Cover The second home market is expanding rapidly in Vietnam and across Southeast Asia (Photo: Sotheby’s International Realty)
The second home market is expanding rapidly in Vietnam and across Southeast Asia (Photo: Sotheby’s International Realty)
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According to the latest report by C9 Hotelworks, Vietnam now accounts for 41 per cent of the pipeline for future luxury real estate projects in Asia, signalling strong momentum for the domestic second home market.
Despite ongoing global economic uncertainty, demand for luxury real estate across the Asia-Pacific region remains strong and continues to grow. Data from Knight Frank indicates that, since 2020, average property prices have held firm, demonstrating resilience in the face of market fluctuations, with growth of 3.8 per cent in 2023 and 3.1 per cent projected for 2024.
Vietnam, with its wealth of natural beauty, pristine coastlines and diverse landscapes, has experienced a notable surge in high-end resort apartment ownership, reflecting the increasing visibility and influence of the domestic elite. The country has rapidly established itself as one of the region’s most vibrant and promising second home markets, offering both lifestyle appeal and long-term investment potential.
Defining the second home model and its irresistible appeal to the elite
Savills defines a second home as a form of real estate that blends luxury resort living with investment potential. Increasingly, this model is favoured by the affluent, as it offers privacy, indulgence and the promise of long-term returns.
For the upper class, a second home is not only a sanctuary for relaxation, but also a statement of status, lifestyle and individual taste. It serves as a versatile asset, benefiting from geographic and political flexibility while protecting wealth against economic, social and market risks. This trend also fosters connections within the global elite community, broadening networks and relationships.
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Jack Cotton, founding member of REALM and veteran broker at Sotheby’s International Realty, notes that rare luxury resort villas are increasingly used as a strategy to diversify investment portfolios. Many affluent individuals now aspire to own not just a second home, but a third or even a fourth.
In Asia, the second home model has seen robust growth in recent years, especially in Bali and Thailand. IMARC Group projects that the luxury tourism market in Southeast Asia will grow by an average of 9.8 per cent annually between 2025 and 2033. This expansion is fuelled by international demand and the rising number of high-net-worth individuals.
Growth potential and second home trends in Vietnam
C9 Hotelworks’ latest report highlights that Vietnam makes up 41 per cent of the pipeline for upcoming luxury real estate developments in Asia. Meanwhile, IMARC Group forecasts that Vietnam’s luxury tourism market will grow at an average rate of 6.5 per cent from 2025 to 2033, driven by international interest in coastal villas.
With pristine landscapes, fresh surroundings and luxurious facilities, second homes in Vietnam are typically concentrated in coastal regions or near major cities. Investment hotspots include Hoi An, Phu Quoc and Con Dao, which consistently attract the attention of the affluent.
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A significant proportion of elite buyers prefer villas or estates managed by leading global brands, ensuring world-class amenities while also allowing for personalised touches that reflect ownership identity.
Importantly, the second home trend in Vietnam is not confined to domestic buyers. As the number of millionaires and billionaires relocating to Southeast Asia grows, the region is becoming a prime destination, reinforced by the strong performance of the luxury resort real estate market. Cultural and social factors further enhance this appeal.
With its rich natural assets and the increasing presence of global luxury real estate brands, Vietnam’s second home sector is poised for dynamic growth. Beyond boosting tourism appeal, this trend also reflects the country’s rising economic stature, as the elite population continues to expand.
