As of early 2025, land prices across major ASEAN cities exhibit significant variation, influenced by factors such as economic development, infrastructure, and urban planning. Below is a summary of average land prices per square meter in key cities:(Statista)
Phnom Penh, Cambodia
In 2023, the average land value in Phnom Penh stabilized at approximately $4,500 per square meter. Prime districts like Daun Penh and Boeung Keng Kang (BKK) command higher prices, ranging from $4,700 to $13,000 per square meter, depending on the specific location and road access. (Khmer Times, Compass)
Ho Chi Minh City, Vietnam
As of October 2024, land prices in central Ho Chi Minh City, particularly on streets like Nguyen Hue, Dong Khoi, and Le Loi, have been updated to VND687 million (approximately $27,000) per square meter. This adjustment aims to better reflect current market values and will be effective until December 2025. (Vietstock, The Saigon Times)
Hanoi, Vietnam
In the first quarter of 2025, suburban villa prices in Hanoi reached an average of VND280 million ($10,800) per square meter, marking a record high. This surge is attributed to a significant drop in new supply. (Hanoi Times)
Bangkok, Thailand
As of 2025, the average land price in central Bangkok is approximately $4,375 per square meter. Prices vary based on location, land size, and potential for development.
Singapore
In Singapore, land prices in central areas average around $16,693 per square meter. The high cost reflects the city's limited land availability and strong demand for real estate.
Kuala Lumpur, Malaysia
In 2025, the median price per square meter of land in Kuala Lumpur is RM 1,353 (approximately $303). This indicates stability in land prices over the past year. (Own Property Abroad)
Manila, Philippines
As of 2025, the average land price in central Manila is approximately $2,326 per square meter. Prices fluctuate based on location, land size, and development potential. (Statista)
Jakarta, Indonesia
In the second half of 2024, the average land price for residential properties in Jakarta was about 16 million Indonesian rupiah per square meter (approximately $1,000). Jakarta's status as Indonesia's financial center contributes to higher land prices compared to other regions. (Statista)
Vientiane, Laos and Naypyidaw, Myanmar
Specific data on land prices in Vientiane and Naypyidaw is limited. However, it's generally acknowledged that land prices in these cities are relatively low compared to other ASEAN capitals.
Conclusion
Land prices in ASEAN cities vary widely, reflecting each city's unique economic conditions, infrastructure development, and urban planning strategies. Investors and stakeholders should consider these factors when making real estate decisions in the region.
Land Prices in ASEAN: Patterns, Gaps, and What’s Likely Ahead
Land prices in ASEAN’s capital cities continue to reveal stark contrasts—some predictable, others more telling of deeper structural differences. At one end, you’ve got Singapore commanding nearly $17,000 per square meter. At the other, cities like Jakarta and Manila hover closer to the $2,000–$3,000 range, with Myanmar and Laos likely far lower. What explains the differences, and where are things headed?
A Snapshot of Today’s Market
Across ASEAN, urban land prices in early 2025 mostly reflect a city’s maturity in infrastructure, regulatory predictability, economic openness, and foreign direct investment (FDI) appeal.
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Singapore remains in a class of its own—small, wealthy, efficient. It’s not just the scarcity of land that drives prices, but also investor confidence. If you’re buying land in Singapore, you’re buying into a stable system.
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Vietnam shows strong upward momentum. Ho Chi Minh City’s central land prices (over $27,000/sqm) rival Singapore’s in some pockets. This isn’t random. It reflects Vietnam’s growing economy, its deep manufacturing ties to global supply chains, and its streamlined process for foreign investment. Hanoi’s suburban villa prices are also on a sharp climb, driven by limited supply.
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Cambodia—especially Phnom Penh—is still in flux. Land prices in central districts like Daun Penh are high ($13,000/sqm) but can drop to under $100/sqm on the urban fringes. This wide gap shows a speculative market with potential, but also one highly sensitive to political shifts, regulatory inconsistency, and uneven urban growth.
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Thailand, Malaysia, and Indonesia sit somewhere in the middle. Their urban land prices reflect more mature markets but without the hyper-growth of Vietnam or the high density of Singapore. Bangkok’s central land ($4,375/sqm) is priced similarly to Phnom Penh’s average, but with more institutional stability.
Where Things Might Be Headed
Several short- and long-term forces will shape the land price landscape across ASEAN.
1. Urban Infrastructure and Transit Expansion
Cities investing in urban transport (mass transit, ring roads, airport access) tend to drive up land value around those corridors. Bangkok, Jakarta, and Hanoi are all seeing this play out. Phnom Penh is lagging here. Without serious public transit infrastructure, land speculation in Cambodia remains confined to traditional hot spots.
Forecast: Expect continued price hikes near metro lines in Bangkok, Jakarta, and Hanoi. Phnom Penh may see slower, more uneven growth unless public transport planning is accelerated.
2. Investment Law and Foreign Ownership
Foreign land ownership laws vary widely. Vietnam only allows foreigners to lease land, not own it outright, but its real estate sector remains red hot due to confidence in leasing terms and market stability. Cambodia allows foreign ownership above the ground floor—leading to a boom in condos and commercial blocks.
Forecast: Countries that provide more regulatory clarity (not necessarily liberal laws, but clear ones) will attract steadier investment. Expect Vietnam and Thailand to remain attractive; Myanmar and Laos will continue to struggle with investor trust.
3. Political and Currency Risk
Myanmar remains politically volatile, and land values in Naypyidaw are likely stagnant or declining due to instability. Laos suffers from weak infrastructure and currency concerns. In contrast, Malaysia and Thailand—though not without issues—offer more predictable political environments.
Forecast: Real estate investors are likely to stay away from Myanmar and Laos for the near term. Expect continued inflows into Vietnam, Indonesia, and possibly Cambodia (as a frontier market), depending on how politics plays out.
4. Climate Change and Environmental Planning
Low-lying cities like Jakarta and Manila face environmental risks that may start affecting long-term real estate trends. Jakarta’s ongoing capital relocation to Nusantara is partly driven by this issue. Singapore, again, is an exception: its flood controls and planning are far ahead of others.
Forecast: Expect more emphasis on climate risk in investor planning. Land values in vulnerable zones (flood-prone, poorly drained) may stagnate unless mitigated by government infrastructure.
Bottom Line
ASEAN’s urban land markets are splitting into three tiers:
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High-value, high-trust: Singapore and parts of Vietnam (especially HCMC).
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Mid-range with solid fundamentals: Bangkok, Kuala Lumpur, Jakarta, Hanoi.
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Frontier and volatile: Phnom Penh, Vientiane, Naypyidaw.
If you’re looking for short-term gains, Vietnam still looks strong—but the barrier to entry is rising fast. For medium-term bets, Cambodia offers opportunity—but only for investors willing to navigate the political and legal uncertainty. Singapore remains the safe, long-term store of value, though with little room for bargain-hunting.
Land, in ASEAN as anywhere, tells the story of development, trust, and planning. And the map is changing fast.
