Surging prices and a decline in the supply of affordable apartments are making it almost impossible for young Vietnamese to buy their first home.
Pham Hoai Nam used to think that being a grown-up means having a stable job, a good salary, a beautiful girlfriend, and his own house.
Now, at age 28, he is able to check off all of those items except the last one.
“My girlfriend and I plan to get married next year, and our only major concern now is finding a place to live,” Nam, who works as an electronics salesman in Hanoi, says.
He is among many young Vietnamese in major cities who are finding that their dream of owning a home is becoming increasingly elusive as real estate prices rise faster than incomes amid a decline in affordable apartment supply.