Need 4 billion VND to buy a new apartment in Hanoi
"This is almost the first time in history that Hanoi apartment prices have increased so rapidly in such a short period of time," the director of a Hanoi branch of a real estate market research unit exclaimed during a recent announcement of market information for the third quarter.
This person said that historical analysis shows that over the past 10 years, Hanoi apartment prices have increased by an average of 5% per year. Even in the period 2009-2019, apartment prices fluctuated little, sometimes decreasing and increasing by an average of only 2% per year. However, in the third quarter of this year, prices increased by 26% in both primary and secondary apartments.
This research unit said that in the primary market, the average selling price of apartments in Hanoi has reached 64 million VND/m2 (excluding VAT and maintenance fees), only 3% lower than the current average price in Ho Chi Minh City. Meanwhile, in the secondary market, the average selling price reached 46 million VND/m2, up 5.5% quarter-on-quarter and nearly 26% year-on-year.
Savills Vietnam data even shows that the price of primary apartments in Hanoi in the third quarter reached 69 million VND/m2, up 6% quarter-on-quarter and 28% year-on-year. The selling price of old apartments increased to 51 million VND/m2, up 10% quarter-on-quarter and 41% year-on-year.
Notably, apartments priced above VND4 billion accounted for 70% of the total number of apartments sold, a sharp increase compared to only 2% in 2020. Meanwhile, the segment of apartments priced below VND2 billion almost disappeared from the market, accounting for only 1% of the total supply.
An apartment building in Hanoi (Photo: Tran Khang).
"Fasting and wearing clothes" for nearly 40 years to buy an apartment?
Not long ago, Mr. Nguyen Duy Hung, Chairman of the Board of Directors of SSI Securities Corporation, shared on his personal Facebook that: With the current expensive real estate prices, if young people do not seek investment channels to have passive income, then with their salary, the possibility of being able to buy a house is very small.
The question is, if you only work normally and have no passive income, how long will it take to buy an apartment with a popular price of 4 billion VND today?
Recently, the General Statistics Office announced the average income of workers in some common industries in the economy for the first 9 months. Accordingly, the average income of the electricity, gas, hot water and steam production and distribution industry was 11.2 million VND, up 13% compared to last year. Workers in the real estate business were 11.7 million VND, up 11.6%.
Average income of some occupations in the first 9 months of the year (Source: GSO).
The average monthly income of workers in the finance, banking and insurance sector is 12.7 million VND, up 11.2%. Workers in the mining sector have an average income of 11 million VND, up 7.8%; construction workers have an average income of 8.4 million VND, up 6.7%.
In addition, the average monthly income of wage workers was 8.5 million VND, an increase of 7.7% over the same period last year.
Male workers have an average income of 9 million VND and female workers have an average income of 7.9 million VND. Workers working in urban areas have an average income of 9.5 million VND and those working in rural areas have an average income of 7.7 million VND.
Assuming people in these professions spend 100% of their income on buying a house, it will take them from 315 to 520 months to own a 4 billion VND apartment.
The fastest in this group are probably workers in the finance, banking, and insurance industries. These people take about 26 years and 3 months to buy a 4 billion VND apartment. Next are those in the real estate business, taking 28 years and 6 months to buy a house. Coming in third is the electricity, gas, and heat production and distribution industry with nearly 30 years of income.
From the above figures, it is estimated that if you only work for a salary with an average income of 8.5 million VND/month, you need to go without food and clothing for 39 years and 3 months to buy an apartment worth 4 billion VND.
Source: https://dantri.com.vn/bat-dong-san/lam-cong-an-luong-nhin-an-nhin-mac-40-nam-moi-mua-duoc-chung-cu-ha-noi-20241017121058986.htm
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