Vietnam is the fifth most popular destination for property investment for wealthy Singaporeans after Australia, India, Hong Kong, and mainland China, according to a new report.

Ultra-high-net-worth (UHNWI) individuals, defined as those with a net worth of US$30 million or more, find property prices in Vietnam reasonable compared to other top investment destinations, the 2023 Wealth Report by market data researcher Knight Frank said.

With $1 million an investor could buy 162 square meters of property in Ho Chi Minh City last year, ranking it third behind Sao Paulo in Brazil (256 square meters) and Cape Town in South Africa (220 sq.m).

This was more affordable than in Dubai, Mumbai, Madrid, Melbourne, and Berlin.

Managing director of Knight Frank Vietnam, Alex Crane, said foreign investors have special interest in the Vietnamese property market as shown by large private property investments last year.

But in 2023 Vietnam property might face competition from all around Asia because investors are also looking to gain from other developing economies in the region, he said.

Singapore is the second biggest investor in Vietnam out of 140 countries and territories with a total of $71.85 billion, and the biggest in HCMC with nearly $14.02 billion.

Globally, the top five property investment destinations for the wealthy are France, Spain, Italy, the UK, and Greece.

UHNWI in the Asia Pacific region invested $1.53 billion in property last year, up 30% from 2021.

VnExpress