DKRA Consulting's Q1/2026 market research report in Ho Chi Minh City and surrounding areas shows that consumption in all segments of the real estate market is declining.
In the primary market in the land plot segment, the general demand of the market is maintained at a low level, consumption volume only reached about 3% of the total primary supply and decreased by about 50% compared to the fourth quarter of 2025.
At the same time, in the townhouse/villa segment, the market transaction volume decreased by about 44%. Notably, market liquidity is only locally concentrated in the Ho Chi Minh City area, accounting for 87% of the total primary consumption.
The type of resort real estate recorded market demand maintained at a low level, liquidity recorded a significant decrease under the impact of high interest rates and credit tightening policies, with a decrease of more than 70% compared to the previous quarter.
The townhouse/shophouse resort segment has market demand continuing to decline sharply, transaction volume decreased by more than 87% compared to Q4/2025. With the condotel segment, consumption decreased by 85% compared to Q4/2025.
Mr. Vo Hong Thang, Deputy General Director of DKRA Consulting, said that key segments such as apartments and townhouses from after Tet to now have recorded purchasing power only equal to 20-30% at the end of last year. The amount of pre-orders at many projects being implemented has decreased by half, while the number of deposit contracts that cannot be officially transferred due to homebuyers changing decisions has increased.
Representatives of Dong Tay Land Joint Stock Company said that controlling real estate credit and interest rate fluctuations are considered the main reasons leading to a sharp decrease in market liquidity in the first months of the year. Previously, 80 - 90% of customers borrowed to buy houses, but when credit is limited, borrowers are still about 60 - 70%. Customers buying houses realize the level of risk, so they decide to buy houses more carefully. The company itself has recorded a decrease in revenue of 30 - 40% compared to the same period, although the supply in the market is high.
Looking from the perspective of homebuyers, Mr. Vo Quoc Duc - Director of the Financial and Accounting Department of Novaland frankly shared that many contracts are being implemented, and homebuyers are also paying according to the construction progress. The interest rate from 2025 and earlier is suitable for homebuyers' ability to pay, which has been calculated in advance by homebuyers. However, now loan interest rates are fluctuating, causing homebuyers who are paying according to the progress to lose their home loan channel, or reduce their ability to pay.
Clearly, just a small impact on interest rates, a project that was once well-rated by banks, investors, buyers... has become worse. "Tightening" credit room does not affect the project or investor but affects the entire market chain. This is very worrying," Mr. Vo Quoc Duc stated his opinion.
