I used to try to save every penny, minimizing expenses as much as possible to save up for my dream of owning my own home. But all my efforts seemed hopeless in the face of the rapidly rising real estate prices.
HQC Binh Trung Dong social housing project, Thu Duc City, Ho Chi Minh City - Photo: QUANG DINH
My friend, who works for a private company in Ho Chi Minh City, talked about his and his wife's dream of owning a house, a dream they've had since having their first child nearly a decade ago.
Now that our second child is about to start first grade, a house remains just a dream.
For 10 years, my dream home has been slipping further and further away.
Every day, he wakes up early, squeezes onto crowded buses from Hoc Mon district to his workplace in District 3, and works tirelessly for eight hours. In the afternoons, he watches life through the bus window on his way back to his residence.
It was a house that housed 15 people, including my wife's parents, two families of my wife's siblings, my brother's family, and their children and grandchildren.
Before deciding to have a baby, my friend rented a room and let his wife use the motorbike to go to work. Then, because the children needed someone to look after them and take them to and from school, the couple decided to move back to the wife's grandparents' house for convenience and to save on expenses.
After 10 years, his wife still rides her motorbike to work, and he still takes the bus. Their life is a regular cycle of going to and from their shared home.
Although their parents and siblings were very close, the couple always longed for their own home.
"For a long time, the dream of owning a small house of our own has always motivated us."
A place where couples can live peacefully, have some privacy, and where children have a comfortable space for their studies and daily activities is becoming increasingly necessary as they grow older.
"But that dream seems too far-fetched for people like us whose monthly salary is the same as the previous month," he confided.
My friends' combined monthly salary is nearly 20 million VND. They have to be very frugal, but it's just enough to cover their living expenses and their two children's education, without having to spend money on rent like many other families.
Thinking about saving enough money to buy a house, or taking out a bank loan for a low-income apartment, seems like a distant dream for them.
Over the past ten years, I can't remember how many times the minimum wage has been adjusted upwards, but it's certain that housing prices have skyrocketed, far exceeding the affordability of the majority of the population.
"I remember once I happened to read an article that said, to buy an ordinary apartment in the city, a worker has to spend their whole life working. That statement has haunted my wife and me ever since," my friend sighed.
It's disheartening to see empty apartment buildings and abandoned projects.
A report presented at the National Assembly 's discussion session on October 28th regarding the results of monitoring the implementation of policies and laws on real estate market management and social housing development from 2015-2023 showed that many urban areas are abandoned while real estate prices have skyrocketed compared to the increase in income of the majority of the population.
In Hanoi and Ho Chi Minh City, there is no longer a segment of affordable apartments. According to the Hanoi People's Committee, mid-range and high-end apartments account for the majority. In 2022, apartment prices increased sharply, while transaction volumes were low.
In Ho Chi Minh City, real estate transactions have decreased sharply, while property prices have risen uncontrollably, creating an imbalance between price and value.
The Ho Chi Minh City Real Estate Association provided the National Assembly's supervisory delegation with statistics showing that since 2021, there are no longer any affordable apartments priced below 25 million VND/ m² in the city.
Many housing projects face legal obstacles, land clearance issues, investment procedures, land issues, and planning issues, leading to delays in implementation and progress.
While businesses have invested vast resources in large-scale projects, resulting in wasted land and capital, increasing difficulties and costs for investors, and consequently raising product prices.
That's not to mention the speculation that has inflated housing prices, creating a real estate bubble.
The monitoring team noted that these shortcomings and limitations have led to an irrational real estate product structure, an imbalance between supply and demand, primarily targeting the high-end segment, and a lack of products suitable for the affordability of the majority of the population.
I'm no better than you, my friend. I myself have tried to save every penny, minimized unnecessary expenses, and turned down many gatherings with friends and trips to save up for my dream of owning my own place.
But all my efforts so far, like those of many others, seem to have been in vain in the face of the rising house prices. I'm still living in a rented room in a house owned by a relative who has settled abroad, and even working day and night, I can't save any money.
Every time I pass by completed luxury real estate projects with many vacant units, or abandoned projects… I can't help but feel a pang of sadness and wonder: when will I ever have an affordable apartment in the suburbs to settle down and build a stable life?
Rising housing prices have become a heavy burden for many families. It makes the dream of owning a home seem distant, leaving many, like me, feeling helpless.
Lately, I've been reading in the newspapers that many people in the provinces are trending towards leaving the city and returning to their hometowns. I sympathize with them, even though I live in the city.
Hopefully, this situation will improve someday. Hopefully, there will be appropriate policies to support low-income people so they have the opportunity to own a home.
And most importantly, hopefully, the gap between wages, income, and prices, especially housing prices, will no longer be as wide as it is today.
Source: https://tuoitre.vn/cuoc-dua-bat-tan-giua-luong-thu-nhap-gia-nha-dat-va-uoc-mo-an-cu-20241029165749532.htm
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