Southeast Asia as a whole continued the rhythm of 'moderate growth', but there were significant divergences among different cities. In Vietnam, data for the year continued to show that apartment prices and transaction volumes in Hanoi were clearly leading the nation. In previous quarterly statistics, the average price of apartments in Hanoi increased by nearly 30% year-on-year, and the number of transactions grew by nearly 50% year-on-year, while Ho Chi Minh City was in a state of 'low-level recovery', with both price and transaction growth rates far lower than those in the capital. In late November, in reports from securities firms and consultancies, an increasing number of institutions identified the 'Northern Vietnam manufacturing corridor + capital region upgrade' as the core driver of residential demand in Vietnam over the next 3–5 years.
In Thailand, the national residential price index has maintained a year-on-year growth rate in the range of 2–4% this year, with the increases for single-family homes and townhouses slightly higher than those for condominiums. High-end condominium prices in Bangkok's core areas saw slight increases, but large-scale projects in the suburbs relied more on promotions and installment payments to clear inventory, presenting an overall pattern of 'volume contraction with stable prices'. In resort cities like Phuket and Samui, the resale prices of villas and sea-view apartments, supported by Russian and European buyers, have accumulated gains of 30–40% over the past two years, but transactions are mainly concentrated among high-net-worth clientele.
Malaysia and Indonesia are primarily characterized by 'low single-digit growth'. High-quality condominium prices in Kuala Lumpur's core areas are expected to see a full-year increase of 3–5%, while Johor Bahru and Penang have strengthened due to industrial and transportation benefits. Residential prices in Jakarta and Surabaya are steadily rising with urban expansion, but the government's financial and tax support for mid- to low-priced housing has kept price growth moderate.
In Dubai, multiple year-end review articles pointed out that 2025 marked the sixth consecutive year of record-high transactions, with the total transaction value in the first half exceeding 400 billion dirhams and the number of transactions surpassing 90,000 units. Price increases for the year also remained in the mid-to-high single-digit range. Comments in late November generally positioned Dubai as a market that is 'at a high level but has not yet shown a clear turning point': high-end villas and luxury homes continue to be in short supply, mid-range condominium price increases are converging, and a large amount of capital from India, Europe, and within the region is still being allocated through a combination of off-plan and ready properties.
