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Why is it increasingly difficult for Vietnamese to own a home

The common desire of most Vietnamese is to be able to own their own house, but this will become increasingly difficult with the narrowing of land funds, scarcity of social housing, rising house prices, and purchase loans. House for the poor ……

Real estate market will adjust to balance supply and demand

Banks and worries about real estate lending

real estate in 2020. Supply is located in the suburbs

Apartment projects with names like “Matrix”

Who doesn’t want a home!

For Vietnamese people, housing plays a very important role. It is not only a place to live, but also a home, because if you settle down, you will be happy. However, for many people, it is still a very luxurious dream to have a small house, a stable place to live and a guaranteed minimum living condition.

Nguyen Ngoc Thuyet (Taiping Province) shares.” My husband and I earn about VND20 million/month, but both of us still try to “work hard” so that we can buy a house and give our children a comfortable place to play and also have a small home.” But until now, according to what Ms. Thuyet shared, even though they have accumulated a certain amount of money, they are still hesitant to choose to buy.

Thuyet confesses.” If there is a low-income type of housing, I don’t know if I can buy it, I don’t know what the price is and the quality is okay. I was worried about why I didn’t buy it. Now I have a grandson who will be sent to kindergarten soon. In Hanoi, the dormitory is still too crowded for the child to move around, not to mention not having a Hanoi residence and not being able to afford to send the child to a private school.

Bí quyết để sở hữu một ngôi nhà đẹp hoàn hảo

Who doesn’t want to have a house, but can’t afford it, and the loan is too big to borrow. I hope how it’s okay to have a small house of about fifty square meters, but not a large plot of land. More than twice the size of this motel room would be nice.”

Indeed, to some extent, hospitality houses also fulfilled their social mission when they became shelters for millions of low-income workers in urban areas. However, most of the guest houses are now degrading rather quickly and are in poor living conditions. This has many negative impacts on both residents and society. According to statistics, in Hanoi, the population growth rate has reached 2.2% per year in the last decade. Every year the city welcomes about 120,000 babies and 80,000 to 100,000 immigrants. There are no official statistics yet, but most migrants are young people, college students, who then stay and settle in the big cities. In a report on “affordable housing”, the World Bank (WB) says that each year, Vietnam needs about 374,000 additional apartments in the city and the number of urban households is estimated to increase to 10. ,million in 2020 (from 8.3 million in 2015). The new demand is concentrated in several large cities and industrial areas. The two largest cities are Hanoi and Ho Chi Minh City. Ho Chi Minh City will lead urban development in the medium term. The Red River Delta region (including Hanoi) and the Southeast region (including Ho Chi Minh City) account for about two-thirds of annual housing demand, equivalent to 244,000 apartments out of 374,000 per year. V.

Similarly, in the city. In Ho Chi Minh City, a report by research firm Nielsen said that 72 percent of 25-35 year olds in Ho Chi Minh City still cannot own a house because the price is too high compared to their income.

City Real Estate Association. Ho Chi Minh City (HoREA) released data in 2019 that there are about 476,000 households across the city that are homeless or living with parents and relatives (about 1.5 million people). This number applies to all age groups. These people make up a quarter of the total number of households in the city. Ho Chi Minh City.

According to HoREA, the demand for home ownership is high not only among couples, but also among single people. Owning a home helps people to live a stable life and have an official household in a big city from which they can enjoy many social benefits for their children and themselves.

Why is it getting harder to buy a home?

A number of real estate market reports for the third quarter of 2019 show that home prices in major cities have continued to rise over the past five years. For example, in 2015, the price of a Class C apartment was about VND16 million per square meter, but now it has increased to VND25 million per square meter. Land plots have also increased more rapidly, with some areas seeing a 200-300% increase in land prices compared to five years ago.

