The year 2026 is widely regarded as a period of balance between risks and opportunities for Vietnam’s real estate market.

Although the long-term outlook remains positive, the current landscape is being shaped by the convergence of multiple macroeconomic factors, ranging from interest rates and credit conditions to legal and regulatory policies. These developments not only create short-term pressures but also serve as a corrective mechanism that is steering the market toward a more sustainable growth trajectory.

According to the Savills Impacts report, over the past five years, the global economy has entered a period of pronounced volatility, characterized by the return of inflation, a higher interest rate environment, and increasing risks. At the same time, factors such as rapid technological advancement, economic fragmentation, and geopolitical instability are reshaping the way markets operate.

This environment differs significantly from the prolonged period of stability that preceded it, during which macroeconomic conditions remained relatively steady for an extended time. Today, many established market dynamics and investment behaviors are changing, rendering previous assumptions increasingly obsolete.

In this era of volatility, correlations among asset classes have shifted considerably. New asset classes, such as digital assets, have emerged, while traditional assets are exhibiting different behaviors than before. Specifically, bond markets have become more volatile and are no longer viewed as an absolute “safe haven.” Gold, traditionally considered a defensive asset, is increasingly influenced by speculative capital flows. The U.S. dollar has experienced periods of weakness even amid heightened risk aversion. Most notably, the relationship between equities and bonds—the foundation of the traditional 60:40 asset allocation strategy—is weakening or even reversing.

Mr. Martin Towns, Global Head of Real Estate at M&G Investments, noted that after a period of adjustment, real estate is regaining its importance within asset allocation strategies as its core strengths—including stable income generation, diversification benefits, and its linkage to inflation—have become more evident. As equities and bonds increasingly move in the same direction, the relative attractiveness of real estate has improved significantly.

In Vietnam, according to Ms. Nguyen Le Dung, Head of Investment Advisory at Savills Hanoi, the market in 2026 is experiencing three major shifts: rising interest rate pressures, a mismatch between credit growth and capital availability, and significant changes in the legal and regulatory framework.

From an interest rate perspective, the persistently high VND interest rate environment has made homebuyers more cautious about using financial leverage while encouraging a longer-term investment mindset. At the same time, credit conditions have become more selective as the banking system rebalances liquidity, compelling businesses to take a more proactive approach to capital management and improve transparency.

From a legal perspective, the new land pricing framework may increase project development costs. However, together with administrative reforms and long-term planning orientations, it also provides a foundation for the development of larger-scale and more professionally executed projects. Meanwhile, housing supply continues to shift toward suburban areas and satellite cities, contributing to a clearer tiered pricing structure and improving the market’s ability to meet genuine housing demand.

As the market undergoes a rebalancing process, Savills Vietnam experts believe that developers need to promptly adjust their strategies to align with genuine housing demand, particularly in the affordable housing segment, in order to improve liquidity and maintain market absorption rates.

At the same time, the trend of restructuring investment portfolios by increasing allocations to income-generating assets such as office buildings, hotels, and serviced apartments is expected to help mitigate cyclical risks and enhance long-term operational performance. The current market adjustment phase also presents M&A opportunities for investors with a long-term vision, particularly in gaining access to land banks and fundamentally sound projects that are facing short-term capital constraints.

For homebuyers and individual investors, the focus is gradually shifting from expectations of short-term price appreciation toward long-term wealth accumulation and cash-flow generation. As the market becomes increasingly selective, projects with transparent legal status, clear construction progress, and reputable, capable developers will continue to maintain a competitive advantage.