HCMC, 27th Jan 2026 – Cushman & Wakefield announced its Q4 2025 HCMC Residential MarketBeat Report, highlighting a sharp resurgence in new supply across both the apartment-for-sale and landed property segments during the final quarter of 2025. The report covers Ho Chi Minh City’s core market as well as Binh Duong and Ba Ria – Vung Tau (BR-VT), which are now included within the city’s newly expanded administrative boundary.
According to the report, Q4 2025 recorded a dramatic surge in new residential supply in HCMC’s core market, with apartment launches increasing fivefold quarter-on-quarter, while landed housing supply saw a record increase of more than 50 times compared to the previous quarter.
Apartment- for- sale market
In Q4 2025, Ho Chi Minh City recorded 3,358 new apartment units launched, a sharp increase of approximately 5 times compared to the previous quarter. However, this represents only a slight 4% increase compared to the same period in 2024, signaling a market that is recovering but remains selective.
New Supply & Future Supply Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
The East area continues to lead the supply, accounting for approximately 85%, while the West and South areas contributed 10% and 5%, respectively. This reflects the volume of projects with high legal readiness prepared for the next market cycle. The luxury segment dominated with 57% of new supply, followed by the mid-end (28%) and high-end (14%) segments.
Prominent projects such as Masteri Park Place (Masterise Homes) and The Regency (Phu My Hung) attracted significant interest due to their brand advantages and ultimate development quality in the luxury segment of the HCMC market.
In Q4 2025, the market recorded a new absorption of approximately 3,196 units, up 19% compared to the previous quarter and approximately 10% compared to the same period last year. The volume of new transactions was nearly equivalent to the launched supply, while the absorption rate surged to its highest level in 2025 (approximately 62%).
This trend indicates that demand is recovering positively in the short term, especially as the volume of new launches remains stable compared to last year. The marked improvement in the absorption rate reflects better buyer sentiment and shows that the product mix being offered aligns well with market needs. Overall, demand is driving the market in the short term, laying the foundation for recovery momentum in the coming period.
Market Performance Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
The average primary selling price in Q4 2025 reached approximately 6,113 USD/sqm, a sharp increase of about 16% compared to Q3 2025 and a significant 65% jump compared to the same period in 2024. This is primarily because new projects are consistently positioned at higher positioning than older ones.
Key factors driving the market include infrastructure connectivity, increasing supply and demand, and sales policies, while payment schedules continue to play a major role in shaping selling prices.
Looking forward, the trend of average primary selling prices in the HCMC market is expected to remain anchored at high levels due to rising input cost pressures and upward adjustments in mortgage interest rates. Capital flows from other regions, particularly investors from the North, are pouring into HCMC with expectations of price appreciation after a long period of stagnation caused by a shortage of new supply.
Following the merger, the market is expected to continue growing steadily based on three factors: supply-demand balance, credit control, and legal support. This opens a new cycle for the expanded Ho Chi Minh City apartment market.
Landed property market
After a long period of silence, the supply of landed property made a strong breakthrough in Q4 2025 with record growth. New supply reached approximately 1,535 units, an increase of more than 50 times compared to Q3 2025 and the same period last year – clearly illustrating the picture of an exploding market after a period of extreme "compression".
New Supply and Future Supply Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
Notably, about 92% of the new supply is not located in the inner city but has shifted to peripheral areas, with the launch of a mega-project in Can Gio area (about 60 km from Ho Chi Minh city center); the remaining 8% of new supply is distributed evenly between Thu Duc and Binh Tan.
Prominent projects include green paradise Can Gio (Vingroup) and Gladia by the Waters (Khang Dien house & Keppel).
In Q4 2025, the new absorption volume was approximately 1,167 units, an increase of more than 20 times compared to Q3 2025 and the same period last year, demonstrating the massive attraction of this property type when new supply from large projects becomes available.
With an absorption rate of about 70%, the market shows a "thirst" for products in segments with methodical planning, strategic future infrastructure connectivity (Ring roads, expressways), and TOD (Transit-Oriented Development) models.
Market Performance Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on Gross Floor Area (GFA), exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
Developers during this period often use flexible payment policies and good interest rate support to stimulate demand, helping maintain the current high absorption rate.
The average primary market sales price across the entire market dropped dramatically by more than 50% from USD13,014/sqm to USD6,330/sqm because of the "dilution" effect when the Green Paradise Can Gio mega-project entered the market, accounting for 92% of the total new supply, with a price of approximately USD5,809/sqm. Meanwhile, in other key areas, the value of landed properties maintained its position at record highs: the former Thu Duc City continued to lead with approximately USD13,214/sqm, followed by Binh Tan at approximately USD5,378/sqm and Binh Chanh at approximately USD4,043/sqm.
Despite significantly lower average primary prices, the market still recorded immense appeal with an impressive absorption rate of 70%, driven by the demand for property in well-planned urban areas.
The market is beginning a new cycle with a surge in new supply after a long period of stagnation, with the entry of large-scale urban areas and projects, notably the strong shift towards suburban areas such as Can Gio and multi-polar central urban areas. The market is experiencing price differentiation with a "dilution" effect on the average primary selling price across Ho Chi Minh City, but the value of inner-city real estate in the central poles remains high, indicating that strategically located properties are still a high-value asset. Long-term investor confidence has returned, driven by long-term factors such as the future connectivity of the Ring Road and the Transport-Oriented Development (TOD) model, which are leveraging the value of landed property in Ho Chi Minh City.
Speaking of the cycle- turning point of HCMC core residential market, Ngoc Le, Senior Director, Strategic Consulting, Cushman & Wakefield Vietnam, said – “Q4 marked an important inflection point for Ho Chi Minh City’s residential market, with both apartment and landed segments seeing a meaningful return of supply. The near-balance between new launches and absorption suggests buyer confidence is gradually returning, particularly for well-positioned projects. Looking ahead, market performance will continue to depend on supply discipline, access to credit, and progress on legal approvals. Infrastructure development and the expansion of the city’s administrative boundary are likely to shape both pricing and demand patterns over the next cycle.”
