IBT assessed Christie's International Real Estate's listing of Masterise Homes' high-end and branded real estate projects as an important milestone, affirming the position of Vietnamese real estate on the world map.
The time of luxury real estate in Vietnam
This unit cited a report from Knight Frank showing that the high-end real estate segment in Vietnam is growing rapidly thanks to the increase of the upper class and the strong and sustainable growth of the economy.
The International Monetary Fund (IMF) forecasts Vietnam to achieve GDP growth of 6.5% by 2025, contributing to an increase in the number of individuals with high net assets (HNWIs) at a rate of 12% per year. Meanwhile, the number of hyper-rich individuals (UHNWIs) also recorded an increase of 2.4% in 2023. Knight Frank predicts this trend will continue, with the number of UHNWIs in Vietnam expected to increase by 30% from 2023 to 2028, corresponding to an average growth rate of about 6% per year.
The increase in assets has increased the demand for high-value real estate. Not to mention, as of 2023, Vietnam has attracted an increasingly large foreign community, with about 100,000 foreigners living and working here. This population growth has contributed to boosting demand for high-end residential real estate projects, especially in large urban centers such as Ho Chi Minh City and Hanoi.
Vietnam also brings outstanding value in real estate investment. Luxury apartments here are 30-40% cheaper than in countries in the region such as Thailand and Singapore. According to Mordor Intelligence, the capital increase rate in Vietnam is 10-15% per year, strengthening the attraction of the market. With a forecast growth rate of 13.65% from 2025 to 2030, Vietnam is quickly affirming its position as a luxury real estate investment destination in Southeast Asia.
At the event, Ms. Tu Le, Executive Director of S&S Group, emphasized CIRE's strict posting standards: "Every property must express luxury, uniqueness and scarcity, from coastal villas, historical castles, to modern apartments or unique villas."
Accordingly, Masterise Homes' projects are introduced and distributed globally through CIRE's network including Grand Marina, Saigon - Mariott & JW Marriott Brand Apartment Area (District 1, HCMC); The Rivus - villas with the Elie Saab brand (District 9, HCMC); and SOHO commercial townhouse in The Global City international standard urban area (Thu Duc City) - the first and only urban area in Vietnam currently designed by Foster + Partners.
Sharing about the cooperative relationship with S&S CIRE, Ms. Nguyen Thi Minh Phuong, Southern Business Development Director of Masterise Homes, said: In the context of rapid and stable economic development, luxury real estate assets in Vietnam have sustainable growth potential and this is also the ideal time for investors.
Vietnam: Destination for global investors
The fact that a Vietnamese developer has a global network of a prestigious unit with 250 history of introducing and distributing a portfolio of products globally has shown the attractiveness and competitiveness of Vietnamese luxury real estate in the international arena.
Ms. Minh Phuong also emphasized that this event will help domestic customers and investors better understand the value of townhouses in international standard urban areas, apartments and branded villas - assets that have been recognized globally for their difference, superiority and sustainable value beyond time.
Mr. John hearns, Senior Vice President of Global Brand Real Estate Project Operations at Marriott International, spoke at the opening ceremony of the JW Marriott Residences Grand Marina Saigon apartment complex at Sea building: Grand Marina, Saigon is not only the world's largest Marriott & JW Marriott brand apartment complex but also marks the launch of the first JW Marriott urban apartment complex in Asia - Pacific. We believe that the project not only meets international branded real estate standards but also contributes to enhancing the attractiveness of Ho Chi Minh City, making it an ideal destination for the global upper class.
Looking further, this cooperative relationship lays a solid foundation for the development of the luxury real estate segment in Vietnam. Increasing interest from foreign investors along with strong demand for branded real estate is positioning Vietnam as an attractive destination for investment in high-end real estate.
Ms. Minh Phuong shared: Our expectations for the cooperative relationship with S&S CIRE, although full of ambition, are built on the great potential that we see in the Vietnamese luxury real estate market, which is: to introduce the timeless values of Vietnamese real estate to the world and thereby contribute to the growth of the Vietnamese market at a rate commensurate with the potential it possesses".
