Southeast Asia and Australia Property Rules — 2026-09-13
Singapore’s HDB resale market continues its correction with prices falling for a second consecutive quarter, creating a widening gap between public and private housing. In Vietnam, HoREA has issued urgent recommendations to the draft Housing Law to boost supply and remove profit caps, aiming to cool high apartment prices in Hanoi and HCMC. Meanwhile, Thailand has intensified its crackdown on foreign "nominee" structures holding land, signaling stricter enforcement for foreign property owners.
Southeast Asia and Australia Property Rules — 2026-09-13
Top developments
Singapore: HDB Resale Prices Fall for Second Consecutive Quarter
HDB resale prices declined by 0.3% in the second quarter of 2026, marking the second consecutive quarterly drop as competition from BTO launches and economic uncertainty weighed on buyers. This divergence from private housing, which saw a 0.5% increase in the same period, highlights a decoupling of the two markets. For upgraders, this shift complicates the "sell and buy" strategy, as the price gap between HDB and condos remains significant despite the HDB dip.
Vietnam: HoREA Urges Removal of Profit Caps to Cool Housing Prices
The Ho Chi Minh City Real Estate Association (HoREA) has submitted comprehensive recommendations to the draft Law on Housing (amended), arguing that capping developer profits stifles supply and should be removed to let the market self-regulate. The association also proposed measures to "cool down" housing prices by addressing legal bottlenecks that have constrained new supply in major cities like Hanoi and HCMC. These recommendations come as secondary market prices in HCMC begin to stabilize after years of rapid growth.
Thailand: Intensified Scrutiny on Foreign Land Ownership via Nominees
Thai authorities are accelerating the review of foreign ownership of land and condominiums, specifically targeting "nominee" structures where foreigners use Thai nationals or companies to bypass ownership laws. The Department of Business Development is collaborating with the Ministry of Interior to analyze data on foreign-held properties, with recent reports indicating over 1 million rai of land and 4.1 million square meters of condominium space held by foreign juristic persons. This enforcement push aims to close loopholes used by foreign investors, particularly in popular tourist and residential provinces.
Local view
Vietnam: Local media such as Tuoi Tre and CafeF report that while primary market prices remain high due to new supply constraints, secondary market prices in Hanoi and HCMC are beginning to adjust downward. Stakeholders are closely watching HoREA’s proposals, with some analysts suggesting that increasing supply through legal reforms is the only sustainable way to lower entry costs for domestic buyers.
Thailand: Thai outlets like MGR Online note that foreign condo transfer volumes dropped by 8.8% in the first half of 2026, reflecting both global economic headwinds and stricter local enforcement against nominee arrangements. The government's stance is firm, with officials stating they will not tolerate illegal nominee operations, which could impact future foreign investment inflows into the Bangkok condo market.
Context & numbers
- Singapore: The URA Private Residential Property Price Index rose by 0.5% QoQ in Q2 2026, driven primarily by the Core Central Region (CCR) which surged 2.0%, while the Rest of Central Region (RCR) fell 1.4%.
- Vietnam: HoREA estimates that removing profit caps could encourage more competitive pricing, though immediate effects may be limited by existing land cost pressures.
- Thailand: Foreign juristic persons currently hold over 1 million rai of land across Thailand, with significant concentrations in tourism-heavy provinces.
On the radar
- Singapore: Watch for further adjustments in HDB resale grants and income ceilings as the government responds to the cooling resale market.
- Vietnam: The finalization of the amended Law on Housing is expected later this year; HoREA’s current recommendations will likely shape the final text regarding developer profit margins and supply incentives.
- Thailand: Continued audits of foreign-owned companies holding land titles are anticipated, with potential legal actions against those found violating the Foreign Business Act.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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