The reason for the rapid price increase in the past period comes from the lack of cheap supply in addition to the scarcity of supply, so investors keep collecting and then shifting through a lot of demand, leading to lower and lower prices. Pushing up, this means it’s harder for people to have a real demand for housing

Duong Duc Hien, director of housing sales at Savills Hanoi: “It’s quite difficult for people under 35 to own a house without inheriting real estate or getting help from the previous generation. Currently, family support contributes a lot to the economic potential of Vietnamese kindergarten buyers.

It is a fact that the income of young customers cannot meet the housing prices in big cities such as Hanoi and Ho Chi Minh City. Ho Chi Minh City. Two-bedroom mid-range apartments in Hanoi cost between VND3-6 billion, equivalent to $140,000-$200,000, roughly equivalent to developed markets. On the contrary, the income level in Vietnam is not comparable, so it is difficult to own a house”.

Mr. Nguyen Chi Thanh, Vice Chairman of the Vietnam Association of Real Estate Brokers, analyzed that in some big cities, the stages of project approval and inspection are also more strict and difficult. In addition to the positive side of contributing to the transparency and sustainability of the market, it can also be seen that this inspection is taking longer than before.

“This is not positive news,” Thanh said. I think it is necessary to take measures to shorten the time for project approval. With that, the land inspection phase is not a new thing, but it is not a new thing if we don’t have a mechanism and just let the investors themselves reach an agreement on the land inspection of the project to qualify to bring the project to the market. Creating a product for investors and people will continue to be ongoing.”

Mr. Thanh also said that government policies and attention need to be increased if housing programs are to be developed to continue to stabilize the market and create better conditions for people to enter the real estate market.” Regarding mechanisms and policies to create favorable conditions, everything from the site clearance phase, land valuation phase, approval procedures, and delays in the issuance of red books need to be eliminated.

There are many stable highlights in the market in 2019, but it is also evident that the number of products placed on the market is lower than in previous years. With this momentum, the number of products placed on the market in 2020 continues to decrease, and only a few projects that have completed some procedures will have the ability and opportunity to be brought to market.

In addition, without a need to stabilize the market and create a stable orientation in the land pricing phase of 2020-2025, prices will only increase significantly to gain or not create a policy mechanism. For low-income housing, there will be very limited opportunities and benefits for businesses in the social housing and low-income housing sectors.

“In fact, in 2019, there is no incentive mechanism, and if nothing changes, certainly in 2020, this will continue to be the case”, Mr. Thanh stressed.

Mr. Thanh also said that the contribution of real estate to the Vietnamese economy is very important. At one point in time, we wrongly considered real estate as non-production. At present, we are still oriented to restrict credit to real estate. This makes it difficult for real estate developers, investors and people with genuine housing needs.

“Credit restrictions should only apply to companies that are not doing well, companies with bad projects, and good projects should encourage investment. Businesses that do well will of course make good profits, which is a contribution to the economy. I hope that there should be more perspective on the housing industry, and if there are more support programs for low-income housing development, it will certainly increase the supply of housing that people can access.” It’s easier with housing,” Mr. Thanh emphasized.

According to the Navigos 2019 survey on housing prices in Ho Chi Minh City. Ho Chi Minh City and Hanoi for many groups with stable incomes, the survey ranged from a low level of VND72 million/year to a gradual increase to VND264 million/year, based on basic housing needs (two-room apartment) sleeping, worth 2 billion dong), the difference between income and housing price is currently at an unimaginable level.

The survey results show that the average income of recent graduates is the lowest among the survey group at VND72 million/year. So with the above mentioned house prices, it can be seen that students’ income is only 1/28 of the current house prices. house prices in the two most developed cities in Vietnam are also 17 times higher than the average income of experienced employees (VND120 million/year).

Team leaders and supervisors with an average income of VND192 million/year recorded that house prices in the market are 10 times higher than their income. At the same time, management, department heads with income of VND264 million/year, the price of apartments in the market is 7 times higher than the income of this group.


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