New Real Estate Development Growth by Country — May 2026

New Real Estate Development Growth by Country - May 2026

This ranking tracks the latest year-over-year change in new residential development activity across fifteen markets that frequently appear on the radar of cross-border investors. The figures combine the cleanest available proxy for each country: new project launches where they are reported, dwelling commencements and housing starts elsewhere, and broader construction-sector growth when more granular data is not yet published. For foreign investors comparing where pipelines are expanding fastest, the numbers below offer a starting point for due diligence rather than a complete picture, because methodology, base year, and supply-versus-completion definitions differ by country. Each entry is annotated below the list with the underlying metric and reporting period.

Ranking

🇻🇳 Vietnam: +88.0%

🇸🇬 Singapore: +72.7%

🇮🇳 India: +18.0%

🇬🇪 Georgia: +17.0%

🇦🇺 Australia: +11.6%

🇯🇵 Japan: +9.0%

🇰🇪 Kenya: +7.5%

🇮🇩 Indonesia: +6.4%

🇳🇬 Nigeria: +5.3%

🇰🇿 Kazakhstan: +5.1%

🇵🇭 Philippines: +4.1%

🇦🇱 Albania: +1.0%

🇹🇼 Taiwan: -2.6%

🇲🇾 Malaysia: -12.1%

🇹🇭 Thailand: -43.0%

Metric notes by country

- Vietnam: new residential units launched in 2025, year-over-year (Statista, Vietnamnet, Savills).

- Singapore: new private residential units launched in 2025, year-over-year (Savills, EdgeProp).

- India: new housing launches across top cities in 2025, year-over-year (RERA via Krisala/Outlook Money).

- Georgia: total construction permits issued in H1 2025, year-over-year (Cushman & Wakefield Georgia).

- Australia: dwelling commencements, quarterly result, year-over-year (Australian Treasury, NHSAC).

- Japan: Fukuoka City residential land values, year-over-year 2025; used as a development-pressure proxy because Japan's national housing starts are forecast to fall in FY2025 before recovering 5.5% in FY2026 (PropertyAccess, RICE, Japan-Property).

- Kenya: total construction market growth 2025 (GlobeNewswire/ResearchAndMarkets).

- Indonesia: construction market growth, 2026 forecast (GlobeNewswire/Bali Exception). Bali-specific new construction is slowing under a 2026 hotel and restaurant build moratorium across six regencies.

- Nigeria: total construction industry growth 2025 in real terms (GlobeNewswire/ResearchAndMarkets, Big5 Construct).

- Kazakhstan: newly commissioned housing area 2025, year-over-year (Qazinform, Prime Minister of Kazakhstan).

- Philippines: real estate market CAGR 2026 to 2034 (IMARC). New condominium completions in Metro Manila fell sharply from historical averages.

- Albania: residential construction cost index, Q1 2025, year-over-year (Investropa, Open4Business). Headline building-permit volumes are lower than the 2022 to 2024 peak.

- Taiwan: residential construction licenses, January to September 2025, year-over-year (Taiwan News, Taipei Times).

- Malaysia: housing starts, Q1 to Q3 2025, year-over-year (Global Property Guide Malaysia).

- Thailand: new condominium units launched nationally in 2025, year-over-year (Bangkok Post, Knight Frank Thailand).

What stands out among Bektu markets

The six Bektu markets covered here, Nigeria, Kenya, Vietnam, Indonesia, Japan and Albania, sit at very different points in the development cycle. Vietnam is the clear outlier on the upside. New residential launches reached more than 128,000 units in 2025, the highest annual total since 2019, with apartments and townhouses in growth-pole cities leading the recovery. Vietnamese developers are publicly setting revenue targets for 2026 that are three to five times higher than 2025, with social housing also tracking ahead of plan.

Kenya, Nigeria and Indonesia cluster in the 5 to 7.5 percent construction-growth band. Kenya benefits from a 21.7 percent year-over-year jump in credit extended to the construction sector and a public target of 200,000 housing units per year through 2027. Nigeria's residential pipeline is shaped by a housing deficit estimated at more than 20 million units and a population approaching 260 million in 2026. Indonesia's national construction market is forecast to grow 6.4 percent in 2026, although Bali specifically is entering a slower phase as authorities ban new hotel and restaurant construction across six regencies and tighten enforcement against unpermitted projects. Japan's Fukuoka stands out within the wider Japanese market, with residential land values up 9.0 percent year-over-year, the strongest of any major city for the second consecutive year, even as national housing starts decline.

Albania sits at the bottom of the Bektu group. After two volatile years from 2022 to 2024, the market is normalising, with slower construction cost inflation, fewer permits, and supply growing moderately rather than aggressively. Foreign direct investment in real estate and construction reached 1.1 billion euros in 2024, the third consecutive annual gain, suggesting demand is steady even as the build cycle cools.

Notable movers

Singapore is the biggest non-Bektu mover on the upside, with new private residential launches up 72.7 percent in 2025 as developers cleared a multi-year supply backlog. That pace is not expected to repeat in 2026: Huttons forecasts 22 new launches and roughly 9,732 units, a moderate pullback. Australia's 11.6 percent rise in dwelling commencements brought activity to a three-and-a-half-year high, driven mostly by higher-density apartments under federal housing reforms.