Overview of the real estate market in the third quarter of 2025

A series of key transport infrastructure projects in the third quarter of 2025 entered the acceleration phase, from Gia Binh international airport, Ngoc Hoi bridge connecting Hanoi with Hung Yen, North-South expressway, Long Thanh airport... creating momentum for macroeconomic development, directly expanding the amplitude to promote the real estate market in the suburbs.

Macroeconomics creates the foundation to lead the market

According to the Ministry of Finance 's report, Vietnam's economy in the third quarter of 2025 maintained a positive growth rate thanks to a combination of many factors. GDP increased by 8.23%, the highest level in the same period since 2011 (except for 2022 due to recovery from COVID-19). In the first 3 quarters of the year, GDP increased by 7.84% over the same period, nearly reaching the target of 8% for the whole year. Public spending in the first 9 months of the year reached 440,000 billion, up 37% over the same period, becoming the biggest driving force for GDP.

Apartments and land are still the leading segments of the local real estate market.

In addition to infrastructure, FDI continues to flow strongly into Vietnam, in which real estate remains one of the top three attractive industries. The recovery of the Purchasing Managers Index (PMI), the improvement in production after tariff fluctuations, along with stable growth in domestic consumption have contributed to strengthening the foundation for real estate.

According to data from Batdongsan.com.vn (Vietnam's No. 1 real estate technology platform), the real estate market in the third quarter of 2025 recorded a clear differentiation between the buying and selling channels and the rental channels. After the second quarter with many macro fluctuations, the level of interest in real estate for sale quickly recovered, in which apartments played a leading role, while townhouses and private houses also began to show signs of improvement. Many areas recorded an increase in interest of 11-22% compared to the beginning of the year. The real estate rental segment decreased in the Ngau month, especially the rental room and boarding house segment, with the level of interest in September 2025 recorded a decrease of 8-24% depending on the type compared to the previous month.

However, the brokerage survey in the third quarter of 2025 by Batdongsan.com.vn shows that the absorption of new supply in the market is still positive, when nearly 90% of investors surveyed rated it from average to good, of which 4% said it was "very good" and 25% said it was "good", only 12% said the absorption was not optimistic.

Regarding the market outlook for the fourth quarter of 2025, 60% of brokers believe that the market will continue to grow, of which 17% expect strong growth. About a third believe that the market will remain stable and only 6% expressed concerns about the possibility of a decline. Notably, the apartment segment is rated highest in terms of growth potential in the next 6 months with 36% choosing, followed by private houses (29%) and land (24%). Other types such as townhouses, resort real estate or villas only account for a small proportion, reflecting the concentration of cash flow on products that meet real housing needs and have high liquidity.

The trend of shifting attention to suburban markets

Market data for the third quarter of 2025 from Batdongsan.com.vn paints a clear picture: instead of focusing on central cities, cash flow and real estate demand are shifting strongly to the suburbs, where there is still much room for growth and inter-regional infrastructure is increasingly improving.

Specifically, the level of interest in real estate of investors in the two central cities of Hanoi and Ho Chi Minh City in the third quarter showed signs of slowing down. In Hanoi, the interest decreased by 22% compared to the same period in 2024, while in Ho Chi Minh City it was almost flat (+0%) or decreased slightly in new areas (-1%).

In contrast, neighboring provinces emerged as "bright spots". The suburbs of Hanoi grew by 11%, while in the South, although some places decreased by up to 12%, many localities still showed a clear rebound. The real estate picture in the North in the third quarter showed a clear trend of shifting out of Hanoi, in which localities such as Hai Phong, Hung Yen, Hoa Binh, Bac Ninh became the "center" when accounting for 80% of the total interest in the whole region.

In terms of growth rate compared to the beginning of the year, the real estate market in Hoa Binh leads with +65%, followed by Bac Giang (+61%), Hai Phong (+50%) and Bac Ninh (+48%). Other localities such as Quang Ninh, Hung Yen, Vinh Phuc also maintained an increase of 26-42%. This boom reflects the trend of capital shifting to satellite cities around Hanoi, where prices are competitive, infrastructure is convenient and there is long-term potential for expansion.

While the North witnessed the rise of Hanoi's satellite provinces, in the South, the real estate market is bustling in satellite markets such as the old Binh Duong, accounting for 84% of the total level of interest, other localities such as Dong Nai (38%), Ba Ria - Vung Tau (34%), Long An (28%)... This heat reflects the strong shift of cash flow out of Ho Chi Minh City, towards areas with increasingly complete traffic infrastructure, large land funds and room for price increases, factors that meet the real estate needs and long-term investment.

Meanwhile, the Central market maintained a steady growth rate with interest increasing by 13% compared to the same period in 2024. Da Nang and Khanh Hoa continued to play the "locomotive" role, accounting for 84% of the total interest in the whole region. Lam Dong (18%), Quang Nam (14%), Thanh Hoa (10%) provinces also showed signs of improvement. In terms of selling prices of real estate segments, Khanh Hoa led with an increase of 34%, Quang Nam continued to surprise with +44%, and Da Nang increased by 25%...

The above reality is assessed by real estate experts, the market is showing strong resilience and adaptability to macro fluctuations, with bright spots in key urban areas. Hanoi, Ho Chi Minh City, Hai Phong and Da Nang continue to affirm their outstanding appeal, recording impressive price growth in the 2021-2025 cycle.

In particular, apartments and land plots are still the leading segments of the local real estate market. Especially in Ho Chi Minh City, the apartment type recorded positive movements, with an average price of 72 million VND/m2, an increase of 35% compared to the beginning of 2023; the average land plot segment increased by about 6%, reaching 69 million VND/m2...

Mr. Dinh Minh Tuan, Southern Regional Director of Batdongsan.com.vn, acknowledged that the Southern real estate market, after a period of observation, is rebounding more strongly, supply is improving, liquidity is increasing thanks to investment cash flow and real demand. Particularly in the Hanoi market, selling prices continue to increase, but demand has cooled down, cash flow is still concentrated in the high-end segment near the center and apartments continue to lead the market.

Source: https://baotintuc.vn/kinh-te/toan-canh-thi-truong-bat-dong-san-quy-iii2025-20251007174801685.htm