After The Land Fever In Ho Chi Minh City: Speculators Miserable, Run Eat Each Meal

There are thousands of square meters of land, but many real estate investors in Ho Chi Minh City also suffer and pay each day to pay bank interest.

Some days, Mr. Tran Van Bau (Phu Nhuan district) runs over the real estate trading floors in District 2 and District 9 to sell 5 plots of land in each of hundreds of square meters at Nguyen Duy Trinh street (District 9) and Dong Van Cong (District 2). These are the land lots that he bought in April, the land market in Ho Chi Minh City high with the price of billions per lot. To get money to buy land, he borrowed from the bank, relatives … but now, land fever passes he cannot sell to repay.

See more: Apartment for Sale in Ho Chi Minh City

Ms. Tran Thi Huong (District 2) has been ranked as a rich woman because of big houses, cars… thanks to land. Now, she is suffering from debt to invest in land in many places.

In the case of Tran Van Tuan (Phu Nhuan district), holding dozens of land purchase contracts in hand, but he cannot afford to pay phone subscriptions now. Because of his money, he bought the land, the land cannot sell and interest making him almost exhausted.

They have a large or small land but are running worry about interest paid bank and creditor every day, it is the adversity of many characters “reputation” in the earth speculators in Ho Chi Minh City.

Real estate market behind the fever

Behind the “fever” of the land

Before the “strong hands” of Ho Chi Minh City leaders, the land price of the city has begun to cool down. However, according to Nguyen Van Hau, general director of Asian Holdings Real Estate Joint Stock Company, the land is a great need of Vietnamese people. Especially the land with the red book in the areas convenient transportation still keep prices, even tend to increase prices.

Land divided into two types, including the jammed land and land created by real estate businesses. With the jammed land and residential land in locations with great development potential, legal clarity, price stability and can increase. With land created by businesses, prices will also be stable, but the level of price increases will depend on the quality of the project.

Worry about pay interest bank and creditors each day. It is adversity is the adversity of many “reputation” in the earth speculators in Ho Chi Minh City.

As land prices increase, neighborhoods will also increase. Land prices increase differently in different areas. There is a virtual increase, but there is a real increase,” Hau said.

Read more: The ” Hot Spots” In The Ho Chi Minh City Real Estate Market Of The Second Half Of The Year

According to Nguyen Dang Quynh, general director of Hien Vinh Long An Real Estate Joint Stock Company, land will not go down in all areas. In Ho Chi Minh City, there are still many land projects offered by investors. For example, Sai Gon Village project (Binh Chanh district) the investor has just sold at phasic II, with a total area of over 30 hectares, selling at $20 thousand/unit. Right after the sale, customers have come to buy quite a lot. This shows that the demand is still very large.

Excessive land but lack of money

In the northwest of Ho Chi Minh City, over the weekend, Cat Tuong Real Estate Corporation held opening sale ceremony Hong Phat & Vip Land commercial belongs to Cat Tuong Phu Sinh Ecotourism Trade and Tourism Township. On an opening day, more than 1.500 customers came to find out and buy land.

According to Tran Quoc Viet, General Director of Cat Tuong Real Estate Joint Stock Company, land market fluctuations in the past do not affect the purchasing power of the project, because his company aimed at real customers, tightening secondary investment, building trust with customers.

“The ground segment is convulsion only when secondary investors show up to buy. Most pushed positions are agricultural land that there are no planning and selling in the form of “follow” of traffic planning. Many investors are still selling ground projects at this time and selling very well, as the market still has a place for real estate projects for people,” said Viet.

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