The boost in sales and the slowdown of the land bank expansion are expected to help land and house prices decrease in the remaining quarters of 2022, according to VNDirect Research.
When people lack information about planning and land use plans, especially projects under survey or preparation phases, it is easy for land brokers or traders to blow up land prices to seek profit.
In 2021, Lam Dong provincial authorities asked the Nam Da Lat Urban Area project developer to pay compensation of VND19 billion for 257 hectares of forestland.
Land fever has attacked not only large cities but also rural areas, leaving young people without hope of buying a house.
The real estate market is predicted to recover and develop healthily in 2022 after experiencing a year of upheavals in 2021.
Many real estate brokers lack professional knowledge and ethics and do ‘hit and run’ business, causing losses to customers by giving wrong advice or even cornering the market and causing artificial land fever.
Land prices recently soared by VND30-50 million per square meter in some places, but the number of successful transactions was modest.
The Ministry of Natural Resources and Environment has told local authorities to inventory land and report on land use.
The Ministry of Construction (MoC) and the Ministry of Natural Resources and Environment (MONRE) have requested provinces and cities review State management on land prices amid 'land fever' in some localities.