Latest data reveals that Ho Chi Minh City holds the top spot in Southeast Asia for the property price-to-income ratio, indicating that its apartments are the least affordable in the region.

Among the nine cities surveyed in the region, HCMC leads with a ratio of 36, followed by Manila at 35.7, and Bangkok at 31.8, according to a survey conducted by the price-tracking platform Numbeo.

A higher price-to-income ratio signifies lower affordability.

Phnom Penh in Cambodia secured the fourth position at 29, followed by Jakarta in Indonesia at 20, and Hanoi at 18.5.

Numbeo reports that the average cost to purchase one square meter of an apartment in HCMC’s center is approximately US$4,700, which is 7.2% higher than second-place Manila. This figure is twice that of Hanoi.

HCMC also claims the top position in the price-to-rent ratio in the city center at 37, followed by Bangkok at 31.8 and Singapore at 30.3.

Analysts point out that residential property prices in HCMC have been soaring in recent years as developers have prioritized constructing high-profit luxury units, resulting in almost zero supply in the affordable segment.

According to real estate services firm Cushman & Wakefield, the average cost of a mid-priced segment apartment in HCMC, with an area of 70 square meters, two bedrooms, and two toilets, is VND4-4.5 billion. This is 16-17 times the average urban household income.

A survey conducted by property consultancy Savills Vietnam indicates that, without financial support from the family, the minimum income required to buy a house in HCMC is VND30-45 million (US$1,270-1,900) per month.