Decentralized Finance meets real estate: investor preferences for tokenized properties in an emerging market

Abstract

This study examines factors considered in investor decisions to invest in physical and tokenized real estate in Vietnam using discrete choice modeling on data from 413 participants in Ho Chi Minh City. Results show that legality, transparency, transaction fees, and expected returns are key determinants of investment consideration. Older and higher-income investors exhibit lower preference for tokenized assets, while female, more educated, and blockchain-familiar investors show greater adoption tendencies. The findings highlight how legality and institutional quality shape emerging digital asset markets, underscoring the need for legal clarity, transparent data, and targeted education to foster tokenized real estate development.