This is the statement of Mr. Kenichi Ohno from Japan’s National Graduate Institute for Policy Studies (GRIPS) at the recent Conference “Starting new growth engine: Enhancing the cooperation of domestic and foreign-invested enterprise”.
Comparing with Ginza, the highest land price in Japan or Kabukicho, the largest entertainment district of Tokyo, Mr. Kenichi Ohno noted that land price of Ha Noi Old quarter is lower. However, land price of Hanoi Old quarter is much higher than central districts of Tokyo such as Hongo, Shirokanedai or Idibashi.
On the whole, he said, land price in such districts as Ba Dinh, Hai Ba Trung, Dong Da, Tay Ho and Cau Giay is equal to that in Kotoku district, Sugynamiku district, Tachikawa city and Hino city. “It is such surprising findings because the income difference between two countries is quite large. Based on the converted 2012 nominal exchange rate, income per capita in Japan is 31 times higher than Vietnam’s”, Mr. Kenichi Ohno remarked.
Simply put, similar to income comparison, the amount of money Ha Noi residents need for, earn or lose from real estate transaction is 31 times higher than that of Tokyo residents.
The land price is one of six paradoxes existing in Vietnam’s real estate market that Prof. Dang Hung Vo, standing Vice Minister of Natural Resources and Environment has mentioned. He said, the average house price is 25 times higher than the average annual income of ordinary people compared to the ratio of 2 to 4 times in other countries. It would take them 100 years to buy a house if they saved 25 percent of their total income”.
T.Minh
Đăng ký: VietNam News
