Ho Chi Minh city, 24th Feb 2026 – Cushman & Wakefield unveiled its Q4 2025 HCMC Residential Marketbeat Report, encapsulating the key highlights of the residential segment in the last 3 months of last year. According to the report, Q4 2025 marked a clear divergence in HCMC’s satellite housing markets, with Binh Duong leading a surge in apartment supply and absorption, while Ba Ria – Vung Tau (BR-VT) recorded a strong rebound in landed property amid infrastructure-driven growth expectations.
“HCMC’s satellite markets are entering a more structured phase of development, where urban planning and infrastructure execution will determine long-term value creation,” said Ngoc Le, Senior Director, Strategic Consulting, Cushman & Wakefield Vietnam. “As HCMC advances its multi-polar urban strategy, surrounding regions such as Binh Duong and Ba Ria – Vung Tau are benefiting from improved regional connectivity and clearer master planning. Looking ahead, projects that are aligned with key transport corridors, integrated township models, and well-defined land use planning will be best positioned to capture sustainable demand and support balanced urban expansion across the metropolitan region.”
Apartment- for- sale market: Binh Duong leads supply
In Q4 2025, the apartment market in Binh Duong became vibrant with many new launches, bringing the total primary supply to 16,910 units. Notably, new supply recorded 7,797 units – the highest level since the beginning of the year and 9.5 times higher than the previous quarter (817 units). These units came from projects with synchronized infrastructure, full eligibility for sale, and development by reputable developers. Thuan An and Di An areas lead Binh Duong's supply with prominent newly launched projects such as Happy One Mori, A&T Saigon Riverside, and Setia Edenia.
In BR-VT, one apartment project entered the market with approximately 700 units launched in Phu My, reflecting a gradual recovery following the merger after a long period without new projects.
Leading the apartment market in Q4 2025 were reputable developers such as BCONS, Phat Dat, An Gia, and Tung My, with large-scale projects and completed legal frameworks.
Market demand is increasing and redistributing toward peripheral and satellite urban areas, as HCMC focuses on multi-polar development and city apartment prices have been reaching high levels. Additionally, completed infrastructure and attractive sales policies remain crucial factors for apartment owners.
New absorption was recorded in Binh Duong region at 6,609 units, an increase of 55.15% compared to Q3 2025 (4,260 units), reflecting high market liquidity. Newly launched projects achieved a stable absorption rate of 77%.
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.
Demand for the apartment segment had gradually been forming in BR-VT after a long period without new launches. An absorption of 523 units indicated that the buyers have become cautiously and selectively.
In Q4 2025, apartment selling prices in satellite markets continued to show a clear divergence between Binh Duong and BR-VT. The average primary selling price in Binh Duong reached approximately 2,031 USD/sqm, up about 1.8% compared to Q3 2025, showing sustained price momentum driven by stable demand and high-quality supply with clear legal status. In BR-VT, the average selling price reached approximately 1,297 USD/sqm, down about 7.6% compared to Q3 2025, reflecting the market still in an adjustment phase as demand has not yet strengthened enough to support a broad upward price trend.
Looking forward, HCMC’s satellite regions show potential amid returning demand.
Supply in 2026 is expected to reach 20,436 units in Binh Duong, significantly higher than the previous period, signaling the market's entry into a new development cycle post-merger. By 2027, the supply scale is projected to decrease to around 5,000 units, reflecting a trend of risk control and launch regulation by developers. Future projects are expected to take advantages of the National Road 13, Metroline number 1’s expansion with better commuting connectivity.
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.
BR-VT is expected to provide 10,931 units in 2026. Supply will continue to expand but remains selective, focusing on areas directly benefiting from infrastructure and tourism-logistics development (mostly in Vung Tau City), thereby mitigating the risk of short-term oversupply.
Landed property market: BR-VT shows outstanding growth
Amidst economic and geopolitical instability, investment demand for landed property for asset accumulation and inflation hedging has attracted investors to look at projects in satellite urban areas bordering Ho Chi Minh City, making them more attractive. Furthermore, the development of projects with large land banks suitable for integrated development and leveraging locational advantages has made Binh Duong and BR-VT standout markets for the landed housing segment.
The landed property market in BR-VT in Q4 2025 recorded 1,012 products, a 3.8-fold increase compared to mid-year (267 units), reflecting the gradual recovery of the market in the region. Supply mainly comes from later phases of projects near key transport routes in Long Dien and Phu My, alongside a standout project in the quarter – Blanca City developed by Sun Group, with a product segment mainly consisting of coastal townhouses and villas.
In Q4 2025, BR-VT recorded the number of landed property transactions at 481 units, an increase of 37.4% compared to Q3 2025, concentrated in projects benefiting from the Bien Hoa – Vung Tau Expressway and Long Thanh Airport. Demand is driven by the townhouse/shophouse segment with long-term investment needs along tourism and industrial axes.
The average primary selling price in BR-VT was reported at 3,190 USD/sqm in Q4 2025, a decrease of 545 USD/sqm compared to Q3 2025. Primary prices show clear differentiation by product positioning; projects continuing sales from the previous quarter like Salacia or Gold Coast did not achieved significant price increases, while the product segment at Blanca City recorded prices in the range of 5,819 – 6,579 USD/sqm.
New Supply & Future Supply Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on land lot, exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
Meanwhile, in Binh Duong, Q4 2025 reported 166 units newly opened for sale, a steep contraction from the 1,620 units in Q3, indicating a cautious supply rollout consistent with developers’ risk‑mitigation strategies. Thu Dau Mot and Ben Cat are the two leading areas, benefiting from connectivity infrastructure. The product structure is clearly differentiated: 71% shophouses, 29% townhouses, with no new villa supply. Supply comes mainly from reputable developers such as Gamuda Land, Becamex TDC, etc.
New absorption in Binh Duong in the quarter reached 166 units, aiming to maintain market liquidity following the absorption of 1,430 units in Q3 2025. Demand in Binh Duong tends to concentrate on projects with good connectivity and locations near industrial clusters within the province.
The average primary selling price of landed property in Binh Duong reached 2,521 USD/sqm, a decrease of 13.5% compared to Q3 2025. Transactions in the quarter predominantly came from mid-end projects, while high-end products had largely concluded their sales campaigns in the preceding quarter. This performance pattern underscores a clear divergence in sales launch periods across market segments.
Looking ahead, infrastructure is expected to shape new growth cycle of HCMC’s satellite residential markets post-merger.
Future supply in BR-VT is approximately 1,536 units, mainly in Long Dien, Ba Ria, and Phu My, associated with coastal projects and key traffic axes, expected to accelerate when the Bien Hoa – Vung Tau Expressway and Long Thanh Airport are completed.
Market Performance Q4 2025
Source: Cushman & Wakefield
The average primary selling price is calculated based on land lot, exclusive of VAT and maintenance fees.
The USD/VND exchange rate at Q4 2025 = 26,500.
In the 2026–2027F period, it is expected for Binh Duong to add approximately 10,746 landed units, concentrated in satellite urban areas such as One Era of Kim Oanh in Thuan An (10,000 units), Biconsi Riverside of Bcons in Tan Uyen (284 units)…; benefiting from strategic infrastructure such as Ring Road 3, Ring Road 4, and the HCMC – Chon Thanh Expressway.
