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NAC Weekly No. 24: Hanoi New-Condo Prices Up 36% in a Year
Hanoi new-condo prices are up 36% in a year, US inflation eases to 3.4%, the RBA holds at 4.35% and Dubai apartment prices dip. Five stories from the week.
New-condo prices in Hanoi are up 36% in a year, to nearly VND 123 million per square metre, while the dong weakened against the dollar. Abroad, US inflation eased slightly to 3.4%, Australia held rates high, Dubai apartment prices dipped, and Saint Lucia turned down citizenship-by-investment files at a record rate.
Market pulse, week of 10–16/8/2026
Source: Cushman & Wakefield via CafeF (13 Aug); State Bank of Vietnam via Thanh Nien (13 Aug) and Thi truong Tai chinh Tien te (14 Aug); BLS (12 Aug); Fed; RBA (11 Aug); Reliant Surveyors via Consultancy-me (12 Aug)
Signals this week
Source: NAC, compiled from the sources in this issue
🇻🇳 Vietnam · Hanoi new-condo prices up 36% in a year
▲+36%average primary apartment price in Hanoi, year on year, Q2 2026Cushman & Wakefield, via CafeF 13 AugPhoto: Vuong Tri Binh, Wikimedia Commons, CC BY-SA 4.0
Cushman & Wakefield's Q2 2026 MarketBeat report, carried by CafeF on 13 August, puts the average primary apartment price in Hanoi at about USD 4,659, close to VND 123 million, per square metre, 19% up on the quarter. New launches fell to about 4,700 units, 44% fewer than a year earlier, and more than 52% of them were luxury. Le Hoang Lan Nhu Ngoc, a senior director at Cushman & Wakefield Vietnam, expects prices to keep rising in the short term because affordable stock is scarce.
For Vietnamese investors: at these prices, a new 80 m² apartment in Hanoi costs about VND 9.8 billion, by NAC's estimate. In the same week the State Bank lifted its central rate to VND 25,566 per dollar on 13 August, 245 dong above the end of July, Thanh Nien reported. Families with most of their wealth in local property and dong may want to hold part of it in foreign currency.
🇺🇸 United States · July inflation eases to 3.4%
▼3.4%US CPI inflation over the 12 months to July 2026, down from 3.5% in JuneBLS, released 12 AugPhoto: G. Edward Johnson, Wikimedia Commons, CC BY 4.0
On 12 August the Bureau of Labor Statistics reported that consumer prices rose 0.1% in July after a 0.4% fall in June. Annual inflation slowed to 3.4%, and core inflation, which strips out food and energy, to 2.5%. Energy prices fell 1.5% on the month but were still 14.7% higher than a year earlier, driven by a 24.6% jump in petrol.
For Vietnamese investors: the Fed's policy rate is still 3.5–3.75%, unchanged since December 2025, and the next meeting is on 15–16 September. With headline inflation above 3%, borrowing costs in dollar-pegged markets such as Dubai are unlikely to fall quickly. Families planning a mortgage abroad should budget for today's rates at least until year end.
🇦🇺 Australia · RBA holds at 4.35% after three hikes
●4.35%RBA cash rate, held on 11 Aug after three rises since the start of the yearRBA, 11 AugPhoto: Ché Lydia Xyang, Wikimedia Commons, CC BY-SA 3.0
On 11 August the Reserve Bank of Australia left its cash rate at 4.35% in a unanimous decision, its second hold in a row after three increases this year. The board said inflation is still too high, does not expect it back near the middle of the target range until late 2027, and kept the option of raising rates again if the risks materialise.
For Vietnamese investors: Australian mortgage rates are unlikely to ease soon, so rent has to carry the holding costs. Per NAC's listing data, completed apartments at West Side Place in central Melbourne cost about AUD 486,000, with an estimated gross yield of 5.2%. Natura Macquarie Park in Sydney, completed in 2025, costs about AUD 1.23 million, with an estimated yield of 4.6%.
