NAC Weekly No. 21: Vietnam Developers Offer Up to 60 Months of Principal Grace

With floating mortgage rates at 12–14% a year, many Vietnamese developers now give buyers up to 60 months before principal falls due, plus 24–30 months of interest support. In the UK, London house prices are down 3.7% on the year, a ninth straight month of annual falls. The ECB held its deposit rate at 2.25%, Turkey held at 37%, and IMI's property scoreboard ranked Abu Dhabi third of 146 cities.

Market pulse, week of 20–26/7/2026

Signals this week

🇻🇳 Vietnam · Developers offer up to 60 months of principal grace

▲60 months

the longest principal grace period on offer at some projects, alongside 24–30 months of interest support or support until handoverTạp chí Kinh tế - Tài chính, 23 JulPhoto: trungydang, Wikimedia Commons, CC BY 3.0

With floating mortgage rates at many banks now at 12–14% a year, developers are selling on finance terms, Tạp chí Kinh tế - Tài chính reported on 23 July. Some projects give up to 60 months before principal falls due, cover interest for 24–30 months, and ask for about 10% of the price to sign the sale contract. Đỗ Thị Thúy Hằng, chief executive of Kiến Hưng Real Estate, said early-payment discounts now run at about 6–8%.

For Vietnamese investors: incentives are standing in for list-price cuts, so convert every offer into the price actually paid before comparing projects. Ho Chi Minh City launched about 11,000 new units in Q2, more than 7,000 of them in former Binh Duong, according to figures published on 25 July. Per NAC's listing data, CapitaLand's The Sycamore there starts at about USD 118,000, with an estimated 5% gross yield.

🇬🇧 United Kingdom · London house prices fall 3.7% in a year

▼−3.7%

London house prices in the 12 months to May 2026, the ninth straight month of annual fallsONS, 22 JulPhoto: Doyle of London, Wikimedia Commons, CC BY-SA 4.0

London house prices fell 3.7% in the 12 months to May, the weakest of any English region, the Office for National Statistics reported on 22 July. Across the UK prices still rose 2.7% to an average of £271,000, led by the North East at 5.9%. London rents rose 2.2% to £2,302 a month, also the slowest increase in England.

For Vietnamese investors: London prices are adjusting while rents keep rising, which gives buyers more time to choose and room to negotiate. Per NAC's listing data, Oval Village in Zone 1 starts at about £685,000, with an estimated 5.5% gross yield and handover due in 2028.

🇪🇺 Euro area · The ECB holds its deposit rate at 2.25%

●2.25%

the ECB deposit rate, held on 23 July after June's quarter-point riseECB, 23 JulPhoto: Dr. Thomas Liptak, Wikimedia Commons, CC BY-SA 4.0

On 23 July the European Central Bank kept its three key rates unchanged, after raising them in June. Its policy statement said inflation eased from 3.2% in May to 2.8% in June, though energy prices were still up 8.5% and the full effect of the energy shock has yet to play out. The ECB is not committing to a rate path.

For Vietnamese investors: euro mortgage rates had climbed to 3.5% by May and are unlikely to fall soon, so buying with equity remains the safer plan. Per NAC's listing data, The One in Glyfada, Athens starts at about €281,000 and completes in 2026. The investment thresholds by area are set out in NAC's Greece golden visa programme guide.

🇹🇷 Turkey · The central bank holds at 37% for a fourth meeting

●37%

the Central Bank of Türkiye's one-week repo rate, held on 23 JulyCBRT, via Yeni Şafak 23 JulPhoto: Metuboy, Wikimedia Commons, CC BY-SA 4.0

On 23 July the Central Bank of the Republic of Türkiye held its one-week repo rate at 37% for a fourth straight meeting, Yeni Şafak reported. Its last move was a one-point cut from 38% in January. Underlying inflation eased slightly in June, RTTNews noted, but the bank expects a temporary rise in July on energy prices and stands ready to tighten if the outlook worsens.

For Vietnamese investors: at 37%, borrowing in lira is close to unworkable, so families should plan to buy with their own funds. Per NAC's listing data, Elite Complex in Istanbul is ready for handover, from about USD 472,000. The conditions for citizenship by investment are in NAC's Turkey programme guide.

🇦🇪 UAE · Abu Dhabi ranks third of 146 cities as a property market

▲3rd of 146

Abu Dhabi's rank on IMI's global property scoreboard; Dubai is 25th and Athens 101stIMI Daily, 24 JulPhoto: Raganesh, Wikimedia Commons, CC BY-SA 3.0

On 24 July IMI Daily scored seven cities behind the big golden visa programmes purely as property markets, leaving the visa aside. On its 146-city scoreboard, Abu Dhabi ranks third, Dubai 25th and Athens 101st. Gross apartment yields run at about 7% in Dubai, 4.6% in central Lisbon and 3.9% in central Athens. A round trip of buying and selling costs about 8% in Dubai, against 12–17% in Lisbon and Athens.

For Vietnamese investors: the UAE's ten-year golden visa needs property worth AED 2 million, about USD 545,000. Per NAC's listing data, DAMAC Towers by Paramount in Business Bay, completed in 2019, starts at about USD 354,000 with an estimated 6.5% gross yield, so one unit alone falls short of the visa threshold.

Next week

NAC strategic insight

In several markets buyers have more leverage than at the start of the year: Vietnamese developers are offering long incentives, London prices are adjusting and euro rates are on pause. We favour assets that are finished or close to handover, bought with equity, with every incentive converted into the real price before any money moves. If you'd like to see where your family's portfolio stands after this week, book a consultation with NAC.

Related on NAC

The Sycamore, Binh Duong · Oval Village, London · DAMAC Towers by Paramount · The One, Glyfada · Elite Complex, Istanbul · The NAC Residence Index

Sources

• Tạp chí Kinh tế - Tài chính — Liquidity falls as developers roll out financial incentives (23 Jul 2026, Vietnamese)
• Tạp chí Kinh tế - Tài chính — Property prices could rise 5–7% in the second half of 2026 (25 Jul 2026, Vietnamese)
• ONS — Private rent and house prices, UK: July 2026 (22 Jul 2026)
• ECB — Monetary policy decisions (23 Jul 2026) · ECB — Monetary policy statement (23 Jul 2026) · ECB — Monetary policy decisions (11 Jun 2026)
• Yeni Şafak — Turkish central bank holds policy rate at 37% for fourth meeting in a row (23 Jul 2026)
• RTTNews — Turkey Central Bank Leaves Key Rate Unchanged (23 Jul 2026)
• IMI Daily — How Seven Cities Behind the Big Golden Visas Score as Pure Property (24 Jul 2026)
• Federal Reserve — July 2026 calendar · Bank of England — Monetary Policy Summary, July 2026 · Australian Bureau of Statistics — Consumer Price Index, Australia, June 2026 · US Bureau of Economic Analysis — release schedule