Land prices rise, but fewer transactions

Land prices have skyrocketed in several cities and provinces areas, but the number of transactions this year has fallen by 30 percent from last quarter.

Vietnam, real estate, land price, land fever

The Ministry of Construction said the number of land purchase transactions was nearly 36,000 in the fourth quarter of 2020, and it fell to around 25,000 last quarter.

Deputy Minister of Construction Nguyen Van Sinh said land fever has broken out in suburban Hanoi and HCMC, Hai Phong City, the northern provinces of Quang Ninh, Bac Ninh, Bac Giang, Hoa Binh, and Phu Tho, and the southern provinces of Dong Nai and Binh Duong.

The General Department of Land Administration said prices tripled in Bac Giang.

The northern province of Thai Binh and southern city of Can Tho have also been caught up in the fever.

One common factor in all these places has been the spread of rumors about development plans or status upgrade to town or city.

"The rumors have given rise to speculation," deputy director of the administration Dao Trung Chinh said.

Sinh said people should be wary of rumors about government development plans, and should only buy in places where there is clear information."

The Covid-19 pandemic has affected businesses, limiting investment in them, while banks deposit interest rates are low, meaning property is an attractive investment option, he said.

The State Bank of Vietnam is tightening lending to the property sector.

The government is developing social housing to provide people with places to live, especially for workers in industrial zones.

The Ministry of Natural Resources and Environment has ordered the administration to examine land administration procedures in 26 provinces and cities.

The ministry has urged local governments to publicize information about the progress of housing and infrastructure projects to prevent rumors.

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