Young people looking for affordable housing
Recently, the keywords “cheap houses, affordable houses…” are being searched by many young people to “hunt” for apartments and condominium projects that are being built or about to be built by investors and brought to the market at affordable prices.
According to research by PropertyGuru (a real estate technology company in Asia), the age group from 22 to 39 is now the main group of customers with demand for buying houses, replacing the middle class group over 40 years old as before. At the same time, the rate of purchase by young customers is continuously increasing sharply.
PropertyGuru said that the demand for home purchases among the 22-34 age group has increased from 39% (2021) to 42% (2023). Notably, Gen Z (22-26 age group) has made a huge breakthrough when the number of searches to buy has increased from 13% (2021) to nearly 19% (2023).
According to real estate experts, it is very difficult for young people today to buy a house in the central area because their accumulated assets are small and their income is only stable, so affordable housing is currently the segment that meets the needs of the majority.
With average income and real housing needs, many young people are "hunting" for low-priced projects to buy. (Photo: PS)
Mr. Tran Cong Trinh (33 years old, from Quang Nam) shared: “My wife just gave birth to a baby, before Tet my family had to rent an apartment in Thu Duc, bordering Binh Duong for 9 million/month. With the rent being quite high, my wife and I are discussing finding a cheap apartment, in the suburbs or in another province as long as we have our own house and assets.”
According to Mr. Trinh, calculating to buy a house is very necessary now, but because in the central area of Ho Chi Minh City there are currently no cheap apartments around 1.6 billion VND, so he and his wife have to consider renting first, then looking for 1-bedroom apartments.
“My family’s income is only over 25 million VND/month. If we want to own a house, we have to go far away from the city center, even to provinces like Binh Duong and Dong Nai to buy a house. But I think if we find a 1-bedroom apartment for under 1.6 billion, it is very reasonable. The rent of 7-9 million VND, I will use to pay the bank. For young and healthy people, traveling far to work is normal,” said Ms. Hoa (from Ninh Thuan province).
From the suburbs to the center
According to statistics from Batdongsan.com.vn, the demand for real housing is increasing. However, the supply of apartments in 2023 will decrease in many localities. In Ho Chi Minh City, the supply of new apartments is estimated at nearly 7,500 units, down more than 50% compared to the same period in 2022.
Research data from the Vietnam Association of Realtors (VARS) shows that the apartment price index in Ho Chi Minh City in 2023 increased by about 16% compared to 2019.
Savill Vietnam's report said that in the fourth quarter of 2023, the average primary price of apartments was 54 million VND/m2, an increase of 19 consecutive quarters and an increase of more than 77% compared to the first quarter of 2019.
Cheap and convenient apartments in the center of Ho Chi Minh City are increasingly scarce. Currently, many investors are launching projects priced from 1.4 to over 2 billion to attract customers (photo PS).
In Binh Duong province alone, in just the past 4 years, the average price of apartments at around 30 million has jumped to 40-48 million/m2. In particular, areas such as Di An city and Thuan An city lead the price level.
Mr. Ha Van Thien, Deputy General Director of Tran Anh Group, said: "If young people and those with moderate incomes in Ho Chi Minh City cannot afford to buy a house, they can move to neighboring areas such as Binh Duong, Dong Nai, and Long An to buy a house at a more affordable price."
“Young people are always enthusiastic, passionate and full of effort. Whether single or married, having their own real estate is something many people aspire to. If we do not have enough potential in the center, then let's go further, for example, buying an apartment in an area far from the center but that is our property, accumulating real estate prices to increase, we can sell the old house, buy a new house and move closer to the city center. It can be seen that this calculation is far away, but if we do not do it now, do not have time to choose, then every year real estate prices continue to increase, the dream will become more and more difficult to have,” Mr. Thien shared.
Apartments with integrated utilities, suitable for young people, are being targeted by many investors. (Photo: PS).
According to Nguoi Dua Tin , currently a number of projects are being built in some central districts and communes of Ho Chi Minh City such as the 9X An Suong project, An Gia apartment complex (Binh Chanh)...
Or some projects that are right next to Ho Chi Minh City such as Bcons Polygon; Bcons Polaris Le Trong Tan (average price 40 million/m2), Pi Sky Park Apartment located in An Binh ward, adjacent to Thu Duc city (Ho Chi Minh City).
In addition, the Phu Dong Sky One project was also launched to the market targeting young customers. This project is offered for sale at a price of over 30 million/m2, a 1-bedroom apartment costs around 1.4 billion VND and the most expensive is also at 2.2 billion VND for an area of over 70m2.
Savills Vietnam experts assess that the demand for housing in Binh Duong province is increasing sharply, not only due to industrial development but also due to the wave of investors and people with real housing needs from Ho Chi Minh City.
This creates stability in market demand and ensures the continued development of the regional real estate market.
This is also considered a turning point to attract customers of the investor when launching low-priced products during the period when real estate is facing many difficulties and home buyers are looking for suitable products within their budget.
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