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Thursday, August 10, 2006

Quiet Neighbors, But Lousy Resale Value

Residents of An Bang in Vietnam have been spending more on tombs for their relatives than on their own houses. Some of these elaborate structures take up more than 100 square meters of land, leading the local authority to limit their size to 9 square meters.

Thanh, a local man working as a construction worker, said that the trend began in 1991. A small tomb here costs at least US$7,000 while a big one normally costs around US$30,000.

If a family spends an amount VND150mil (US$9,375) on building tombs for their dead family members then other households feel they have to spend more than that.

The trend has forced many families to try even though they are in difficult economic situations. [Link]
To put this in perspective, per capita income in Vietnam last year was US$638.

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