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Friday, June 21, 2024

Beyond the reach

By Do An

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The dream of owning a home in Vietnam’s urban centers is slipping out of reach for many, as housing prices surge ahead of wage growth. Urgent action is required to address the pressing need for affordable housing, as it plays a pivotal role in fostering social resilience and driving economic prosperity. Rapidly escalating housing costs, coupled with limited availability, are widening the affordability chasm, posing a significant challenge to low- and middle-income households aspiring to become homeowners. This concerning trend, mirrored both locally and globally, underscores a fundamental market imbalance, as highlighted in a recent report by Avision Young, a real estate services firm. Unattainable housing Recent data from Numbeo, a cost of living data platform, paints a stark picture of the housing market in Vietnam. The average house price in the country in 2024 stands at a staggering 23.7 times the average annual household income, as indicated by the country’s “house price to income ratio” (HPR). Although this figure represents a slight decrease from 24.1 recorded in mid-2023, it marks a significant surge from 20.5 in 2022, catapulting Vietnam to the 11th position among 104 countries and territories surveyed by Numbeo. Disparities in HPR are notable among major cities […]
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