Ho Chi Minh City's real estate market awaits new impetus.

Real estate transactions in Ho Chi Minh City remain quite sluggish, with low liquidity.

Mr. Vo Van Hiep, an investor in An Khanh ward, Ho Chi Minh City, said he is selling a 75 m², two-bedroom apartment on Mai Chi Tho street for 9.5 billion VND. However, after four months, the apartment has still not found a buyer.

"I haven't had many inquiries about buying my house; a few real estate agents have called to introduce potential buyers, but it's not a significant number," Mr. Hiep said.

According to Mr. Hiep, with the real estate market in Ho Chi Minh City showing no signs of recovery, selling houses is gradually becoming a major challenge.

The real estate market in Ho Chi Minh City continues to face many challenges, with weak liquidity. (Photo: Dai Viet)

According to Mr. Tran Phat Tai, a real estate broker in Hoa Hung ward, transactions for townhouses and apartments have slowed down since the beginning of 2026 compared to the second half of 2025.

"In the early days of May, the real estate market in Ho Chi Minh City was still very sluggish. For more than a month, I haven't successfully brokered a single house sale," said Mr. Tai.

According to Mr. Tai, in the past five months, he has only successfully brokered two properties, earning approximately 40 million VND in commission. Income from real estate brokerage is unstable, so he has to sell properties online to supplement his income.

A representative of a real estate company specializing in selling affordable apartments in Ho Chi Minh City admitted that since the Lunar New Year of 2026, apartment liquidity has decreased sharply. Many real estate agencies are holding onto inventory but are unable to sell it, returning the properties to the developers. The company itself is also struggling to find buyers for its products.

Luxury apartments, priced between 7 and 10 billion VND, are even harder to sell. (Photo: D.V)

According to research by Savills Vietnam, the apartment segment in Ho Chi Minh City has seen a decline in both primary supply and absorption rate. New supply reached only about 1,900 units, while the overall market absorption rate fell to 40%.

The tightening of credit and rapidly rising interest rates have changed buyer sentiment. Developers have shifted from 0% interest rate support programs to fixed rates of 9-10%. Preferential loan interest rates have now risen to 8-9% per year, while floating rates may exceed 12%. This creates significant cash flow pressure on borrowers when the preferential period ends.

Troy Griffiths, senior advisor at Savills Vietnam, said that rising interest rates are tightening market liquidity, while buyers are becoming more cautious and prioritizing reasonably priced products.

According to research by DKRA Consulting, apartment sales in Ho Chi Minh City and its surrounding areas have sharply decreased, to only about 36%. The real estate market is highly fragmented. Liquidity is mainly concentrated in large-scale projects with complete legal documentation and developed by financially strong investors, possessing a comprehensive system of amenities.

Meanwhile, projects that are unfinished or have selling prices beyond the affordability of the majority are facing significant pressure to be absorbed.

DKRA Consulting forecasts that in the second quarter of 2026, the new supply of apartments is expected to range from 5,000 to 7,000 units, and will continue to be mainly concentrated in large-scale projects or subsequent sales phases.

This unit believes that demand is unlikely to improve significantly in the short term due to persistently high interest rates, insufficient credit availability, and increasingly cautious buyer sentiment in the face of economic fluctuations. The real estate market does not lack demand for actual housing, but rather lacks the ability to afford the current excessively high prices.

Mr. Vo Hong Thang, Deputy General Director of DKRA Group, commented that the market is entering a strong purification phase after a period of rapid growth.

According to Mr. Thang, buyers now prioritize legal aspects, construction progress, and the developer's capabilities more than chasing short-term speculation as before. Prices are unlikely to fall significantly in the short term because project development costs have increased considerably, while the supply of new projects cannot improve quickly due to the time-consuming process of resolving legal issues.

Real estate prices have fallen by 4 million VND/m².

Mr. Bach Duong, CEO of PropertyGuru Vietnam (the company operating Batdongsan.com.vn), stated that over the past five years, real estate prices in Vietnam have continuously increased. Specifically, from Q1 2021 to Q4 2025, the common asking price across the entire market increased from VND 50 million/m² to VND 100 million/m².

However, by the first quarter of 2026, the asking price had dropped to 96 million VND/m², a decrease of about 4%. This figure surprised many people.

According to Mr. Duong, many factors are affecting the current selling price of real estate, typically the very high interest rates on real estate loans in the first quarter of 2026. Some banks are lending at interest rates of 12-14% per year.

Furthermore, since 2025, land prices have also increased, forcing developers to purchase land at higher prices than before. Geopolitical conflicts also affect energy prices and many aspects of life, which in turn impacts the demand for real estate.

DAI VIET

Source: https://vtcnews.vn/thi-truong-bat-dong-san-tp-hcm-cho-luc-day-moi-ar1017350.html