Land fever wreaking havoc on Central Vietnam

The land fever has recently broken out everywhere in Vietnam, especially in the Central region, which is typically considered the poorest part of the country due to harsh weather. Whenever there is a little information related to possible infrastructure projects in this region, land brokers begin to spread rumors about land value rise, leading to an unavoidable rush of land selling and buying, with prices being increased to abnormal peaks.

Rice fields in Huong Thuy Town of Thua Thien – Hue Province are being mechanically leveled for sale. (Photo: SGGP)

Since the beginning of this year, the land market in the central province of Quang Nam has become thriving once more. Along 500-meter Nguyen Gia Thieu Street in Dien Ban Town, there are over 20 temporary kiosks of land brokers, displaying all kinds of land-related information.

40-year-old H., who is a broker in one such kiosk, shared that compared to January, many land lots within the border of Dien Nam – Dien Ngoc new urban area has witnessed a price growth of VND300 million to reach VND2.5 billion (US$109,300) per 150-square-meter lot. Some on major roads even come to VND3 billion ($131,100). She is willing to help buyers deposit with land owners, then proceed with swing trading.

Other brokers assured that after Tet holiday, thousands of land transactions have been conducted in Dien Ban Town, so there is no fake land fever; and that land prices have gone up day by day.

However, an employee in a notary office commented that the number of land transfer contracts in the area lately has seen no significant rise. Therefore, this rumor of such a large quantity of land transactions might be a ruse of land brokers to earn profit from land price differences.

In another place in Vietnam central region, the information on Thuan An Bridge project and a coastal road construction project has attract much attention of investors to Quang Cong coastal area in Quang Dien District and Hai Duong in Hue City, where the to-be road will pass by.

30-year-old land broker Le Quang Thanh stores many pictures of projected Hai Duong urban area near Thuan An Bridge, some of which look so much like Can Tho Bridge, for advertising purposes. He promised to land buyers and investors that when the projects officially launch, they will immediately earn a profit of billions of VND.

Illegal real estate transaction kiosks are increasingly appearing near Dien Nam – Dien Ngoc urban area of Quang Nam Province (Photo: SGGP)
Similarly, the rural land lots near Dong Ha City of Quang Tri Province have experienced unprecedented price rise after a clip of hundreds of people carrying out transactions for 12 land lots in Ha Xa Hamlet of Trieu Ai Commune (Trieu Phong District of Quang Tri Province) was spread on the Internet. Each lot in the clip costs VND650-790 million ($28,400-34,500).

Chairman of Trieu Phong District People’s Committee informed that most people appearing in that clip are land brokers from other areas. The 12 mentioned lots have a total surface area of 1,200m2, and the land use right has belonged to local residents for a long time.

Because of the recent land fever in the Central region, many land merchants come to remote areas and illegally level agricultural land after buying several lots for speculation purpose. Lap An Lagoon in Lang Co Town (Phu Loc District of Thua Thien – Hue Province) has been treated like that, followed by subdivision of lots for sale.

The person responsible for such a law breaking activity is Nguyen Quang Hai from Hanoi, who bought the 1,000-square-meter agriculture land lot from Nguyen Quoc The. The land leveling activity has expanded the current land lot surface to 1,5000m2.

Another broking service appearing recently in Da Nang City is the service to transform land use purpose from agricultural to residential one. After this change, the land price may increase by 2-3 times.

That leads to many people trying to borrow money at all cost for swing land trading with the dream of getting rich quickly. Others perform short selling of agricultural land, some of which do not exist in reality. They assure buyers that they have methods to transform land use purpose from agricultural to residential one. The price they sell is only about 50 percent of the market one, and thereby being able to attract many investors with limited financial sources. Using this way, they appropriate billions of VND.

Vice Chairman of Hoa Vang District People’s Committee Nguyen Tan Khoa informed that most land-related information carelessly posted on social networks is imprecise and unverified. He further added that the district land use plan in 2022 has no content on transforming agricultural to residential land use, while its land use planning until 2030 has not yet been approved.

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