Primary housing prices remain high despite increased supply. In a context of cautious purchasing power, many investors are stepping up sales policies and increasing incentives to stimulate demand. Data from S&I Ratings shows that cost of capital continues to be one of the factors putting pressure on real estate prices.
By Q2/2026, the difference between lending and deposit interest rates is estimated to reach 7.2 percentage points. According to DXS data cited by S&I Ratings, by June 2026, preferential home purchase loan interest rates at 6/8 surveyed banks had increased to the range of 7.99-9.56%/year compared to the end of 2025.
Home loan interest rates are commonly at 12-14%/year, the highest since the first quarter of 2023. Not only homebuyers, contractors and real estate investors are also under capital cost pressure when loan interest rates may exceed 12%/year.
High interest rates make a part of customers postpone their decision to deposit money, waiting for more stable interest rates as well as expecting a more reasonable selling price level.
In that context, instead of directly reducing selling prices, many investors increase incentives to support payment capacity and reduce financial pressure on buyers. Popular policies in Q2/2026 focus on interest rate support, principal rescheduling, reducing initial equity, extending payment progress and increasing discounts.
Notably, Vinhomes is implementing a 0-6% interest rate support program for loan packages from 18-60 months, loan ratio on asset value from 70-80%. Masterise applies a ceiling interest rate of 7.5% for 24 months after the existing preferential period in 16 projects, and also has a principal deferral policy.
At Solaria Rise under Waterpoint, the interest rate support policy lasts up to 15 months after the expected handover in the third quarter of 2027. Emerald Garden View offers a loan option of up to 70% of the product value, interest rate support of up to 8% and a principal grace period of up to 48 months. Meanwhile, Destino Centro applies a 0% interest rate and a principal grace period of up to 24 months.
In addition to credit support, direct discount policies are also being promoted. Vinhomes deploys vouchers with a value equivalent to 8-10% of the real estate the customer owns, up to 30% of the new contract value. Emerald Garden View applies a quick payment discount rate of 5.5-10%, while Phu Dong SkyOne has a non-borrowing option with a discount rate of about 10%.
Competitive pressure is forecast to continue to increase as the number of new apartments launched to the market remains at a high level. In the second half of the year, CBRE forecasts that new supply will continue to be maintained at a high level. Total sales in 2026 may reach nearly 39,000 units, exceeding the peak of more than 37,000 units recorded in 2019.
According to Ms. Nguyen Hoai An, Senior Director of CBRE Vietnam Hanoi branch, large supply scale will set higher requirements for investors in valuation strategies, segment selection and building appropriate financial support policies, in the context of increasing competition and more cautious buyers.
The diễn biến of selling prices and liquidity in the coming quarters will depend heavily on interest rate trends as well as the level of confidence recovery of homebuyers.
In the secondary market, pressure is also increasing. Ms. Nguyen Ly Ly - Manager of Market Research Department of Cushman & Wakefield Vietnam - said that many secondary investors are under great pressure from capital costs, while having to compete with new projects with attractive sales policies and incentives from investors.
The pressure to sell off of this group of investors is increasing as new supply and the number of apartments to be handed over are more abundant. Cushman & Wakefield forecasts that from now to 2028, Hanoi will have more than 28,000 products from about 80 projects and sub-areas to be handed over.
