He cited Thanh My Loi project land prices as an example. In 2007, land was some 40 million dong per square metre, while now it is 25-30 million dong. Similarly, land at Him Lam-Kenh Te project has dropped from 60 million dong per square metre to 35 million dong and land at Phu Xuan project has declined from 18 million dong to eight million. Real estate developers believe that prices are now low enough for people to afford houses and they also claim that prices will not decline further. They also point to many other positive conditions for people to purchase land and houses. Bank lending interest rates have decreased from 18-19 percent per annum to 14-15 percent.Financial experts believe that interest rates may decrease even further to 12-14 percent per annum. "For a long time, high interest rates were the biggest barrier, however, it has been decreasing," explained an analyst. "Therefore, now is the right time to purchase houses and land, a period when people can purchase houses at … [Read more...] about Is it time to buy a house?
Survey costs when buying a house
Eight years ago Ho Chi Minh City had established a HCMC Housing Development Fund (HOF) to support low-income groups to purchase an affordable house, keeping in mind the high rates of inflation. However, even after eight years, around 55 per cent of teaching staff in Ho Chi Minh City have to live in rented houses, according to a survey conducted by Sai Gon Giai Phong Newspaper. Most of them are living in the suburban districts 9, 12, Thu Duc, Go Vap and Binh Chanh. Teacher Huynh Hai Ng, wishing to remain anonymous, of Lam Son Senior School in Go Vap District, said he used to hear about the fund that supports low-income earners like teachers in buying a house of their own. But when applying, each person was approved only VND400 million, a sum so small that it will not buy a house. According to the latest HOF report, it has just mobilised approximately VND1 trillion from sources over a period of eight years since it was established. However, recently the fund reported it has lost its … [Read more...] about HCMC Housing Development Fund, a hope for low-income groups
Saving remains a priority among Vietnamese consumers but many are increasingly keen to buy products and services they like. Upon returning from a holiday in Europe that cost her VND70 million ($3,140), which is an impossible dream for many young Vietnamese without help from their family, Ms. Le Thanh Thuy, a 26-year-old office worker who earns VND7 million ($310) a month, was proud to show some photos to her friends. "I had to save two-thirds of my salary for a year to make my dream come true," she replied when asked how she could afford the trip. On many online social forums in Vietnam are topics relating to saving money to buy a house, to travel overseas, or to buy a car when you’re on a mid-level salary. Vietnamese people are keen to save and also consume and the economic situation is now well and truly on the mend. Change in thinking The latest Asian Development Outlook Update 2015 from the Asian Development Bank (ADB) released on September 22 showed that … [Read more...] about Saving remains a priority among Vietnamese consumers
Low-income families in Hanoi and Ho Chi Minh City are still struggling to find homes as the capital's housing plan for poor households seems infeasible and the southern hub lacks clear guidelines on the issue. The two largest cities in the country have so far carried out several programs to help its poor dwellers find affordable housing, but such efforts are not enough to meet the housing demand which has been increasing rapidly. Hanoi: Impractical strategy … [Read more...] about Poor city dwellers still unable to buy homes
VietNamNet Bridge - The gold and dollar markets froze after the efforts by the government to eliminate the black markets. Meanwhile, the gloomy stock market has not changed in the last two years, and liquidity is low on the real estate market. People also do not want to make deposits at banks because of the low interest rates. Where to invest is puzzling everyone. … [Read more...] about Where to invest is a puzzle to everyone