Young people temporarily put aside their dream of buying a house in Hanoi
Ms. Nguyen Kim Oanh (23 years old, Dan Phuong) is working as an office worker with a salary of 15 million VND/month.
“With my current income, I find it really difficult to save enough money to buy a house, especially when house prices are constantly climbing. Every month, I have to spend about 3 million VND on food and personal expenses. Although I live with my parents so I don’t have to pay rent, the distance from home to work is quite far, causing me to spend about 1.5 million VND/month on gas. After deducting all expenses, I only have a small amount of savings left, so it will probably be a long time before I can think about owning an apartment,” said Ms. Oanh.
Mr. Dang Minh Hung (25 years old, Dong Da) said that with his current salary of 13 million VND/month, he does not dare to think about buying a house.
“Every month, in addition to the cost of food and living expenses of about 3 million VND, I also have to pay 3.5 million VND for rent, not to mention transportation, electricity and water costs and other expenses. Although I try to save, I can only save about 4 - 5 million VND each month,” Mr. Hung shared.
Mr. Hung said that if he wanted to buy a house in Hanoi, he would have to do many other jobs to increase his income. However, he would have to sacrifice his effort and time for his family.
Real estate prices skyrocket
According to a survey on the real estate market, the main customer group of the residential real estate market in Vietnam is getting younger in age. Young people from 22 to under 39 years old are becoming the main customer group with demand for buying houses, replacing the middle class group over 40 years old as before.
The Ministry of Construction's report on housing and real estate market in the third quarter of 2024 said that the affordable apartment segment with a selling price of less than VND 25 million/m2 has almost no transactions and products for sale. The mid-range apartment segment, with prices from VND 25 million/m2 to less than VND 50 million/m2, still accounts for a large proportion of transactions and supply in the market. The rest are high-end and super high-end apartments (with prices above VND 50 million/m2).
In Hanoi, a survey by the Ministry of Construction shows that some luxury apartment projects cost around 46 - 75 million VND/m2.