🇦🇪 UAE · Dubai apartment prices slip 3.3% in the first half
▼−3.3%Dubai apartment price per sq ft, end-2025 to end-June 2026, now AED 1,790.8 (NAC calculation)Reliant Surveyors, via Consultancy-me 12 AugPhoto: Norlando Pobre, Wikimedia Commons, CC BY 2.0
Reliant Surveyors' analysis, published by Consultancy-me on 12 August, puts Dubai apartment prices at about AED 1,790.8 per square foot at the end of June, down from AED 1,852.8 at the end of 2025. Villa prices were nearly flat at around AED 2,324.7. The first half saw 81,839 home sales worth AED 225.7 billion, with off-plan homes 73.8% of transactions. Gross rental yields averaged 6.93% for apartments and 4.48% for villas.
For Vietnamese investors: prices have eased while apartment yields stay close to 7%, which gives buyers more room to negotiate. For off-plan, read the payment plan closely. Per NAC's listing data, DAMAC Golf Greens is priced from about USD 300,000 with an estimated 6.5% yield and handover around Q1 2028; DAMAC Safa Gate is about USD 542,000, an estimated 6%, with handover in Q4 2028.
🇱🇨 Saint Lucia · Citizenship-by-investment denials hit a record 13.5%
▲13.5%share of citizenship-by-investment files denied in FY2024/25, the highest on recordCIU annual report, via IMI Daily 13 AugPhoto: P. Hughes, Wikimedia Commons, CC BY 4.0
The annual report of Saint Lucia's Citizenship by Investment Unit, analysed by IMI Daily on 13 August, shows just 2,957 new applications in the year to 31 March 2025, down 47.6%. Decisions more than doubled to 2,633, and 355 files were denied, against 77 a year earlier. The average wait was 16 months, and 5,541 files from the past nine years are still undecided.
For Vietnamese investors: a denial rate that rose from 6.2% to 13.5% is a sign of tighter due diligence. Families choosing a Caribbean passport should have full source-of-wealth paperwork ready from day one. NAC's guides to two programmes in the same region are here: St Kitts & Nevis and Antigua & Barbuda.
Next week
Source: Fed August 2026 calendar, UK Office for National Statistics (ONS), Thailand's NESDC
NAC strategic insight
This week, home prices at home rose fast just as the dong weakened, while Dubai apartment prices eased and rates in the US and Australia stayed high. We favour overseas assets that are finished or close to handover, with clear rental income, bought with equity rather than debt. If you'd like to see how your family's wealth could be spread after this week, book a consultation with NAC.
Related on NAC
West Side Place, Melbourne · Natura Macquarie Park, Sydney · DAMAC Golf Greens · DAMAC Safa Gate · The NAC Residence Index
Sources
- CafeF — How will Hanoi's condo market move to the end of 2026? (13 Aug 2026, Vietnamese)
- Thanh Nien — USD price today 13 August 2026: central rate keeps rising (13 Aug 2026, Vietnamese)
- Thi truong Tai chinh Tien te — 14 August: central rate down 5 dong (14 Aug 2026, Vietnamese)
- US Bureau of Labor Statistics — Consumer Price Index, July 2026 (12 Aug 2026)
- Federal Reserve — Open Market Operations, target range changes · Federal Reserve — 2026 FOMC calendar
- RBA — Statement by the Monetary Policy Board: Monetary Policy Decision (11 Aug 2026)
- Consultancy-me — Dubai's property market entered a more selective phase in first half of 2026 (12 Aug 2026)
- IMI Daily — Saint Lucia's CIP Intake Nearly Halved in 2024/25 as Decisions More Than Doubled (13 Aug 2026)
- Federal Reserve — August 2026 calendar · ONS — Consumer price inflation, UK: July 2026 · Krungsri Research Flash on Thailand's Q2 GDP (17 Aug 2026)
