After a period of liquidity decline, real estate businesses are simultaneously adjusting business strategies to stimulate demand and prepare for a new development cycle. However, the general level of interest rates is still high, making homebuyers more cautious, while the effectiveness of incentive programs is not enough to create a boost for the market.
According to Ms. Nguyen Dinh Hai My - Market Research Expert of Dat Xanh Services (DXS-FERI), the real estate market is witnessing a clear differentiation. Large investors continue to promote land fund accumulation, deploy new projects and increase M&A activities to prepare goods for the next cycle. New supply is still mainly concentrated in the hands of large enterprises with projects in the mid-to-high-end segment and large-scale urban areas.
In parallel with developing goods sources, many businesses continuously adjust sales policies to stimulate demand. Accordingly, many projects reduce the initial payment ratio to about 10% of the product value when signing contracts, extend the interest rate support period from 24-30 months, extend payment schedules, extend principal debt grace periods or increase discount rates to reduce financial pressure on buyers.
In the brokerage business sector, the restructuring trend continues as units prioritize distributing products with high liquidity, clear legal status and ensuring cash flow safety.
Meanwhile, homebuyers are becoming more cautious. According to DXS-FERI, customers currently prioritize projects that meet real housing needs, have complete legal status, benefit from infrastructure and are developed by reputable developers, instead of speculative products or expectations of short-term price increases.
Notably, although selling prices have shown signs of slowing down compared to the second half of 2025, many investors still do not directly reduce listed prices but choose discount programs, interest rate support and extend payment schedules. According to DXS-FERI, this approach helps the actual selling price decrease slightly, thereby stimulating transactions in the context of a competitive market in terms of liquidity.
From another perspective, MB Securities (MBS) believes that high interest rates are negatively impacting market liquidity, in the context of strong real estate supply from the end of last year.
According to MBS, by the end of June, credit growth reached 6.77%, while capital mobilization only increased by about 4.7%, causing the gap between credit and mobilization to continue to widen. Deposit interest rates for 12-month terms have increased by about 2 percentage points compared to the same period, to about 8%/year, leading to an increase in medium and long-term lending interest rates to over 12%/year.
Loan interest pressure has reduced real estate demand, and investors also tend to focus on implementing existing projects instead of expanding new land funds.
To stimulate demand, many businesses apply interest rate support policies that are about 3-4 percentage points lower than market interest rates, combined with principal grace periods of 1-2 years. However, MBS believes that these programs only help reduce the financial burden for buyers, while the absorption rate is still difficult to improve if interest rates are maintained at a high level and supply continues to increase.
This unit also forecasts that real estate purchasing power will continue to be under pressure due to two main factors: high interest rates and investors' waiting psychology before changes in urban planning. Currently, preferential interest rates of investors in the first two years are commonly at 8-10%/year, then increased to 12-13%/year, about 1-1.5 percentage points higher than the 2024-2025 period, thereby continuing to create pressure on real estate purchase demand.
