The prices in Vietnam’s capital Hanoi are among the highest in the world.
The average home price in Hanois capital, which is roughly 20% more expensive than the US, is estimated to be $2,739.
The average price of a home in Haoi, the country’s largest city, is also over $2 million.
It is also cheaper than Hong Kong, with a median price of $2.5 million, according to a 2016 report by the research group Euromonitor International.
In addition to the expensive prices, Vietnam’s real estate market is still a tough one to access.
In Vietnam, a house can be sold for around US$2 million (US$3.6 million), according to the real estate website Zillow.
Many buyers have been forced to move abroad to get their houses and apartments sold.
While Vietnam is a wealthy country, it is not a big seller of houses.
According to Euromonitors report, just 7% of the countrys population are home buyers, compared to 24% in the US.
The country is also home to the world’s fourth-highest rate of unemployment, with 13.9% of people unemployed, according the US Bureau of Labor Statistics.
Vietnam’s economy has been undergoing rapid economic growth, and the country is now expected to grow at an annual rate of 6.3% this year, according a Reuters report.
The country is not only the world leader in real estate but is also the top destination for expatriates who want to settle down in a foreign country, according Al Jazeera.
«Vietnamese real estate is very expensive, and it is expensive in a way that the US is not,» says Nguyen Thi Thanh, the head of the realtors office at the Association of Vietnamese Real Estate Professionals in Hualien, Hanoii province.
Virtually all of the apartments and houses are owned by foreign nationals.
There are only about 1,000 apartments and homes available in Huanon province, which encompasses Ho Chi Minh City, according TOI.
The main obstacle to buying a home is that prices in Hainan province, a neighbouring province, are much higher, at over $1 million (around US$1.8 million).
The country’s central bank has estimated that the cost of a house in Hanyang province alone will exceed US$5 million.
Realtors in Hội province, on the other hand, estimate the cost to be about US$400,000.
«There are so many issues with Hanoibans real estate,» says the head at Zillows, Nguyen Phuong Pham.
«People are scared to buy houses in Hương province.
Many people are buying apartments because they think they can stay in the country.»»
Virtues»Hanoi is not alone in this regard.
In the UK, there are some major housing markets with high prices.
According to Euromoney, the UK’s second largest property market is Havering in Suffolk, England.
The market has a median home price of £1.6m ($2.1 million), up from just over £800,000 (around $1.3 million) last year.
«We’ve seen a significant increase in sales of properties,» said Andrew Hill, vice president at Havering’s estate agents, Property Group Limited.
«In May, we had 4,000 listings and now we’ve had 7,000.»
«People are getting used to living in the capital and it’s a great city.
I’m very happy with the prices,» says Karen Lee, a property agent at Property Group.
«Havering has a lot of different prices.»
The housing market in Vietnam is not the only problem facing the country.
The real estate industry has been hit by a number of corruption scandals in recent years.
According a 2014 investigation by the US House of Representatives, Vietnam was the most corrupt country in the Asia-Pacific region.
In addition to being the country with the world highest per capita wealth, Vietnam is also ranked second on the Corruption Perceptions Index, which takes into account global corruption.
In November last year, Vietnam became the first country to be hit by two years of economic sanctions over its alleged involvement in the trafficking of illegal drugs.
The sanctions were imposed by the United Nations Security Council following the killing of a former Vietnamese national, Nguyen Ngoc Loan, who was killed in an apparent hit-and-run in Huy Ngu, the capital of Hanoipos province.
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