Many solutions to bring house prices back to their true value.

VTV.vn - For the real estate market to recover sustainably, it must solve the problem of affordable housing and control price increases that exceed people's incomes.

Experts believe that for the real estate market to recover sustainably, it must solve the problem of affordable housing and control price increases that exceed people's incomes.

Removing supply chain bottlenecks

After years of rapid growth, the real estate market is facing a major paradox: while demand for housing remains high, it is increasingly difficult for people to buy homes. In Ho Chi Minh City and many other major cities, apartment prices have exceeded the affordability of middle-income workers. The biggest gap currently lies in the housing segment for those earning between 20 and 40 million VND per month.

Speaking at the seminar "Real Estate Market 2026: Overcoming Headwinds, Embracing a New Cycle" organized by the Finance and Investment Newspaper on May 12th in Ho Chi Minh City, Dr. Can Van Luc, Chief Economist of BIDV Bank and Member of the National Advisory Council on Financial and Monetary Policy, stated that current housing prices remain too high compared to the income of the majority of the population. According to him, to reduce housing prices, it is necessary to first increase supply and remove legal bottlenecks.

This is a noteworthy observation because for many years, legal costs have been "hidden" in house prices. A project taking 3 to 5 years to complete the procedures means that businesses have to bear additional capital costs, interest expenses, opportunity costs, and a host of other incidental costs. Ultimately, the home buyer is the one who pays the price.

In the first quarter of 2026, the whole country had more than 40,000 apartments eligible for sale, but only about 7,000 were affordable housing and social housing.

Mr. Ngo Quang Phuc, General Director of Phu Dong Real Estate Joint Stock Company, said that although the demand for affordable housing is very high, businesses are facing difficulties right from the land acquisition stage. Developers are forced to shift to suburban areas to find land at reasonable prices, but finding land that is suitable for planning and meets the conditions for project development is not easy at all.

This reality clearly reflects the market imbalance. In the first quarter of 2026, the whole country had more than 40,000 apartments eligible for sale, but only about 7,000 were affordable housing and social housing. The figures, announced by Ms. Hoang Thu Hang, Deputy Director of the Department of Housing and Real Estate Market Management under the Ministry of Construction, show that the supply is heavily skewed towards the high-end segment.

Meanwhile, the middle-income group is in a "middle ground." They don't qualify for social housing but also can't afford high-end projects. Dr. Can Van Luc proposed the need to strongly develop apartments with areas of 70 to 100 square meters, priced at around 3 to 7 billion VND per unit depending on the locality. This is considered the most suitable segment for current housing needs.

Notably, regulatory bodies are also beginning to recognize this gap. The Ministry of Construction is studying the inclusion of a mechanism for developing affordable commercial housing into the revised Housing Law. If implemented comprehensively, this could be a turning point, helping the market establish a stable mid-range product segment instead of focusing solely on high-end housing as in previous years.

Transparency to reduce price surges

Rising housing prices stem not only from input costs but are also driven up by speculation and a lack of transparency. This is a situation that has existed for many years but has not been thoroughly addressed.

Ms. Hoang Thu Hang believes that one of the reasons for the unreasonable increase in real estate prices is the phenomenon of "price manipulation," speculation, and a lack of transparent data. When the market operates on rumors and expectations of price increases, the true value of real estate is easily distorted.

The establishment of a national database on housing and the real estate market, expected to be fully operational from July 1st, is considered a crucial solution to restore order to the market. When all legal information regarding projects, planning, transactions, and selling prices is made public, people will have a basis for determining true value instead of chasing artificial price surges.

Another positive sign is that credit policies are gradually shifting towards meeting real housing needs. Mr. Nguyen Le Nam, Director of the Individual Customer Division at Asia Commercial Bank, said that the bank is clearly differentiating between speculation and real housing needs to develop appropriate credit policies. According to him, interest rates are becoming a natural "filter" in the market. When borrowing costs increase, short-term speculators will have to consider their options more carefully, while the market will prioritize buyers who intend to live in the property.

This indicates that the market is entering a period of strong consolidation. Projects that rely solely on advertising or expectations of price increases will find it difficult to survive in the long term. Ms. Tran Diem My, Vice Chairman of the Board of Directors of Five Star Group, believes that what the market lacks most today is not projects but trust. After a period of significant volatility, buyers are more concerned about legal aspects, enforcement capabilities, and the long-term value of the property.

To bring housing prices back to their true value, the market cannot rely on a single solution. Simultaneously, it is necessary to remove legal obstacles, increase the supply of mid-range housing, control speculation, ensure data transparency, and manage credit rationally. When the market operates more transparently and supply meets actual housing needs, housing prices will gradually return to a more reasonable level in line with people's incomes.

This is also a crucial condition for the real estate market to recover in a healthy and sustainable way, instead of continuing the price increase cycles based on expectations and speculation as before.

Source: https://vtv.vn/nhieu-giai-phap-dua-gia-nha-ve-gia-tri-that-10026051216535357.htm