APARTMENT FOR SALE
NEW SUPPLY: ACKNOWLEDGING SUPPLY CONTRACTION
New supply officially launched in Q2 2026 continued to face significant contraction, reaching over 1,300 units (+7% QoQ; -53% YoY). Although sales activities showed a modest increase compared to the previous quarter, the YoY decline reflects underlying market challenges. Overall sales activities remained notably subdued during the quarter, with only a limited number of projects officially launched, indicating that developers are slowing their market entry pace and adopting a wait-and-see strategy for more favorable conditions.
By region, the distribution of new supply between the East and West zones showed imbalance, accounting for 71% and 26% respectively. By segment, the market structure is dominated by Mid-end products with 73% market share, followed by the Luxury segment at 20%, while the high-end segment contributes only 8%. This product structure imbalance reflects limited product diversification in the market. Notable projects in the quarter include Trellia Cove (Nam Long) and The Berkley (Son Kim Land), both relying on developer brand strength and reputation to maintain competitiveness amid supply scarcity.
DEMAND: DECLINING PURCHASE MOMENTUM
The market recorded an absorption rate of 31% of newly launched primary supply. This absorption volume primarily stems from supply constraints, as very few new primary options emerged in central areas. Buyer capital flows are primarily directed toward awaiting upcoming projects or seeking existing inventory from previous quarters.
Tightened credit conditions and elevated interest rate levels continue to negatively impact buyer sentiment. Many customers are adopting a market observation strategy and delaying purchase decisions, awaiting more favorable financial conditions. This situation reflects market uncertainty and customer expectations for better opportunities in coming quarters.
PRICING: PRIMARY PRICE LEVEL REMAINS ELEVATED
Average selling price in central TP.HCM reached 6,209 USD/m², declining 15% QoQ but increasing 29% YoY. The YoY price increase primarily reflects changes in transaction mix, as the proportion of high-end and luxury segment products increases, contributing to higher average market prices. However, this figure reflects base listing prices and does not exclude "early bird" incentives and accelerated payment discounts that developers are currently offering to stimulate demand. This indicates that flexible sales policies and favorable payment terms continue to play an important role in maintaining elevated listing prices in central areas.
OUTLOOK: CHALLENGES WITH INCREASED SUPPLY
During 2027, the TP.HCM market is expected to recover with supply expanding to over 15,000 units; however, homebuyers are currently cautious amid high-interest rate pressure and difficult credit conditions. Despite abundant supply, weak absorption capacity could create a liquidity trap - high prices but low transaction volumes – leaving the market facing prolonged challenges from both supply and demand sides.
LANDED PROPERTY
SUPPLY: NEW SUPPLY DYNAMICS
In Q2 2026, the primary market witnessed a substantial influx of new inventory, with officially introduced supply reaching approximately 1,700 units. This represents a remarkable surge of roughly 3.2 times (QoQ) and a dramatic 84.2-fold increase (YoY), rebounding sharply from the low bases of previous periods.
A prominent trend this quarter is the geographical decentralization of inventory away from the traditional inner city. Peripheral areas now dominate the landscape, with the Northern region capturing approximately 70% of all new supply, driven primarily by the latest launch phase of a mega-project in the Hoc Mon area (located roughly 38 km from the HCMC center). The remaining supply is distributed across the South (~25%) and Thu Duc City (~4%). Flagship developments spearheading this quarter's activity include Vinhomes Saigon Park Hoc Mon by Vingroup.<source-footnote ng-version="0.0.0-PLACEHOLDER"></source-footnote>
DEMAND: SAFE-HAVEN APPEAL CONTINUES TO SUPPORT LANDED PROPERTY DEMAND
In Q2 2026, the market recorded an absorption rate of ~36% with nearly 870 units. The first half of the year already indicates healthy demand for landed products in Core HCMC. Market activity was largely driven by high-net-worth individuals, with demand concentrated in core landed properties perceived as a safe-haven asset class, due to the elevated mortgage rates stabilized at nearly 10-14% by June 2026.
During this period, developers often employed flexible payment policies and various handover condition options to stimulate demand, helping maintain the current absorption rate.
PRICES: MARKET SEES EQUILIBRIUM FOLLOWING Q1 2026’S K-SHAPED DIVERGENCE
The average primary market sales price across the market reached nearly 6,460 USD/sqm (-2% QoQ; -57% YoY) in Q2 2026. This correction reflects the market’s gradual return to equilibrium following the pronounced “K-shaped” pricing divergence observed in Q1 2026, when a handful of premium projects significantly skewed overall pricing benchmarks.
At the submarket level, former Thu Duc City continued to command the highest average primary price at nearly 13,000 USD /m2, followed by Nha Be (~9,400 USD/sqm), Binh Tan (~7,000 USD/sqm), Can Gio (6,500 USD/sqm) and Hoc Mon (~5,300 USD/sqm), respectively.
OUTLOOK: MEGA-TOWNSHIP AND TOD DEVELOPMENT TO DRIVE THE NEXT GROWTH PHASE
Looking ahead, the Core HCMC market is entering a new phase of growth, supported by the emergence of large-scale master-planned communities, particularly in Can Gio and Hoc Mon. These developments are driving a significant expansion of the city’s residential footprint beyond traditional urban cores. The ongoing shift toward Transit-Oriented Development (TOD) is expected to become a key market catalyst. As major infrastructure projects, including ring road developments and future mass transit networks, progress toward completion, residential clusters surrounding key transport corridors are likely to attract both end-user demand and long-term investment capital.<sources-carousel-inline ng-version="0.0.0-PLACEHOLDER"></sources-carousel-inline>
