The real estate market is entering a stage of adjustment and screening after a hot uptrend cycle, in which the land plot segment is recording signs of cooling down in both selling prices and level of interest. However, the decrease is not deep, showing a tug-of-war between investors' cautious sentiment and long-term expectations of growth.
According to data from Batdongsan. com. vn, in the first quarter of 2026, both Hanoi and Ho Chi Minh City recorded a decrease in interest in land plots compared to the end of last year. In Ho Chi Minh City (old area), the level of interest decreased by 5%, while Hanoi decreased more sharply, about 23%.
Regarding selling prices, the market recorded a slight decrease in prices. In Hanoi, the average asking price for land plots in the first quarter of 2026 reached about 81 million VND/m2, a slight decrease compared to 82 million VND/m2 in the fourth quarter of 2025 but still significantly higher than 75 million VND/m2 at the beginning of 2025. In Ho Chi Minh City (old area), the price remained unchanged at 68 million VND/m2, higher than 63 million VND/m2 in the same period last year.
Ms. Do Thi Ngoc Anh - Senior Business Manager of Batdongsan. com. vn - commented that land plots are the type that most clearly reflects the sensitivity to macroeconomic factors. The level of interest and transactions in this segment often fluctuates strongly with each policy period and interest rate developments.
A survey from the brokerage team shows that the rate of recorded land plot transactions "decreasing" in the first quarter of 2026 is high, reflecting the cautious sentiment of investors in the context of rising interest rates and tightening regulations on land subdivision, along with information related to the merger of provinces and cities. However, a noteworthy point is that the asking price still shows no signs of corresponding decrease. Data for the period 2023–2026 shows that the land plot price level continues to be maintained, despite a decrease in interest level at some points.
Also according to Ms. Anh, the land plot market in the first quarter of 2026 recorded a clear differentiation between regions. While the Central region stood out with interest growth in some localities thanks to tourism and infrastructure advantages, the North and South tend to recover slower, with highly selective cash flow. Areas with key infrastructure or tourism development potential still attract long-term investors' interest.
From the reality of the market, Mr. Tran Van Hung - land broker in Hanoi said that the number of customers looking to buy land plots recently has decreased significantly compared to the beginning of last year. "Customers now ask very carefully, almost every transaction extends the decision-making time. Many people have idle money but do not decisively spend money like in the previous period but wait and explore for quite a long time. Land plots with good locations and clear legal status still have buyers, but they must reduce the expectation of'surfing waves', mainly buying to keep assets or make long-term investments," Mr. Hung shared.
According to Mr. Hung, in the suburban areas of Hanoi, there are still customers asking to buy, but only beautiful lots with clear legal status. Conversely, areas that were once "hot" according to previous rumors are now quite quiet, making transactions very difficult if prices are not adjusted or deep negotiation is accepted.
Overall, Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan. com. vn - believes that real housing needs are still an important support for the market. Segments such as apartments and townhouses in both the primary and secondary markets, especially in areas with full amenities, still maintain liquidity. Regarding land plots, suburban or centrally located areas still have certain cash flows and real housing needs, although the transaction rate has slowed down compared to the same period in 2025.
Conversely, land plots in localities with slow urbanization rates and low real housing demand are assessed as potentially risky. Here, liquidity largely depends on expectations of price increases following market "waves", making the sustainability level lower.
Consumer psychology plays a very important role, directly affecting investment decisions or buying to live in. When policies in the next term gradually stabilize, the real estate market may become vibrant again," Mr. Nguyen Quoc Anh emphasized.
