Experts explain high property prices in Vietnam
>> Bridges projects boost land prices in Hanoi's eastern area
Property prices in Vietnam are around 25 higher than average incomes because of high land prices and land taxes.
"That's mean most people can't afford to own a good house," he said.
Nguyen Hoai An, Head of Market Research and Consultancy at Commercial Real Estate Services in Vietnam, said the price of a property was calculated based on many factors such as the material prices and profit rates to attract investors. She said the interest in Vietnam's real estate market is higher than other countries due to its popularity.
Nguyen Van Dinh, deputy chairman of the Vietnam Real Estate Brokers, agreed that property prices in Vietnam were high compared to neighbouring countries.
According to Dinh, the average income in Vietnam is USD2,112 per year and the average income in Singapore is USD44,352. However, the property prices in Vietnam are nearly as high as the prices in Singapore.
He went on to say that high land prices and land taxes pushed the property prices up. In addition, the complicated procedures that real estate investors face also boost the investment costs.
"Some policies about land clearance and related problems are conflicted with each other and several taxes are unreasonable or collected twice," he said.
Illustrative photo.
"That's mean most people can't afford to own a good house," he said.
Nguyen Hoai An, Head of Market Research and Consultancy at Commercial Real Estate Services in Vietnam, said the price of a property was calculated based on many factors such as the material prices and profit rates to attract investors. She said the interest in Vietnam's real estate market is higher than other countries due to its popularity.
Nguyen Van Dinh, deputy chairman of the Vietnam Real Estate Brokers, agreed that property prices in Vietnam were high compared to neighbouring countries.
According to Dinh, the average income in Vietnam is USD2,112 per year and the average income in Singapore is USD44,352. However, the property prices in Vietnam are nearly as high as the prices in Singapore.
He went on to say that high land prices and land taxes pushed the property prices up. In addition, the complicated procedures that real estate investors face also boost the investment costs.
"Some policies about land clearance and related problems are conflicted with each other and several taxes are unreasonable or collected twice," he said.
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