Real estate sector: The market remains subdued amid high interest rates
Posted: Oct 6, 2026
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Primary supply is expected to remain elevated, supported by launches from major developers such as Vinhomes, Sun Group, and Masterise. We estimate the absorption rate at around 40–50% in 2H26, down 10ppt YoY.
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Real estate transactions declined 18% YoY in 1H26 as the market entered an adjustment phase. We expect market activity to remain subdued in 2H26 amid elevated interest rates.
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Project launches remained limited in 3Q26. VHM and VRE, which launched new projects, posted net profit growth of 312% and 15% YoY, respectively. In contrast, NLG, KDH, and DXG reported net profit declines of 52%, 36%, and 30% YoY, respectively, due to limited handovers from existing projects.
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