The real estate market is entering a period of strong differentiation as liquidity declines in many segments, while investment cash flow is becoming more cautious.
According to experts, if the general level of loan interest does not decrease soon, financial pressure will force a part of investors to sell assets to restructure cash flow, increasing the source of loss-cutting goods in the near future.
Ms. Do Thu Hang - Senior Director of Research and Consulting Department of Savills Hanoi - said that the current adjustment mainly takes place in the secondary market, where many investors used financial leverage in the previous period.
According to Ms. Hang, apartment prices in Hanoi have increased too quickly in the past two years, while the rate of income growth of people has not kept up, causing the market's absorption capacity to decline significantly.
Buyers are now more interested in the actual usage value, infrastructure connectivity and project operation capacity instead of just expecting price increases in the future," Ms. Hang said.
In fact, in the market, many real estate brokers also said that although homeowners have proactively reduced prices from tens of millions of VND to hundreds of millions of VND per unit, the actual transaction volume is still quite limited.
Sharing the same view, Ms. Pham Thi Mien - Deputy Director of the Vietnam Institute for Real Estate Market Research and Evaluation - said that the phenomenon of selling apartments at reduced prices and cutting losses has appeared since the beginning of 2026, but mainly concentrated in a part of investors participating in the market during the hot growth period and using large financial leverage, especially loans with principal debt grace periods.
According to Ms. Mien, when entering the debt repayment period, in the context of rising interest rates, increased financial pressure has forced many investors to sell real estate to restructure cash flow. Besides, there are many cases of being caught up in FOMO psychology, buying at a price difference during a market period of excitement but failing to achieve "surfing" expectations, leading to having to sell.
While the supply for sale increased, buyers tended to observe and be more cautious, causing liquidity in the secondary market to slow down.
Ms. Mien predicts that in the coming time, when many loans enter the stage of having to pay both principal and interest, financial pressure may continue to increase. This may cause the phenomenon of losses to appear more often, especially in the group of investors borrowing large capital.
From another perspective, Mr. Tran Quang Trung - Business Development Director of OneHousing - predicts that the market in the second half of the year will continue to differentiate strongly.
According to him, products that meet real housing needs, have convenient locations, good infrastructure connections, have existing residential communities and appropriate sales policies will still maintain their appeal. Meanwhile, speculative products will continue to face liquidity pressure.
Mr. Trung also believes that the general level of interest rates is likely to remain stable in the coming time. This helps the market avoid too large fluctuations but at the same time makes investment cash flow more selective.
Notably, according to Mr. Trung, the demand for asset accumulation is still present but has changed in nature. Instead of expecting price increases in the short term, buyers are currently prioritizing assets that can maintain value, good liquidity and can be effectively exploited in the long term.
