New Real Estate Development Growth by Country — May 2026

New Real Estate Development Growth by Country — May 2026

This ranking compares the latest available growth rates in new residential real estate development across 15 markets that foreign investors regularly research. The figures track different measures of new supply, including launches, building permits, completions, and price movement, because few countries report a single comparable "new development" number. We include the metric used for each country so readers can judge the comparison on their own terms. The goal is to provide a snapshot of where construction activity is accelerating, where it is slowing, and what that says about the underlying market.

Ranked: Latest Available Growth in New Residential Development

🇻🇳 Vietnam: 87.7%

🇸🇬 Singapore: 72.7%

🇵🇭 Philippines: 18.5%

🇦🇱 Albania: 18.0%

🇮🇳 India: 18.0%

🇦🇺 Australia: 12.8%

🇮🇩 Indonesia (Bali): 12.0%

🇯🇵 Japan (Fukuoka): 9.0%

🇰🇪 Kenya: 7.5%

🇳🇬 Nigeria: 5.3%

🇰🇿 Kazakhstan: 5.1%

🇬🇪 Georgia: -4.2%

🇹🇼 Taiwan: -11.5%

🇲🇾 Malaysia: -14.9%

🇹🇭 Thailand: -21.3%

Metric used by country

Vietnam: new housing units launched in 2025 vs 2024. Singapore: new private residential units (excluding ECs) launched in 2025 vs 2024. Philippines: value of residential building permits, first three quarters of 2025 vs the same period in 2024. Albania: nominal housing price growth, January 2025 to January 2026. India: new homes launched (RERA registrations) in 2025 vs 2024. Australia: total dwelling approvals, calendar year 2025 vs 2024. Indonesia (Bali): forecast villa construction growth in 2026. Japan (Fukuoka): residential land value growth year-on-year, 2025. Kenya: total construction industry forecast for 2026. Nigeria: construction industry real growth in 2025. Kazakhstan: housing commissioned in 2025 vs 2024 (in square meters). Georgia: building permits issued in 2025 vs 2024. Taiwan: residential construction licenses in 2025 vs 2024. Malaysia: new residential launches in 2025 vs 2024. Thailand: building permits for residential units, first three quarters of 2025 vs the same period in 2024.

Analysis

Among the Bektu markets, the standouts on the upside are Vietnam, Albania, and Bali, although for very different reasons. Vietnam's 87.7% jump in new housing launches reflects a long-delayed unblocking of stalled projects rather than a fresh wave of demand. Authorities are working through roughly 2,200 stalled projects representing about 235 billion US dollars in investment value, and developers are bringing units back to market that were paused during the 2022 to 2024 downturn. Albania's 18% nominal price growth points to a market still riding a wave of foreign interest in Tirana and the coastal areas, but the pace has moderated from the extreme 41.7% year-on-year readings seen at the peak in 2024 and early 2025. Bali's villa construction growth has cooled from 27% in 2024 to a projected 12% in 2026 as developers digest oversupply in Canggu and Seminyak and as Indonesian authorities tighten enforcement against villas built without proper permits.

The more subdued Bektu markets tell their own story. Kenya is forecast to grow 7.5% in 2026 after a slow 2025, with the government's million-unit housing program finally beginning to deliver units in Nairobi's Mukuru estate. Nigeria's construction sector expanded 5.3% in 2025 but is expected to slow to 3.1% in 2026, with a housing deficit estimated between 22 and 28 million units that the current pace of delivery is nowhere near closing. Fukuoka continues to outperform the broader Japanese market, with residential land values up 9.0% year-on-year, the highest growth of any major Japanese city for the second year in a row, while national housing starts are projected to fall 9.8% in fiscal year 2025.