According to newly released data from Batdongsan. com. vn, the real estate market in May 2026 recorded a remarkable shift in the level of interest between the two economic locomotives of the country. While Ho Chi Minh City increased its attractiveness and led the demand for real estate, Hanoi showed signs of cooling down after a long period of price increases, especially in the landed house segment.
Ho Chi Minh City currently accounts for nearly 50% of the total real estate interest nationwide, an increase of 8.5 percentage points compared to the same period last year. Conversely, Hanoi decreased to 27.6%, equivalent to a decrease of 5.9 percentage points.
According to Batdongsan. com. vn, this development shows that cash flow and the interest of buyers and investors are tending to return to the Southern market after a long period of focusing on the Northern market.
Nationwide, real estate search volume in May decreased by about 5% compared to the previous month. However, apartments continued to be the leading segment in the market in terms of interest, while land plots, villas and other types of real estate recorded a stronger decrease.
For the private house segment, the markets of the two major cities are developing in opposite directions. In Ho Chi Minh City, the level of interest in private houses for sale in May 2026 increased by 5% compared to the same period in 2025. Meanwhile, in Hanoi, the demand for finding private houses for sale and for rent both decreased.
Although the price level remains high after a period of strong growth, the selling price of private houses in Hanoi has begun to show a slight adjustment trend. In recent months, prices have decreased by about 1%, especially in some central districts such as Dong Da, Ha Dong and old Ba Dinh, they have decreased by about 3%.
Notably, the price gap for private houses between the two major cities continues to widen. In May 2026, the common asking price for private houses in Hanoi reached about 253 million VND/m2, while in the old Ho Chi Minh City it was only about 119 million VND/m2. Meanwhile, the rental price of private houses in the two cities is almost equivalent, averaging about 20 million VND/unit/month.
For the townhouse segment, the level of interest in May decreased by 8-10% compared to the previous month in both Hanoi and Ho Chi Minh City. The asking price of townhouses in Hanoi has been flat since the beginning of 2026 but is still 24% higher than the first quarter of 2025. Conversely, the selling price of old townhouses in Ho Chi Minh City decreased by 7% in the same period, but rent increased by 38%.
In addition to the two major markets, some localities also recorded sharp increases in townhouse prices compared to the beginning of 2025. In which, Da Nang increased by 39%, Khanh Hoa increased by 17% and Hai Phong increased by 16%.
According to market surveys, the private house segment in Hanoi currently maintains a very high price level. Many houses located in small alleys are advertised for sale at prices up to 300-400 million VND/m2.
Assessing this situation, Mr. Le Dinh Chung - General Director of SGO Homes - said that the current price level is already high compared to the affordability of most buyers.
According to Mr. Chung, the market does not rule out the possibility of the appearance of crowd psychology or the FOMO effect when cash flow focuses on scarce products.
However, if considering the actual usable value, the trend of shifting from real estate to apartments is becoming increasingly clear. When house prices in alleys increased sharply for a long time, many real homebuyers who previously prioritized real estate have begun to switch to choosing apartments.
With the same financial level, apartments can bring a larger usable area, a more convenient living environment and a more synchronous utility system," Mr. Chung said.
According to Mr. Chung, in the coming time, house prices in alleys may experience certain adjustments, especially when policies to relocate schools out of the inner city are implemented, thereby reducing the demand for rent in some areas.
Currently, the demand for buying houses in alleys mainly comes from two purposes: to live in and for rent. If the demand for rent decreases, the pressure to increase prices will also decrease," Mr. Chung said.
