In the first quarter of 2026, the real estate market recorded a clear slowdown in many segments, especially land plots and private houses. Liquidity has not improved, investor sentiment is more cautious, causing the market to enter a phase of adjustment and differentiation.
Data from Batdongsan. com. vn shows that this trend is taking place quite clearly. In Hanoi, the asking price of land plots in the first quarter of 2026 decreased by about 4% compared to the end of 2025, while in Ho Chi Minh City, the price of private houses decreased by about 2%.
Mr. Bach Duong - General Director of Batdongsan. com. vn - said that the market is entering a necessary adjustment phase after a period of hot increase. This is the time when buyers with available cash flow can access good products at more reasonable prices.
Developments in the actual market show a clear change in buyer behavior. Mr. Thanh Tung, a long-time real estate broker in Hanoi, said that the number of customers learning about and going to see land plots has decreased significantly compared to before, especially in areas where prices have increased rapidly thanks to planning information or infrastructure.
“Land plots that were previously advertised for sale with a difference of several hundred million VND still have people asking to buy, but now customers asking have decreased significantly, and viewers are also less frequent. Landlords are starting to consider reducing prices,” Mr. Tung said.
According to this broker, the biggest pressure currently comes from the group of investors using financial leverage when interest rates are maintained at a high level. Some cases are forced to adjust prices to recover capital, especially for speculative products. Conversely, real buyers still maintain demand, but the trend is more cautious, carefully considering legality, selling price and usability before deciding to spend money.
Search data on the Batdongsan. com. vn platform also shows this shift, when the level of interest in apartments in Hanoi increased by 50% right after Tet, while demand for private houses in Ho Chi Minh City increased by 36%, reflecting that real housing demand still plays a leading role.
Changes in buyer behavior and downward pressure in the market partly reflect the impact of capital costs. According to analysis by MB Securities Joint Stock Company (MBS), in the first quarter of 2026, the market and the real estate stock group both diễn biến trầm lắng, mainly due to the interest rate level maintaining at a high level and tending to increase.
MBS believes that high interest rates and real estate credit control have created double pressure. On the one hand, investors are more cautious when implementing new projects, and at the same time have to bear large financial costs from ongoing projects. On the other hand, market absorption capacity is reduced, especially for customers using financial leverage.
Weakening liquidity led to slight price adjustments, in line with market data recording a decrease of 2–4% in major cities.
However, MBS also believes that the market is not completely negative. The project's legal framework is gradually being completed, policies to remove obstacles continue to be implemented, while public investment is being promoted to support real estate values in areas benefiting from infrastructure.
In addition, the signal from the State Bank of Vietnam about stabilizing the general level of interest rates is expected to help reduce capital cost pressure, thereby supporting market liquidity in the coming time.
Notably, the valuation of real estate stocks has now decreased to a low level compared to the 5-year average. Based on the expectation that interest rates may soon stabilize, MBS believes that some stocks such as NLG, KDH and PDR have become suitable for investors to accumulate for long-term goals.
