Sharp Price Increases
According to the Ministry of Construction, in the first nine months of 2025, many localities continued to accelerate the development and approval of new urban projects. The total number of real estate transactions reached approximately 430,769, a 1% increase compared to the same period in 2024.
The market shows localized recovery signs, with transactions concentrated in areas featuring well-developed infrastructure and transparent legal frameworks. In the apartment segment, transactions slightly increased in major cities, primarily for mid-range products. Transactions for detached houses were focused on developed areas, while new areas lacking infrastructure saw low absorption rates. Land plot transactions remained sluggish, recovering only in areas with clear legal status and completed planning.
In Ho Chi Minh City, the average primary price stands at approximately 75 million VND/m², a 36% increase year-on-year.
Apartment prices in Hanoi and Ho Chi Minh City remain high and continue to rise compared to the same period last year. Specifically, in Hanoi, the average primary price ranges from 70 to 80 million VND/m², a 33% increase from 2024. Luxury projects record significantly higher prices, ranging from 150 to 300 million VND/m². In Ho Chi Minh City, the average primary price is around 75 million VND/m², a 36% year-on-year increase. Some high-end projects also reach prices of 150 million VND/m² or higher.
For adjacent and villa segments in Hanoi, prices commonly range from 100 to 200 million VND/m². In prime locations, prices exceed 300 million VND/m². In Ho Chi Minh City, primary prices fluctuate between 230 and 300 million VND/m², depending on location and project.
Notably, the Ministry of Construction reported localized price surges in some areas during early 2025, which have since been effectively controlled by local authorities. This has led to a more stable land plot market.
The Ministry of Construction emphasizes the need for appropriate and timely regulatory measures, particularly regarding product mix, land and housing transaction prices, to meet genuine housing demands, address shortcomings, and ensure a stable, healthy market development. This contributes to social welfare goals and macroeconomic stability.
According to JLL Vietnam’s Q3/2025 housing market report, the high-end apartment segment (including luxury, premium, and ultra-luxury) in Ho Chi Minh City recorded approximately 1,302 successful transactions, a significant improvement from 739 transactions in Q2/2025.
Ms. Trang Lê, General Director of JLL Vietnam, noted that demand primarily stemmed from the absorption of new supply launched during the quarter. The ultra-luxury segment dominated demand in Q3/2025, with a concentration in Ho Chi Minh City’s eastern districts.
“Most new projects this quarter were developed by domestic enterprises, while foreign investors remain cautious due to ongoing administrative system changes in Vietnam,” said Ms. Trang Lê.
In Q3/2025, primary prices in the high-end apartment market increased by 5.3% year-on-year, reaching 5,065 USD/m². Secondary prices rose by 1.9% quarter-on-quarter and 6.7% year-on-year, indicating stable buyer demand in this segment.
Ms. Trang Lê believes that as Vietnam restructures local administrative boundaries, developers and homebuyers in Ho Chi Minh City will likely adopt a temporary wait-and-see approach, awaiting clearer policies in land management, planning, and public investment before making decisions.
Shift to Outlying Areas
Batdongsan.com.vn’s market report reveals an 11% growth in Hanoi’s outlying real estate. Notably, the Northern real estate landscape in Q3/2025 shows a clear shift away from Hanoi. Hai Phong, Hung Yen, Hoa Binh, and Bac Giang emerged as focal points, accounting for 80% of the region’s total interest.
The real estate market is shifting toward property types with practical usage potential, particularly habitable products.
In the South, real estate activity concentrated in Ho Chi Minh City’s satellite markets before the merger. Specifically, former Binh Duong led with 84% of the region’s total interest. Other localities like Dong Nai, Ba Ria – Vung Tau, and former Long An also featured prominently, forming a vibrant satellite belt around Ho Chi Minh City.
Compared to the beginning of the year, former Binh Duong saw a 165% growth, outpacing other areas. Former Dong Nai grew by 89%, Ba Ria – Vung Tau by 98%, and Long An by 88%. These price increases reflect a strong shift of capital away from Ho Chi Minh City toward areas with improving transportation infrastructure, ample land, and price growth potential.
Mr. Nguyen Quoc Anh, Deputy General Director of Batdongsan.com.vn, stated that the market is moving toward property types with practical usage potential, especially habitable products. When market sentiment is bolstered by policy factors, interest rates, or macroeconomic confidence, investors gradually shift toward higher-risk assets like land plots or resort properties.
“The current price cycle differs significantly from previous periods. Previously, when cheap capital and abundant credit were available, risky assets like land plots surged first. Now, the trend has reversed, with gold, stocks, and real estate capital flows rising simultaneously,” said Mr. Quoc Anh.
A Batdongsan.com.vn survey reveals that the most sought-after property types are apartments (34%), land plots (33%), and detached houses (21%). However, trends are shifting noticeably. Over the next 12 months, 33% of respondents plan to invest in detached houses, while 31% still prefer apartments. Interest in land plots is declining sharply, reflecting investors’ shift from speculative to stable income-generating properties.
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