The growth was faster than the 10.7% achieved in full-year 2022, according to the State Bank of Vietnam.
But mortgages declined by nearly 1.4% in the seven-month period to VND1,730 trillion.
There would be an increase in supply with property developers managing to resolve the legal problems their projects had been facing and now seeking funding to complete them, the SBV said.
Industry insiders said developers have been looking to banks for money since the bond market has been affected severely by recent events.
The central bank said the bad debts ratio in the property sector increased to 2.58% in July this year from 1.8% a year earlier.