DOWNLOAD THE SAVILLS PROPERTY PRICE INDEX REPORT Q2/2025 - VIETNAM
Viet Nam’s property market in Q2/2025 demonstrated resilience alongside ongoing market adjustments. Strong residential demand, stable office performance, and a supportive labour market continue to underpin long-term growth prospects.
The Savills Property Price Index Report Q2/2025 provides a comprehensive analysis of residential, office, construction, labour, and sentiment indicators across key cities, capturing both opportunities and challenges in a changing environment.
By combining updated data with trend analysis and sentiment insights, the report provides investors, businesses, and stakeholders with practical knowledge to navigate current conditions and plan strategically for future developments.
Download SPPI Q2/2025 Report for insights into Viet Nam’s property sector.
HA NOI SPPI
Residential QoQ Index
In Q2/2025, the Residential Index rose by 5 pts QoQ to 1,911. Average prices reached VND 63 million/m² NSA, up 4% QoQ. Although supply shortages have begun to ease, prices remain elevated due to consistently strong demand. Demand continues to be driven by local buyers, supported by long-term fundamentals such as positive net migration and rapid urbanisation.
Office QoQ Index
The Ha Noi office market has remained stable over the past five years, with steady occupancy and rental trends across submarkets. In Q2/2025, the index stood at 69 pts, reflecting the market’s resilience and adaptability to shifting economic conditions.
HO CHI MINH SPPI
Residential QoQ Index
In Q2/2025, the HCMC Residential Index continued its upward trajectory, increasing by 3 pts QoQ and 8 pts YoY to reach a historic high of 134 pts. Growth was underpinned by strong housing demand amid persistent supply shortages.
Office QoQ Index
Over the last three years, the HCMC office stayed within 96-98 pts. Continued rental growth helped offset the soft occupancy levels at new projects in 2023. In Q2/2025, the index stood at 96 pts as overall office performance was steady QoQ with insignificant impact of limited new supply.
CONSTRUCTION COSTS
Ha Noi: According to the Ha Noi Department of Construction, the price index in Q2/2025 was 108.02, stable QOQ and up 2.9 pts Yoy. Construction material prices increased as of Q3/2024 after consecutive declines in 2023.
Ho Chi Minh City: As of Q4/2024, the HCMC construction price index stood at 119, stable YoY.
LABOUR FORCE
In Q2/2025, Viet Nam's labour force increased by 1% YoY to 53 million people, according to the Ministry of Labour, War Invalids, and Social Affairs. The labour force participation rate was 68.2%, nearly stable YoY.
BUSINESS CONFIDENCE INDEX (BCI)
According to the EuroCham Business Climate Index report, the BCI in Q2/2025 slightly declined to 61.1 pts amidst global uncertainty, but the overarching message remains one of tempered optimism.
CONSUMER SENTIMENT
Consumer sentiment weakened most in the North and in urban markets, where weakening corporate performance and uncertainty surrounding U.S. tariff policies further dampened consumer sentiment.
