The real estate market is a market that promotes the economic, social development of Vietnam and contributes to improving the living standard of the population. The objective of this research is to diagnose the financial variables that are determinants of Return on Equity in real estate firms. The direction of the dissertation was supplied by taking data from 2007 to 2016 of 35 enterprises of Ho Chi Minh Stock Exchange. This study used Eview software. Random Effect Model with panel data is used to test relationship between variables. The results showed that except Current Ratio, the remaining financial ratios show statistical significance for the firms ROE. The findings concerning the financial firms indicate that only Risk is statistically negative significant, while the remaining financial ratios show statistic positive significance with ROE.