HCM City authorities have d land prices to over VNĐ687 million (US$27,000) per square metre in central districts and VNĐ2.3 million on the outskirts, up four to 38 times compared to previous rates.
Land plot prices in HCM City and neighboring provinces such as Binh Duong, Dong Nai and Long An decreased by 10-25 per cent compared to early this year due to the central bank’s tight monetary policy for real estate lending.
The Ha Noi property market is once again seeing a wave of increased land prices in suburban areas, thanks to rumours of some districts being developed under the model of "city within a city".
The Ministry of Construction (MoC) and the Ministry of Natural Resources and Environment (MONRE) have simultaneously requested provinces and cities to strengthen review of State management on land prices as there is a land fever in some localities.
HCM City People’s Committee recently proposed the land prices frame be more market-based because large gaps with the market prices have caused significant losses to budget collection.
While there are few, if any, signs of the real estate bubble bursting in 2020, the Ministry of Construction said that land prices could increase in some areas.
Quang Binh Province’s Department of Construction has urged commercial banks to tighten control over real estate loans to prevent speculation which is pushing up land prices in the central province.
After land prices, and, along with them, instances of violation of land laws, surged in certain places, the provinces involved have temporarily banned land transactions pending the approval of new regulations, helping cool off the market.