Majority of Vietnamese plan to buy property this year: survey

The Property Investment Sentiment Index dropped from 47 points in early 2022 to 36 points this year, as respondents believe that the current loan rates at banks are "unreasonably high," according to the Consumer Sentiment Study released recently by property listing platform Batdongsan.com.vn.

Still, 80% of respondents believe property prices will increase within the next five years, and one in five said the increase could be over 10%, according to the study, which polled 1,000 people who are interested in the property market nationwide.

The more property a person owns, the more he or she wants to buy, the survey found.

The survey found that 79% of those who own two properties plan to buy more this year, and for those who own three properties the rate is 87%.

Six out of 10 respondents say they plan to buy properties as an investment.

Among households with a combined monthly income of less than VND40 million, 46% are willing to spend 40-60% of their income on a mortgage.

Of households within the VND40-70 million income range, 67% are willing to pay the same ratio for a mortgage.

Le Bao Long, strategic director of Batdongsan.com.vn, said that seven out of 10 household in this income range bought at least one property last year.