Owning houses of the majority of people, especially in urban areas such as Hanoi and Ho Chi Minh City, is increasingly challenging the situation of continuous price levels.
Owning a house in the capital used to be a dream in the reach of many workers, but now, with an income of about 10 million VND/month, that dream seems to be more distant than ever.
Ms. Nguyen Huong Lan (32 years old) - Office worker in Hanoi - shared: "Every month after deducting living expenses, I only have about 3 million VND left. Perhaps it takes decades to pay for prepayments, not to mention the interest of bank loans. Currently, the price of Hanoi house is too high, I have abandoned the dream of buying a house in the city ”.
Lan's story is not a rare case. Many young people, despite having a stable job and average income, still have to choose to rent a long -term house or go to suburban areas in the hope of finding "softer" houses.
Mr. Nguyen Quoc Anh - Deputy General Director of batdongsan.com.vn - said that the price increase of Vietnamese real estate is in the top of the world, leading to the ability to buy houses of people more and more difficult. .
Deputy General Director of batdongsan.com.vn cited, from 2019 to 2024, Vietnamese real estate increased at 59% in 5 years. This increase is much higher than the developed countries are the US (54%), Australia (49%), Japan (41%), Singapore (37%) ...
"With the hypothesis of using all income to buy a house, Hanoians will have to work for 169 years to buy a street-front house with an average selling price of 22.8 billion VND/unit; it will take 132 years to buy a private house with an average selling price of about 6.3 billion VND/unit. With apartments being offered for sale at an average price of 3.1 billion VND/unit, people also need 23 years" - Mr. Quoc Anh said.
Mr. Nguyen Van Dinh - Chairman of Vietnam Real Estate Brokerage Association - said that people with average income are increasingly difficult at the situation of continuous housing prices. Currently, the primary projects are highly priced, from 60 million VND/m2 or more.
Meanwhile, according to data from the General Statistics Office, the average monthly income of labor in Hanoi in the third quarter of 2024 is 10.7 million VND/month. Thus, the total income of a Hanoi household will be about 21.4 million/month. With the current price of apartments, to be able to buy an apartment in Hanoi, depending on the area, buyers need a minimum income ranging from 45 million to 210 million VND/month.
Mr. Dinh said that depending on the taste of investment and lifestyle, some people will still choose to reduce the cost of living, take risks to buy houses early, accept bank loans and suffer from financial pressure. This group of buyers will face quite a lot of unforeseen things such as economic decline can cause home buyers' income, reducing the ability to pay or increase the pressure of debt repayment for those who have borrowed capital.
Bank interest rates are not fixed and in some stages, adjusting interest rates makes home loans more expensive, which may make it impossible for them to cover installment payments. In addition, others will choose to wait or rent a house to be more flexible in finances. In addition, many customers also lower the criteria for finding a house so that they can soon own a place to live.
