In the real estate industry report for the second quarter of 2026 just released by MB Securities Joint Stock Company (MBS Research), this unit said that the general level of interest rates continued to increase sharply in the second quarter when deposit interest rates at banks increased by 1-1.5 percentage points compared to the previous quarter. Accordingly, lending interest rates in the real estate sector are currently at 13-14%/year, an increase of about 2 percentage points compared to the same period.
Some newly opened projects such as Masterise Lumiere Hanoi, Vinhomes Ha Long Xanh and Vinhomes Green Paradise (Can Gio) have applied a fixed interest rate policy of 7-8% in the first two years to support buyers and reduce the impact of capital costs. However, liquidity is still not really positive, investors are worried that the interest rate level will remain high for a long time. On the investor side, listed companies mainly focus on implementing existing projects instead of expanding land funds.
According to MBS Research, market liquidity has slowed down significantly, and selling prices in the second quarter of 2026 tend to adjust. "We estimate that transaction prices at some apartment projects will decrease by about 5% compared to the previous quarter. We believe that the high interest rate level may be maintained until the end of the second half of 2026, but synchronously deployed infrastructure may become a long-term growth driver," MBS Research said.
The report also stated that the sales activities of listed companies in the second quarter were quite sluggish. New sales supply mainly came from Vinhomes' megacities such as Ha Long Xanh, Vinhomes Green Paradise Can Gio and Hai Van Bay. In the context of weak consumption, MBS Research believes that the absorption rate of sales projects may be lower than the 2024-2025 period.
For Nam Long, Khang Dien and Dat Xanh, sales activities are slow due to weakening demand under loan interest pressure. Q2 business results mainly came from previously implemented projects such as Waterpoint, Gem Sky World and Gladia, causing net profit to decrease compared to the same period. Vinhomes alone recorded a 11% profit increase thanks to the handover of Green Paradise, Wonder City and Green City projects.
According to MBS Research, businesses are becoming more cautious in implementing new projects. Many medium-sized businesses are shifting to developing apartment projects to serve real housing needs instead of large-scale urban areas. In the second half of 2026, some projects expected to open for sale include Mizuki Park of Nam Long, The Prive of Dat Xanh and Gladia of Khang Dien.
Assessing market prospects, Mr. Nguyen Van Dinh - Vice Chairman of the Vietnam Real Estate Association said that the real estate market in the first 6 months of 2026 continued to record signs of recovery as supply increased and many large-scale projects were implemented. However, opening sales activities are still taking place cautiously because demand has not met expectations.
According to Mr. Dinh, the supply in the last 6 months of the year is expected to continue to increase both in scale and quality thanks to many projects being removed from legal obstacles and the appearance of large development projects along new infrastructure axes. Product structure is also expected to be more balanced when social housing, rental housing and products serving real housing needs are promoted. In the context of financial pressure still existing, investors will have to reposition products and build a price level that is more suitable for market affordability.
Meanwhile, Mr. Nguyen Chi Thanh - General Director of Ho Tay International Building Company said that in the previous period, when the market was hot, demand mainly came from investors using large financial leverage. Currently, this group has been affected by interest rates and shows signs of selling out, while home buyers still maintain a cautious mentality, waiting for prices to adjust because the price level has exceeded their ability to pay.
According to Mr. Thanh, increased supply and interest rate pressure will make the market operate more selectively in the coming time, with the advantage belonging to buyers with real housing needs.
