The Dual-Use Airport in Binh Duong: How Real Estate Agents are Hiking Up Land Prices with Just a Proposal

The Prime Minister has recently approved the planning for Binh Duong province for the period 2021-2030, with a vision towards 2050. This includes a requirement for the local government to allocate land reserves for the research and consideration of investing in the construction of an airport in Dau Tieng, referred to as Dau Tieng Airport.

Previously, in 2023, Binh Duong province also proposed to supplement the planning of a dual-use airport project covering an area of approximately 200 hectares. This proposal is strategically positioned to facilitate the development of an airport that serves economic growth while also ensuring national defense and security in the coming years. According to the plan, Dinh An commune in Dau Tieng district is designated as the location for the proposed dual-use airport.

Despite this proposal, up until now, it has only been an idea on paper, and it has not been officially approved. Nevertheless, the Binh Duong real estate market has experienced several fluctuations in response to the airport news. In 2023, many land brokers continuously spread information with headlines such as “Dau Tieng is getting an airport soon,” “Dau Tieng land is about to get hot with the airport announcement,” and “investment opportunities in Dau Tieng land…” to attract investors.

Currently, the People’s Committee of Dau Tieng district, Binh Duong province, is in the process of implementing land retrieval, site clearance, and resettlement for the planned Dau Tieng Airport in Dinh An commune. In reality, the land retrieval has been carried out by the People’s Committee of Binh Duong province since 2015, with the purpose of constructing an airport for national defense purposes, detailed planning of land plots for military barracks, training grounds, and defense constructions to contribute to the protection of the nation.

Taking advantage of the land retrieval process for the airport construction, several land broker groups have entered the market. In the area along DH 704 road (Dinh An commune), land prices have surged multiple times compared to 2021. Previously, the transfer price of land plots ranged between VND 1.5-2 billion/ha (depending on the location), but with the news of the proposed Dau Tieng Airport in early 2023, land prices tripled. Even land plots that were previously overlooked have seen significant increases.

Simultaneously, the market has witnessed the presence of investors who have acquired multiple land plots surrounding the retrieved area (50 hectares) in anticipation of the airport development. Land brokers have also continuously spread information about the airport construction to sell their properties and arbitrarily increase prices for certain land plots. However, unlike previous phases, from 2023 onwards, the Binh Duong market has not experienced a rush of land acquisition, creating a short-term speculative frenzy as seen in other areas with proposed airport constructions.

In reality, the provincial real estate market neighboring Ho Chi Minh City has witnessed waves of speculation fueled by airport-related information, resulting in many investors holding onto devalued assets.

For instance, at the beginning of 2021, after the news of Binh Phuoc province’s leadership surveying potential locations for the Tecnic Airport project in Tan Loi and An Khuong communes (Hon Quan district), thousands of people flocked to the area to inquire and purchase land, causing land prices to skyrocket.