While Vietnam’s reforms provided some of the weakest legal private property rights amongst the transition countries, cities like Ho Chi Minh City have booming domestic real estate markets.  Interestingly, properties for sale are advertised with a variety of property rights claims.  This paper analyzes HCMC’s institutional context and utilizes real estate listings in newspapers from 1998-2001 to employ a hedonic price model to analyze the pattern of prices at which sellers offer properties in Ho Chi Minh City.  The findings show that several forms of property rights, enforced by highly decentralized state institutions, are operational in the market with varying levels of risks and values.