About 2.3 to 10 times higher than the average income of the household in Hanoi
The Vietnam Real Estate Brokerage Association (VARS) said that the minimum income is recommended to buy an average price house in Hanoi is about 2.3 to 10 times higher than the average income of Households in Hanoi.
VARS cited data from the General Statistics Office, the average monthly income of labor in Hanoi in the third quarter of 2024 reached 10.7 million VND/month. Assuming a household with 4 people, including 2 people of working age, the total household income will be about 21.4 million VND/month.
“With the average price of apartments in 2024, it reached 70 million VND/m2, the new opening projects were priced from 60 million VND/m2, to be able to buy an apartment in Hanoi, buyers needed There is a minimum income ranging from 45 million to 210 million VND/month, depending on the region, ”VARS said.
In particular, in the central districts such as Hoan Kiem, Ba Dinh, Dong Da, Hai Ba Trung or Tay Ho, the gap between the annual minimum wage needed to pay for mortgage and household income average up to 10 numbers.
Even in suburban areas such as Ha Dong, Bac Tu Liem or Long Bien have a more accessible price, but it is only suitable for individuals and households with income from 40 - 60 million/month.
VARS's calculation is based on the average house price in each district and assumes that buyers can borrow 70% of the house value with an average interest rate of 8%/year for 20 years.
According to the financial principle, the total monthly installment payment should not exceed 40% of the income, the minimum income is recommended to buy an average price house in Ha Dong, Long Bien, Nam Tu Liem, Bac Tu Liem and Gia Lam are about 2 to 3 times higher than the average household income of Hanoi workers.
In the districts of Hoan Kiem, Ba Dinh, Hai Ba Trung, Dong Da or Tay Ho, the minimum income needs to be over 1 billion VND/year, equivalent to the difference between 3.7 to 8 times. In Cau Giay and Thanh Xuan districts, the difference is 3 to 3.5 times.
This means buying a house in Ha Dong, Long Bien, Nam Tu Liem, Bac Tu Liem and Gia Lam districts is more feasible for households with typical income, provided they are ready to " "bear the burden of expenses, spending more than 40% of the income for monthly installments.
New land price list will affect business groups
Commenting on the price of apartment buildings in Hanoi, exchanging with Lao Dong Dr. Nguyen Van Dinh - Chairman of Vietnam Real Estate Brokerage Association (VARS), new land price lists can increase housing prices in Ha. In 2025.
Mr. Dinh said that it is necessary to consider the negative impact when the land price is based on the current market, where the supply is low - demand, the price is pushed to a high level or being abused. "If you take this" virtual price "as a legal basis, the risk of creating a vicious circle: real estate prices are constantly increasing, people are difficult to access, while businesses are under high pressure", ", Mr. Dinh said.
According to Mr. Dinh, the new land price list of Hanoi will affect businesses, in which businesses have financial capacity: capable of meeting new prices but must increase the price of products, put pressure on market.
Small and financial enterprises are essential: Facing the risk of stopping operations or having to transfer the project. However, the law stipulates that financial obligations must be fulfilled before transfer, increasing difficulties.
Enterprises renting production and business land: must carry higher rent, leading to increased product costs, reducing competitiveness in the context of cheap imported goods.
"These consequences not only reduce investment attraction but also can restrain the long -term economic development, the revenue from the land, although it increases in the immediate future, is difficult to sustain," he said.
Therefore, he proposed a solution to build a method of calculating land prices based on development stimulating thinking, instead of focusing on increasing budget revenue. Completing standard measurement tools, issuing periodic real estate price index, similar to the stock index, in order to ensure the actual price.
