The Vietnamese real estate market is currently experiencing a challenging phase, primarily due to rising interest rates that are affecting liquidity and investor sentiment. A recent survey conducted by One Mount Group revealed that the percentage of people selecting real estate as their top investment channel has decreased by 23% compared to the same period last year.

Many potential investors cite insufficient financial resources and concerns about borrowing costs as the main reasons for their hesitance. The continuous rise in interest rates, which currently range from 11% to 14% per annum, has led buyers to shift their investments towards safer financial avenues, such as savings accounts with higher yields.

Additionally, the report indicates a decline in demand for apartments in major cities like Hanoi and Ho Chi Minh City, despite a significant increase in supply. In Ho Chi Minh City alone, the new supply of apartments reached 11,100 units, primarily from the old Binh Duong area. However, the absorption rate continues to fall, particularly in the luxury and mid-range segments, with only 2,400 transactions recorded in the central area of Ho Chi Minh City, marking a 13% decrease from the previous year.

The Vietnam Association of Realtors (VARS) has also noted the sluggish market conditions, reporting that approximately 98,000 residential units were available for sale in the first half of the year, a 50% increase year-on-year. However, the consumption rate has only reached 49%, indicating a significant drop compared to last year.

Experts predict that the purchasing power in the real estate market is unlikely to rebound soon, as mortgage rates remain around 10% per annum. While current interest rates may stabilize buyer sentiment compared to earlier in the year, they are insufficient to trigger a new wave of investment.

In light of these challenges, many developers are opting to delay their sales plans, seeking a more favorable time to launch their projects. Market surveys indicate that some developers holding premium apartments in Ho Chi Minh City's Eastern and Southern regions are extending reservation periods instead of proceeding to official sales.

As a result, major urban eco-projects and large-scale apartment complexes are facing postponed timelines for their next phases. Events such as project kick-offs and introductions are being canceled or shifted to internal training sessions for agents, awaiting a more opportune moment.

Despite the lack of price reductions from developers, many are implementing promotional strategies, such as offering discounts of up to 10% for existing customers purchasing new project units, extending payment deadlines, and providing fixed-rate loan support for several years.

However, discussions with various enterprises reveal that despite these incentives, not all projects are achieving sales success.