Housing recovers, offices and retail maintain growth momentum
On July 8, JLL Vietnam (a branch of a global commercial real estate investment consulting and management company from the US), said that the Ho Chi Minh City real estate market continued to record positive signals in many segments in the first half of 2026.
In the housing segment, the market recovered in a more selective direction. In the first 6 months of the year, Ho Chi Minh City had about 3,000 new apartments for sale, raising the total accumulated supply to nearly 342,300 units. The East area accounted for about 70% of the new supply, of which more than 43% were high-end apartments.
For townhouses, supply improved thanks to the return of large-scale projects in the East and North with about 4,100 newly opened units and 4,250 successful transactions. Demand is mainly concentrated in large urban areas and residential areas that are synchronously planned and have complete utility systems. In the context of an increasing trend in interest rates, flexible payment policies continue to be a factor supporting purchasing power.
This unit also said that buyers' psychology has changed significantly. Instead of expecting short-term price increases, customers are increasingly prioritizing projects with transparent legal status, good connectivity infrastructure and long-term exploitation potential.
The office segment continues to maintain stable growth. The total supply of Grade A and B offices reached about 1.9 million m2 of floor space, with no new projects entering the market in the first half of the year.
New growth cycle
According to JLL, the development orientation of the Vietnam International Finance Center (VIFC) in the central area and Thu Thiem is expected to create new momentum for the office market by attracting investment banks, fund management companies, fintech businesses, insurance and many international financial institutions.
In the retail segment, the central area continues to maintain its attractiveness with a total supply of about 702,000 m2 of rented floor space and no new supply in the first 6 months of the year. Meanwhile, the non-central area recorded a net negative absorption level of about 6,700 m2.
However, JLL assesses that this is mainly the result of a cyclical restructuring of tenants, rather than a decline in demand. Culinary and fashion brands are still expanding, while many shopping centers are increasing the area for entertainment, sports, education and green space models to enhance customer experience.
According to JLL, the three driving forces shaping the Ho Chi Minh City real estate market are large-scale infrastructure investment, institutional reform and the shift of domestic and international capital flows.
Ms. Le Thi Huyen Trang - General Director of JLL Vietnam, said: "Ho Chi Minh City is entering the largest urban space restructuring phase since the formation of Phu My Hung and Thu Thiem. In the past 6 months, a series of strategic infrastructure projects have been accelerated or officially started, significantly expanding the development space evenly in all directions of the city.
A series of key infrastructure projects such as planning nearly 940 hectares according to the TOD model along Metro Line 2, Rach Xuyen Tam renovation, along with expressways and inter-regional connection works are expanding the city's development space.
According to Ms. Trang, supply and capital flows are shifting from the central area to new growth corridors along Ring Road 3, Long Thanh, Binh Duong and Long An, reflecting the trend of multi-polar urban development. Along with the implementation of the 2024 Land Law, the 2023 Housing Law, the 2023 Real Estate Business Law and the new land price list from the beginning of 2026, the market is expected to be more transparent, shorten project implementation time and create a foundation for a new growth cycle.
The convergence of three factors including infrastructure, institutions and capital flow not only marks the recovery of the market after the adjustment period but also opens up long-term growth opportunities. In the coming period, development momentum will spread from the central area to new growth poles associated with the metro system, logistics corridors and large-scale inter-regional infrastructure.
