Market Report | Q1 2026
TMS Consultancy provides a comprehensive overview of Vietnam’s macroeconomic environment and real estate market performance in the first quarter of 2026—a period marked by strong macroeconomic momentum and a broad-based recovery pattern across asset classes and locations. The report focuses on key markets including Ho Chi Minh City, Hanoi, and Da Nang, integrating data on pricing, supply, absorption, and capital flows to support informed investment decisions amid improving credit conditions, moderating construction-cost pressure, and upcoming legal developments taking effect in 2026.
Apartment: Apartment prices continued to rise across Ho Chi Minh City, Hanoi, and Da Nang amid a persistent shortage of primary supply and rising development costs. Demand continued to shift toward high-end and luxury projects as developers optimized increasingly scarce land resources, pushing affordable homeownership further out of reach. Ho Chi Minh City’s Eastern and Southern areas led pricing on the back of new connectivity infrastructure, while Hanoi’s Western area recorded the sharpest growth amid record-high housing pressure. In Da Nang, newly launched supply fell to a record low even as prices surged, reflecting the scarcity of coastal land and the market’s growing focus on high-end resort-style products.
Office: The office market showed a clear divergence in performance across cities. Ho Chi Minh City recorded a slight softening in Grade A rents alongside stable occupancy, while Hanoi saw Grade A and B rents ease as new supply entered the market. Da Nang recorded strong new supply growth, with Grade B rents under renewed pressure even as occupancy showed signs of stabilizing, reflecting a broader “flight-to-quality” trend toward newer, better-equipped buildings.
Retail: Retail real estate benefited from a strong rebound in domestic consumption, with total retail sales of goods and consumer services rising by more than 11% YoY. Ho Chi Minh City’s retail market remained highly fragmented and competitive, while Hanoi’s market stayed more concentrated around a small number of dominant developers. Both cities maintained high occupancy in existing shopping centers, and expansion activity from major domestic and international retailers continued across CBD and non-CBD locations.
Hotel: The hospitality sector continued to benefit from the rebound in international tourism and supportive visa policies, with international arrivals rising by more than 12% YoY. Ho Chi Minh City and Hanoi recorded average room rates exceeding USD 110 per night, while coastal destinations showed clear geographic divergence in performance, with Kien Giang surpassing USD 100 per room per night on the back of improved international visitor growth and infrastructure upgrades.
The legal update section reviews key laws and regulations taking effect in 2026, including new decrees on investment-land law consistency, land management decentralization, technical appraisal standards for real estate projects, housing ownership and social housing development, and the consolidated Law on Bidding—developments expected to unblock stalled projects, strengthen market transparency, and support a more sustainable long-term investment framework.
Learn more by clicking our Vietnam Market Report | Q1 2026
