After a period of quiet due to COVID-19 and a "frozen" real estate market, land prices in Dong Anh district, Hanoi, have now surged again, surprising many.
Recently, land along lakes in Hanoi and Hoa Binh has experienced a boom as many investors are scrambling to buy it, with prices in many areas doubling or tripling in a short period of time.
According to a report by the Ministry of Construction, in the first quarter of 2021, land prices in many areas increased sharply, in some places by as much as 45-46%.
The widespread land speculation frenzy, with land prices fluctuating wildly every day, has led many to jump into "speculative investing" hoping to make quick profits. However, when the land fever subsided, many found themselves bankrupt.
According to Mr. Le Van Khoa, Vice Chairman of the People's Committee of Ho Chi Minh City, the districts of Cu Chi, Nha Be, Binh Chanh, and Hoc Mon do not yet meet the conditions for upgrading to urban districts.
The recent land price surge in Ho Chi Minh City and some provinces, besides factors like infrastructure and planning, is largely due to speculators inflating prices, which is one of the main reasons for the rapid increase in land prices in a short period of time.
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