Worried about rising housing prices, parents buy houses for their children to go to college

Since the high school graduation exam ended, Ms. Nguyen Thi Thanh’s family (Hai Phong) has been searching all over the streets in Nam Tu Liem District ( Hanoi ) to buy a house to prepare for their child to go to university. She said that she has been following the house prices in Hanoi for many years, which have been continuously increasing. If she does not buy a house soon, by the time her child graduates, she is afraid that the prices will have increased too much and it will be difficult to buy.

She said that buying a house cannot be done carelessly, so she asked a broker to find many houses at the same time. By the weekend, her family will go to Hanoi to see each house. About a week ago, her family decided to buy a house in an alley that has been built with 5 floors, 4 bedrooms, and a floor area of ​​36 square meters in Me Tri ward (Nam Tu Liem district) for 6.2 billion VND, equivalent to more than 170 million VND/square meter.

Ms. Thanh believes that although house prices in Hanoi are currently very high, because of "limited land and large population", it will be difficult to reduce them. Therefore, if you find a house that you like and the price is a little higher, you will still be willing to pay.

Sharing the reason for buying a house early for her child, Ms. Thanh said that currently renting a room in Hanoi costs about 3.5-4 million VND/month, electricity and water bills according to the landlord's business price are about 1.5 million VND/month. Thus, if renting each month, her family has to pay from 5 to 5.5 million VND, the total for 4 years of study will be about 260-280 million VND. If you want a place to live that is more secure and cleaner, you will have to rent a mini apartment, which will cost much more.

Her family has calculated that after buying a house, one room will be for her child to live in and the remaining three rooms will be rented out. The money earned from renting will be used to pay for her child's tuition and living expenses.

Recently, Ms. Thanh also added that her child has passed the university entrance exam in Cau Giay district. The house is currently being repaired, so that when her child starts school, she can move in immediately.

Many people are concerned that housing prices in Hanoi will continue to increase (Photo: Duong Tam)

In fact, Ms. Thanh’s family is not a rare case of buying a house for their child to go to university. Last year, Mr. Nguyen Xuan Dang’s family ( Nam Dinh ) also bought a 70m2 apartment in Thanh Xuan for 3.2 billion VND for their child to go to university.

According to Mr. Vu Thanh Tung - director of a real estate trading floor in Hanoi, it is not new for parents in the provinces to have "food and savings" to buy houses for their children to go to university. In the past few years, after universities announced the admission results, some parents in the provinces rushed to Hanoi to buy houses.

Mr. Tung said that in previous years, old apartment products with prices around 2-2.5 billion VND were favored by parents. Some families with better conditions would choose residential houses from 4 to 6 billion VND.

However, he also admitted that this year, house prices in Hanoi have increased too much. Besides, the university admission scores were only announced a few days ago, so parents have contacted him to find houses less than before.

Giving his opinion on housing prices in Hanoi in the coming time, Mr. Tung said that it will be difficult to decrease, and may even continue to increase because the supply is currently scarce, while the demand is increasing.

Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Realtors (VARS) - said that the Hanoi housing market is forming a new price level due to increasing demand. Housing prices have increased by 5-15% compared to the end of last year. Although the price increase here still has many unusual signs, it cannot be denied that the large amount of interest and transactions are real.

According to him, housing prices in the inner city will hardly decrease, so customers with real housing needs and not using large financial leverage should consider putting money down to buy a house if they find a product that suits their financial ability.

History shows that like the apartment segment, Hanoi's residential land prices also recorded a similar increase at the end of 2021. By mid-2022, when the market was difficult, the price of this type decreased but was "insignificant" compared to the increase.

Source: https://dantri.com.vn/bat-dong-san/lo-gia-nha-tiep-tuc-tang-cao-phu-huynh-tau-nha-cho-con-di-hoc-dai-hoc-20240819010447181.htm