return icon Vietnamnet.vn

Land prices soar, 5-year savings not enough to buy land plot

Land prices have been escalating not only in large cities but rural areas as well.

{keywords}

 

Dung from Nam Dinh said she graduated from a university and began working 10 years ago. She and her husband have total monthly income of VND30 million. After getting married, they began saving money to buy a house in Hanoi.

They now have VND1 billion but not enough to buy an apartment. Land and house prices have been escalating. Small apartments with two bedrooms in the suburbs of Hanoi are selling at least at VND1.5-1.7 billion.

They cannot expect support from their parents and dare not borrow money from banks for fear that they won’t be able to pay debts.

Dung decided to use the money to buy a land plot in her hometown. When the land prices increase, she will sell the land plot to get money to buy an apartment in Hanoi. She believes this is a reasonable investment, because land prices increase more rapidly than apartment prices.

To her surprise, land prices in the hometown are also soaring. A neighbor said the local land market is bustling these days. The land in a small alley has soared from VND5-7 million per sqm to VND15-18 million, while land plots facing asphalt roads are selling at VND20-25 million.

Dung knows that land prices are escalating everywhere, but she could not imagine that the price increases would be so high. A 90 sqm land plot which was offered one year ago at VND950 million sold for VND1.7 billion.

As such, with VND1 billion, she cannot buy a land plot in an advantageous position which can bring high profits, but only buy a small land plot in a small alley.

Thinh, 32, from BacGiang province, graduated from a university and took a job which brought income of VND10 million, which was just enough to cover his basic needs and support his parents.

Five years later, his salary increased to VND15 million and VND20 million and he is now thinking of buying a house and getting married. However, with VND600 million his dream of having an apartment is still far away.

When returning to his hometown last Tet, he was astonished when realizing that land prices soared by 3-5 times over the last two years. The land market has become bustling with investors flocking to the area to ‘hunt’ for land.

Real estate experts said land price escalation is the result of urbanization and infrastructure development. 

Minh Thu

Corporations choose Vietnam for investments, land prices increase

Corporations choose Vietnam for investments, land prices increase

A number of investment projects worth billions of dollars have been registered, which shows continued growth of the economy and the industrial real estate sector.

Income per capita low, but land prices sky-high

Income per capita low, but land prices sky-high

To prevent speculation and price inflation, the State needs to apply comprehensive measures to increase the transparency and supply in the market.

MORE NEWS

Gia Lai province has new Chairman

The Government has confirmed Mr. Truong Hai Long as new Chairman of the Gia Lai provincial People's Committee.

Investors dump shares in panic, VN-Index drops nearly 46 points

The VN-Index officially lost the 1,110-point mark, retreating to the bottom made in February 2021 in the first trading session of October on October 3.

First Vietnam monkeypox case returns from Dubai

The Ministry of Health confirmed on October 3 that a woman returning from Dubai has infected with the monkeypox virus, the first case recorded in Vietnam so far.

Coca-Cola injects US$136 million into Long An plant

Coca-Cola Beverages Vietnam Co., Ltd is poised to start development on a beverage factory with total investment capital exceeding US$136 million in Phu An Thanh Industrial Park of Ben Luc district in the southern province of Long An.

List of 48 websites showing signs of law violation announced

The Ministry of Information and Communications (MIC)’ Authority of Broadcasting and Electronic Information has announced a list of 48 websites showing signs of law violations as of the end of the third quarter.

Secretary of Hai Duong Provincial Party Committee expelled from Party

The Party Central Committee decided to expel Secretary of the Hai Duong Provincial Party Committee and Chairman of the provincial People’s Council Pham Xuan Thang from the Party during the first working day of its sixth plenum in Hanoi on October 3.

VIETNAM NEWS HEADLINES OCTOBER 3

Hanoi seeks UNESCO's recognition for Mo Muong

Seven must-visit destinations in Vietnam for coffee connoisseur

From the 19th century until now, coffee has taken a journey to become an irreplaceable part of Vietnamese culture and life.

Petrol prices fall to over a year record low of VND21,000/litre

Petrol prices tumbled to the lowest level in more than a year in the latest adjustments made on October 3 by the Ministries of Industry and Trade and the Ministry of Finance.

Foreign ODA and concessional loans reach 15.5% of target

Disbursement of foreign official development assistance (ODA) and concessional loans has been slow, achieving only 15.48% of the target, the Ministry of Finance reported.

More foreign visitors to HCMC signals thriving tourist season

Roughly 100 French, American, German tourists traveled to Ho Chi Minh City on French Le Laperouse yacht of Ponant after the last visit in mid-November 2019 signaling a thriving tourist season.

First monkeypox infection detected in HCM City

The Ho Chi Minh City Department of Health has just announced the first reported case of monkeypox in Vietnam.

VIETNAM BUSINESS NEWS OCTOBER 3

2.97 billion USD in FDI poured into HCM City in 9 months

Trendy jobs in Vietnam

New and fashionable professions are being pursued by many young people. But not everyone is succeeding.

Shooting star targets bright future

After the retirement of senior champions, the Vietnam shooting team is now relying on its younger athletes, such as 18-year-old Phi Thanh Thao, who was recently nominated as Best Young Athlete of 2022 at the prestigious Victory Cup.
back_to_top