A Cautious Sentiment and Reduced Speculation 

According to Dr Nguyen Van Dinh, Vice Chairman of the Vietnam Real Estate Association and Chairman of the Vietnam Association of Realtors, the property transaction structure is undergoing a drastic shift. Affordable flats priced under VND 25 million/sqm, which accounted for about 7% of transactions in 2023, have completely disappeared from the primary market since 2024. Meanwhile, the transaction share of mid-end flats priced between VND 25-50 million/sqm fell from 48% in 2023 to 26% in 1Q2026.

Conversely, the high-end flat segment, priced between VND 50-80 million/sqm, has become the main driver of the property market, with its transaction share rising from 28% in 2025 to 53% in 1Q2026. The ultra-luxury segment, priced over VND 200 million/sqm, maintained a steady share of around 1%.

More notably is the shift in buyer behaviour. Instead of following the herd, customers now carefully evaluate product quality, legal compliance, and practical utility. The trend of safe, long-term investment is gradually replacing the short-term flipping mentality that was prevalent in previous periods.

Speaking at the seminar “The Influx of Foreign Capital – Opportunities for Vietnam's Real Estate”, Mr Ngo Thanh Huan, CEO of FIDT Investment Consulting and Asset Management JSC, argued that cash flow in the property market has not diminished but rather shifted towards a more cautious investment approach.

Between 2013 and 2015, investors only needed to buy a plot of land in a newly developed area to almost guarantee a profit after a few years, without paying much attention to infrastructure, employment, or population density. However, the current movement of capital is entirely different. Nowadays, buyers no longer merely ask if a new road is being built or if prices will rise; they are more concerned with fundamental factors: Is there an industrial estate? What are the occupancy rates? Who will rent the property, and who will buy it in the future? This demonstrates that investors have matured significantly in their property selection.

Returning to Intrinsic Value

Mr Tran Quang Trung, Business Director at OneHousing, also believes that the era of trend-chasing investment has officially closed. Consequently, investors must review their entire asset portfolios to determine which properties to hold, which ones to add, and what will constitute their core portfolio over the next 5 to 10 years. All investment decisions must be based on data and long-term strategy rather than intuition.

“Investment is necessary; profit is desired, but liquidity is paramount. The decisive factor for cash flow lies in infrastructure planning," Mr Tran Quang Trung emphasised. According to this expert, ring roads, inter-regional motorways, or new bridges will continue to be the driving forces to create value for property. Only areas where infrastructure is genuinely implemented will have room for sustainable appreciation.

Mr Trung also advised that investors need to carefully assess the project developer's capability, not only in terms of construction progress but also in finishing quality, the ability to foster a residential community, and the operation of post-handover amenities.

Accordingly, legal compliance has now become mandatory prerequisites rather than competitive advantages. The market no longer tolerates projects sold purely on promises or future expectations.

Sharing this view, Dr Dinh The Hien, Director of the Institute of Applied Economics and Informatics, stated that whether purchasing to live, invest, or speculate, property selection criteria are converging on a single point: the asset must form a genuine living space with residents, employment, services, and long-term utility.

In the second half of 2026, we may not witness the overheated price surges seen in previous cycles. Instead, the property market will operate in a more stable, transparent, and selective manner. In this context, assets with practical use value, tied to established infrastructure, complete legal standing, and cash-flow generation potential, are expected to become the focal point of investment capital in this new development cycle.