Viet Nam Real Estate Market Brief Q4/2025

In 2025, despite significant global volatility and domestic challenges, Viet Nam’s economy continued to demonstrate strong resilience: 

• GDP grew by 8% (up 1 ppt YoY), marking the second-highest increase in five years. 
• Total FDI increased by 1% YoY, reaching US$38.4 billion. 
• International arrivals surpassed 21 million, increasing 20% YoY. 
• Retail sales reached VND 7 quadrillion, growing 9.2% YoY in nominal terms and 6.7% in real terms. 
• CPI increased by 3.3% YoY.  

HCMC OVERVIEW

HCMC’s real estate market is gradually recovering in terms of liquidity, although new supply remains limited. This continues to drive clear differentiation across segments and locations. 

In the apartment segment, the market has shown signs of recovery, though at a moderate pace. Most new supply comes from subsequent phases of existing developments or projects that have been restarted, indicating that short-term market performance remains closely tied to approval processes and land development timelines. 

Supply is expected to remain constrained, which will continue to support primary prices. While housing demand remains strong, the supply structure is increasingly skewed towards higher-priced segments. As a result, buyers seeking more affordable options are shifting towards suburban areas or neighbouring markets such as Binh Duong. 

For landed residential properties, new supply continues to shift toward non‑central districts, driven by large township developments and improving inter‑regional infrastructure. By 2028, 15,500 units from 22 projects are expected to enter the market, with around 90% concentrated in Can Gio, Binh Chanh, Nha Be, and District 12. 

In commercial real estate, the retail sector remains constrained by limited new supply, with only three new projects and six shopping centre re-openings over the past year. Leasing demand is increasingly driven by experiential concepts, especially with F&B, entertainment, and lifestyle. Non‑central locations are attracting brands with more competitive rents, while central districts remain the preferred choice for luxury and flagship stores. 

In the office market, supply from 2026 to 2028 is set to grow at a moderate pace, supporting overall stability. The outlook is positive, underpinned by continued demand from the FIRE (finance, insurance, real estate) sectors and the ICT industry. 

The hospitality sector is also seeing a solid recovery, with 8.5 million international visitors recorded in 2025. This rebound provides a strong foundation for improving performance across hotels and serviced apartments.  

Download Savills Market Brief Q4/2025 for insights into
HCMC’s property sector. 

DOWNLOAD NOW

HA NOI OVERVIEW

Ha Noi’s real estate market enters 2026 with clear signs of recovery and quality upgrading across multiple sectors. 

The residential market is expected to maintain strong growth momentum in 2026, with new supply largely concentrated in Grade A and B segments. Major infrastructure projects such as Ring Road 4, metro lines, and new Red River bridges will open new residential clusters and diversify future supply. 

Meanwhile, the villa and townhouse segment is forecast to continue dominating landed supply during the 2026–2028 period. Ongoing relocation programs and substantial capital inflows are expected to drive structural shifts, encouraging population and investment movement toward suburban districts and neighbouring provinces. 

The commercial sector continues to expand, with Grade A office supply leading quality upgrades and fostering a more decentralised, infrastructure-led development pattern.  

Ha Noi’s retail market is set to welcome major new entrants, including Takashimaya and Thiso Mall. In 2025, The retail sales of goods and services (RSGS) increased 13% YoY to VND 962.9 trillion, with broad-based gains across key goods categories. The strong domestic consumption will support retail demand. 

In the office segment, 403,000 sq m of new supply is expected to be delivered by 2028, predominantly Grade A, concentrated in the Western corridor and Inner-City areas. 

In the hospitality sector, tourism recovery and strong FDI inflows are reinforcing long-term demand fundamentals, particularly for high-quality hotels and serviced apartments. 

Download Savills Market Brief Q4/2025 for insights into
Ha Noi’s property sector. 

DOWNLOAD NOW