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In Q1/2026, Viet Nam’s economy was resilient amid external volatility and domestic pressures.
HCMC OVERVIEW
HCMC’s real estate market remained stable, with constrained supply continuing to be the dominant factor, while demand recovered selectively across segments.
The retail sector remained tight, with no new supply entering the market and total stock unchanged. Although occupancy saw a slight QoQ decline due to the exit of several large tenants, it remained above 90%.
The office sector was balanced, with occupancy at 88% and rents remaining stable. New supply was driven primarily by Grade C projects, while demand concentrated on Grade A and B buildings, particularly in the CBD and Thu Thiem. Flight-to-quality momentum and preference for strategic locations remained key drivers, with demand led by the finance, technology, and retail sectors.
The hotel sector had a positive start, supported by tourism recovery. Occupancy reached 80%, while room rates continued to improve, supported by limited new supply and strong peak-season demand.
In the residential segment, new supply remained constrained while demand stayed stable, creating upward pressure on prices. Buyers are becoming increasingly cautious, prioritising projects with clear legal status and reliable construction progress. Amid elevated price levels in central areas, the shift towards satellite locations continues to gain momentum.
Download Savills Market Brief Q1/2026 for insights into Viet Nam’s property sector.
HA NOI OVERVIEW
Q1/2026 was sound, underpinned by stable macroeconomic conditions, continued FDI inflows, and the Capital’s long-term master planning. The market is gradually evolving towards a more polycentric and decentralised model, with a stronger focus on product quality and user experience.
Short-term residential supply and transaction volumes softened, reflecting more cautious buyer sentiment. The market is progressively shifting beyond the inner core, with future growth closely aligned with key urban development corridors in the North, East, and West of Ha Noi.
The retail and office sectors continued to record positive performance, supported by improving rental rates and occupancy, alongside a clear decentralisation trend, with office demand largely concentrated in the western part of the city.
Meanwhile, the recovery of tourism and MICE activities helped hotels and serviced apartments maintain high occupancy and improve room rates, with a positive medium-term outlook underpinned by upcoming high-quality supply and stable FDI inflows.
Download Savills Market Brief Q1/2026 for insights into Viet Nam’s property sector.