In Hanoi, interest in apartments for sale increased slightly by 4% in May compared to the previous month, indicating localized recovery. However, demand remained lower than the same period in 2025. Meanwhile, in former Ho Chi Minh City, interest in apartments for sale decreased by 3% month-on-month and 11% year-on-year.

Apartment Rental Demand Rises by 24%

Notably, the rental apartment segment showed more positive performance. Rental demand increased in both Hanoi (up 6%) and former Ho Chi Minh City (up 24%) compared to the same period last year. This indicates that apartments continue to be a housing product with strong end-user demand, particularly as home purchase prices have exceeded the financial capacity of a portion of urban residents.

Regarding pricing, according to data from Batdongsan.com.vn, the apartment market is showing regional divergence. The average asking price for apartments in Hanoi is projected to reach approximately VND 85 million per square meter in Q2 2026, down 2% from the previous quarter. In former Ho Chi Minh City, the average asking price stands at VND 69 million per square meter, remaining unchanged quarter-on-quarter.

Apartment asking prices in former Hung Yen and former Bac Ninh both declined by 3%. This trend can be viewed as a necessary market correction following a period of excessively rapid apartment price growth in major urban centers.
In contrast, several localities recorded increases in apartment asking prices, including former Hai Phong (+8%), Quang Ninh (+6%), former Binh Dinh (+13%), former Ba Ria–Vung Tau (+20%), former Long An (+6%), and former Dong Nai (+5%) compared to the previous quarter.

Rental demand increased by 6% in Hanoi and by 24% in former Ho Chi Minh City compared to the same period last year.

Provincial markets such as former Da Nang, Quang Ninh, and former Hung Yen also recorded increases of between 9% and 13% in interest for apartments for sale compared to April. This suggests that demand for apartments in provincial markets is improving, creating new pricing benchmarks and investment opportunities beyond Hanoi and Ho Chi Minh City.

Ho Chi Minh City Leads Nationwide Real Estate Search Demand

Market data for May released by the property technology platform Batdongsan.com.vn shows notable shifts in real estate interest across Vietnam’s two largest markets during the first five months of 2026.

Accordingly, the newly expanded Ho Chi Minh City accounted for nearly 50% of nationwide real estate interest, an increase of 8.5 percentage points compared to the same period last year, making it the leading market in terms of property search demand nationwide.

In contrast, Hanoi’s share declined to 27.6%, representing a decrease of 5.9 percentage points. This trend indicates that capital flows and buyer/investor attention are gradually returning to the southern market after an extended period of rapid price appreciation in the north.

On a nationwide scale, real estate searches in May declined by approximately 5% compared to April. However, when analyzed by property type, apartments remained the leading segment in terms of buyer interest, while other asset classes such as land plots and villas faced greater downward pressure.

Landed Housing Market Shows Divergence

The private housing segment displayed differing trends between the two major cities. Ho Chi Minh City maintained its appeal, with interest in houses for sale increasing by 5% in May 2026 compared to the same period in 2025. Meanwhile, Hanoi recorded declines in demand for both houses for sale and houses for rent.

The acceleration of infrastructure investment disbursement and the gradual implementation of new legal policies are expected to serve as long-term growth drivers for the real estate market.

Although asking prices remain elevated after a prolonged growth period, Hanoi’s private housing market has begun to experience a mild correction, with average asking prices declining by approximately 1% in recent months. Several central districts, including former Dong Da, Ha Dong, and former Ba Dinh, recorded price decreases of around 3%.

For shophouses and townhouses, Batdongsan.com.vn’s May 2026 data shows that buyer interest fell by 8–10% month-on-month in both major cities. Pricing trends, however, varied significantly. Asking prices for townhouses in Hanoi have remained stable since the beginning of 2026 but are still 24% higher than in Q1 2025. In contrast, former Ho Chi Minh City recorded a 7% decline in sale prices during the same period, while rental rates increased by 38%.

In addition, several provincial markets reported increases in townhouse asking prices compared to early 2025. Former Da Nang led with a 39% increase, followed by Khanh Hoa (+17%) and Hai Phong (+16%).

Overall, Vietnam’s real estate market is entering a phase of restructuring and increasing segmentation. The decline in apartment prices in Hanoi reflects a market correction toward intrinsic value following a period of rapid appreciation. Meanwhile, accelerated infrastructure investment and the gradual implementation of new legal frameworks are expected to provide long-term support for the real estate market.