Having graduated and worked in Hanoi for nearly 10 years, Mr. Nguyen Dinh Phuc (from Xuan Truong district, Nam Dinh) has set a goal of buying a house before starting a family.
Mr. Phuc said that in 2015-2016, the house price was only about 20-22 million VND/m2, but at that time the savings were not enough to buy. By the 2020-2021 period, when the accumulated amount was more than 800 million VND, the house price had reached more than 40 million VND/m2.
Until he got married and wanted to buy a house to stabilize his life, Mr. Phuc decided to borrow from the bank, but the house price had increased too much so he could not buy.
Having children, the cost is higher, the monthly savings are less, while the price of a house is increasing "skyrocketing", the dream of buying a house in Hanoi for the couple is becoming increasingly distant.
Mr. Phuc's family's story is just one of many cases that young families are currently facing in big cities.
In many cases, buyers decide to borrow money from banks to buy a house when their jobs are stable and their income is high. However, a few years later, loan interest rates increased suddenly, causing them to fall into a difficult situation.
Many people have to accept selling their houses to get money to pay the bank because they are not able to "carry" high interest rates.
Currently, home ownership is becoming a big challenge for young people, especially when real estate prices in big cities are constantly increasing.
According to CBRE Vietnam's report, by the fourth quarter of 2024, the selling price of apartments in Hanoi had reached VND72 million/m2 of irrigation works, an increase of 36% over the same period in 2023.
In addition, many projects opening for sale in the next phase have adjusted prices up by 10% to 40% compared to the previous phase, making the opportunity to own a house for young people increasingly remote.
Faced with these difficulties, the Ho Chi Minh City Real Estate Association (HoREA) has issued a document proposing a number of solutions to develop affordable commercial housing.
Accordingly, HoREA recommends promoting projects with prices not exceeding 35 million VND/m2, or the total value of apartments not exceeding 3 billion VND.
At the same time, the Association also proposed that the State Bank consider implementing a mechanism for young people (18-45 years old) to borrow to buy a first house at a reasonable commercial interest rate, about 6-7%/year and the loan is guaranteed by the house itself.
With a loan term of 10-15 years, this policy is expected to create motivation for businesses to restructure projects, shifting investment direction to the affordable housing segment suitable for the majority of buyers.
At the conference with commercial banks on February 11, Prime Minister Pham Minh Chinh also requested the State Bank to study and continue to have preferential credit packages for both supply and demand to develop social housing, housing for young people aged 35 and under and disadvantaged groups.
In fact, the banking industry is implementing a number of loan programs for social housing and workers' housing.
Information about housing incentives for young people has given Ms. Pham Thi Hang (30 years old, in Dien Chau, Nghe An) more hope that she and her husband will have the opportunity to buy a house in Hanoi after nearly ten years of living and working in the capital.
According to Ms. Hang, house prices are getting higher and higher, buying a house is too difficult for the couple to earn just over 30 million VND per month.
"As housing prices are getting higher and higher, if there is a preferential loan package, it will be easier for me to buy a house. Housing is always a difficult problem for young people like us" - Ms. Hang added.
