The Ministry Of The Construction: Not Increase The Price Of Land As The “Rumors”

The ministry of construction requires the functional authorities capturing the information and deploying the solutions for the stability of market as well as avoiding occurring the increased price of land according to the “rumors”.

The land purchases become vibrant in some riverside areas of Ho Chi Minh City recently such as District 2, District 9, Binh Chanh District, Hoc Mon, Cu Chi, Can Gio… make up the virtual craze having the adverse impacts on the property market which should be corrected in time.

The Ministry of construction has suggested that the Department of construction of Ho Chi Minh City needs to grasp the situation and reports the people’s committee implementing the appropriate solutions in order to stabilize the market and avoid increasing the price of land according to the “rumors”.

price increase land

Land background area district 2 “virtual” fever

Accordingly, Ho Chi Minh City needs to the public the planned information of the areas as well as the progress of the project from transportation, infrastructure, and the real estate.

In addition, the authorities should organize the delegation to inspect the property business to rectify the sale land which is illegal in these areas where hot spots of the price are.

The administration of the areas needs to propagandize extensively among the people about the information and the rumors to help the people knowing and not going virtual craze…

If the implementation of the measures is good, they will make to stabilize the land market again in the region – Ministry of construction confirmed.

Up to now, Ho Chi Minh City has the phenomenon of rising land prices in some regions such as District 2, District 9, Binh Chanh district, Hoc Mon, Cu Chi, Can Gio…

The land price increases from 10-20%, others areas boost 30-40% or increase to 70% compared to 2016.

The phenomenon of rising prices has had the negative impacts on the property market which have the potential risks and affects the sustainable development of real estate market in Ho Chi Minh City.

According to the real estate association of Ho Chi Minh City, the main cause of rising prices is the development of transportation infrastructure system in the areas.

price increase land

Land background area 9 district “virtual” fever

Especially, there are a number of large transportation projects which are formed as Metro Ben Thanh – Suoi Tien line, Cat Lai bridge project, Phuoc Khanh Bridge…

These are elements that are advertised to have the stimulating effect to make to increase the price of land in the area to the east, south, and west of the city.

Besides, the number of large enterprises is preparing to invest in large projects in these areas also contribute to the “craze”.

A series of projects are given to attract the clients plunging into this area such as Vingroup prepares to invest the project for Safari semi wild park with the scale of 400 hectares in Cu Chi District; the land reclamation urban project in the Can Gio District.

Tuan Chau Group proposed to the investment the project of Saigon Riverside Avenue 60 km long from Cu Chi District through the District 12, Go Vap District, Binh Thanh District to District 1; proposed the new city project planning in Cu Chi District…

Furthermore, some areas such as Binh Chanh, Hoc Mon will turn into the county and form the city model in the East, South, and West of Ho Chi Minh City… where are also took advantage of pushing up land prices by the speculation or the broker.

In terms of the policy, in the process of implementing the decision No.33/2014 on October 15th 2014 of Ho Chi Minh of people’s committee regulates the minimum land area of the split the red book in the countryside and the municipality have also been taken advantages to split the red book by the speculation and the brokers into some regions and making to destabilize the market.

When the speculation and the broker take advantage of information about the planning and rumors to make the price and push up the land prices to get the nefarious profits, the secondary investors also purchase the land and wait for the increased price to make up the virtual craze in this area.

However, in terms of overall, the housing administration and the real estate market (Ministry of construction) asserts that the early months of 2017, the housing price is not much volatility.

In Ha Noi and Ho Chi Minh City, the price of housing in the inner city of the number of high-end projects, the convenient location, the infrastructure, good construction progress, the charismatic investor, the attractive sale policies and promotion, the price has increased slightly, about 3-5% compared to 2015. However, only a few projects also increase 10%.

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