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Vietnam's growing number of young homeowners

One month after starting classes at a major university, Nguyen Quang Nam purchased a 70-square-meter, two-bedroom condominium in Hanoi for VND2.4 billion ($97,511).

The 19-year-old from the northern province of Bac Giang, who paid for the flat on his own, was happy with his acquisition.

"If I hadn’t bought the apartment, I would have spent nearly VND300 million on rent during my four years at university," he said. “Acquiring a house before I turn 30 has always been one of my objectives.”

Four years ago, Nam started her career as a game content maker on TikTok and YouTube. He saw a gradual increase in his earnings after a few months, finally making between VND60 and VND80 million every month.

After being accepted to a university in Hanoi, Nam started thinking about becoming a homeowner in the city. He had already saved up over half the price of the property he intended to buy. He so agreed to repay the remainder on a monthly basis after borrowing money from his mother and uncle.

Nam has been studying and working extra to develop TikTok channels as a service to KOLs and KOCs (influencers on social networks) in order to make sure he has enough money to pay his mortgage.

Not being able to buy a house as early as Nam, but Nguyen Phuoc Xuyen, from An Giang, also signed a contract to buy a 52 m2 apartment, priced at two billion VND in Thu Duc City (HCMC) at the age of 28, after two years of working four jobs. same time.

Xuyen, a Vietnamese student at Ho Chi Minh City University of Finance and Marketing, grew up in a farming family and planned to buy a house in 2016. After graduating with a savings book of 85 million VND, he started a private dormitory business project, which broke even and made a profit. He now has an additional 150 million VND. Despite this, he still has to work four jobs, including dormitory business, advertising writing, beauty queen assistant, and real estate, generating around 30 million VND per month. He works 12-14 hours a day, and his living expenses are strictly controlled using a financial management application, ensuring they do not account for more than 1/3 of his income.

In early 2020, Xuyen wanted to complete his plan, so he began "surfing" investments with a friend, which meant buying back incomplete real estate projects. He invested VND150 million, about 15% of the value of the apartment he wanted to buy, in buying and then reselling properties.

After three successful deals, Xuyen pocketed a profit of 240 million, allowing him to make a deposit on his apartment in Thu Duc City. The rest he borrowed from the bank at an interest rate of 7.8%. In the middle of that year, Xuyen received the house and decided to rent it out for VND6.5 million a month, and he moved out to a hostel.

"I want to optimize costs to cover the installment payment of nearly VND8 million per month," Xuyen said. "Renting the new apartment makes it easier for me to pay my rent."

Asurvey by real estate technology group Property Guru showed that people aged 26-42 driving the highest demand for properties in 2023. Individuals aged 27-30 accounts for 42% of this demographic, while those aged 32-40 makes up 24%. In stark contrast, about 15% of real estate seekers are over the age of 42.

Further emphasizing this trend, Property Guru noted a marked increase in real estate investment interest among the Gen Z and Gen Y populations, all under 35 years, as evidenced by their growing online searches over the last three years.

A consumer psychology survey by real estate research company and buying-selling platform Batdongsan for 2024 showed that a substantial 64% of prospective real estate buyers are under the age of 39.