A luxury apartment development in Thu Duc City in HCM City, which has been recognised alongside Hanoi as one of Asia’s least affordable cities for homebuyers. — VNS
HANOI: Vietnam's two biggest cities, HCM City and Hanoi, are among Asia's least affordable cities for homebuyers, Vietnam News cited a report by property consultancy CBRE as saying on Friday (Feb 14).
The two Vietnamese cities have surpassed Singapore in the gap between housing prices and average income.
The average price for an apartment in the capital Hanoi is about US$2,600 per square metre, while the typical annual income stands at $6,300, which results in a concerning income-to-housing price ratio of 2.4.
In HCM City, the average apartment price is $2,800 per square metre, with an average annual income of $7,500, yielding a ratio of 2.7.
Although housing prices in Vietnam are comparable to those in other Asian countries, the average income remains significantly lower, resulting in these concerning affordability ratios, said CBRE. - Xinhua
