast Asia has recently caught the attention of Gulf real estate investors. It's not surprising. Despite their booming economies, GCC (Gulf Cooperation Council) countries are dealing with over-liquidity and oversupply in the property market, both of which are hurting the sector and putting pressure on yields. Singapore was the first choice for ASEAN property investors. The property market in the city-state is still strong, but it has slowed due to a slowing economy, tighter lending regulations, and the region's highest real estate prices. As a result, investors turned elsewhere, identifying Malaysia and Thailand as new emerging real estate havens. Purchasing condos in Bangkok, particularly one-bedroom units near mass-transit stations, will be a long-term trend.
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ASEAN Condominiums & Apartments Industry Overview
The ASEAN Condominiums and Apartments Market is fragmented with the presence of a large number of local and regional players, as well as global players. The major players include Ayala Land Inc., Pace Development Corporation (PACE), Vinhomes, Major Development PCL, Sinar Mas Land (SML), and many others. The local and regional players have a good foothold in the region as they are aware of the customers' needs and cater to them with a good number of properties. Global players can enter the market by developing affordable and luxurious residents as per the demand in the country they are serving.
ASEAN Condominiums & Apartments Market Leaders
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Ayala Land Inc.
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Pace Development Corporation (PACE)
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Vinhomes
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Major Development PCL
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Sinar Mas Land (SML)
- *Disclaimer: Major Players sorted in no particular order
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ASEAN Condominiums & Apartments Market News
- September 2022 - GuocoLand's Lentor Modern, a 99-year leasehold integrated private residential project, sold 508 units, or 84% of its 605 units, during its initial launch. GuocoLand said in a press release that units in the integrated mixed-use development to be built in the new Lentor Hills estate in District 20 ranged from USD 1,856 per sq ft to USD 2,538 per sq ft. Prices for the units ranged from USD 1.07 million for a 527 sq ft one-bedroom unit to USD 3.33 million for a 1,528 sq ft four-bedroom apartment at the time of launch.
- June 2022 - A Chinese national is said to have paid more than USD 62.92 million for 20 units at CanningHill Piers, a condominium on the Singapore River. The buyer, who is from Fujian, China, is also said to be interested in purchasing 10 more units, bringing the total transaction value to more than USD 74.02 million. The 20 units purchased a few days ago include ten three-room flats priced between USD 2.29 million and USD 2.44 million and ten four-room flats priced between USD 3.92 million and USD 4.15 million.
ASEAN Condominiums & Apartments Industry Segmentation
A private residence in a building or house divided into several separate dwellings is known as an apartment. A condominium (also known as a "condo") is a large property complex made up of individual units, each of which is owned separately. Typically, ownership includes a nonexclusive interest in certain "community property" managed by the condominium management. The ASEAN Condominiums and Apartments Market is segmented by country (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines, and the Rest of ASEAN). The report offers market size and forecasts for the ASEAN condominiums and apartments market in value (USD billion) for all the above segments.
| By Country | Indonesia |
| Thailand | |
| Vietnam | |
| Singapore | |
| Malaysia | |
| Philippines | |
| Rest of ASEAN |
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ASEAN Condominiums & Apartments Market Research FAQs
What is the current ASEAN Condominiums and Apartments Market size?
The ASEAN Condominiums and Apartments Market is projected to register a CAGR of greater than 7.5% during the forecast period (2025-2030)
Who are the key players in ASEAN Condominiums and Apartments Market?
Ayala Land Inc., Pace Development Corporation (PACE), Vinhomes, Major Development PCL and Sinar Mas Land (SML) are the major companies operating in the ASEAN Condominiums and Apartments Market.
What years does this ASEAN Condominiums and Apartments Market cover?
The report covers the ASEAN Condominiums and Apartments Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Condominiums and Apartments Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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ASEAN Condominiums and Apartments Industry Report
Statistics for the 2025 ASEAN Condominiums and Apartments market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Condominiums and Apartments analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
