Southeast Asia's Market Bulletin 2024
- Vietnam’s residential market continues capturing attention of HNWIs and investors.
- APAC is a hotspot for branded residences, accounting for 23% of the total global supply.
Vietnam’s residential market continues capturing attention of HNWIs and investors, driven by strong GDP growth, urbanisation, and its significant role in the “China+1” strategy. For the office market, in 2025, Bangkok will welcome about 550,000sqm of new supply, while the rent in Kuala Lumpur is forecasted to grow 1% y-o-y with continued demand for premium and sustainable spaces. Meanwhile, Singapore may be heading for a severe supply crunch in the core CBD Grade A segment due to no new offices slated for completion during 2025 - 2027. From 2025 to 2029, Hanoi’s total supply will grow by 7.7% per year, and the average annual net absorption level in Manila is projected to increase by 36%.