Ms. H was one of the residents who were relocated from District 2 to District 9, Ho Chi Minh City, in 2015. In a recent sharing, Ms. H revealed that at that time, District 9 had an abundance of affordable land. Instead of purchasing land with her compensation money, her family chose to deposit it in the bank.
While her relatives were able to buy several properties in the surrounding area, Ms. H’s current home is her only asset. Now, as she considers moving, she reflects on how property prices in the district have skyrocketed, increasing almost tenfold.
According to Ms. H, back then, land in District 9 was mostly priced between VND 500-700 million per lot, with each lot measuring nearly 100 square meters. Larger plots with frontage within urban areas were priced at around VND 1-1.5 billion per plot. Today, even with VND 7-8 billion, it is challenging to find a 100-square-meter house constructed with one ground floor and two upper floors within an urban area on an inner road. The prices of frontage properties have soared to VND 30-40 billion per unit.
“After years of saving and with the money in the bank, I find it difficult to find a suitable house due to the significant increase in prices,” Ms. H shared. “I still regret not buying land or property when I had the compensation money and prices were more affordable.”
Once sparsely populated, District 9 has seen a significant increase in property prices. Many people regret missing out on the softer prices of the past. Photo: Tieu Bao
Ms. H added that there were times when brokers offered properties for sale at VND 6.5 billion per unit in an urban area near her residence, but these properties were actually located deep inside and did not have desirable locations. The properties she preferred were priced between VND 8-10 billion per unit.
According to observations, during the period of 2015-2016, some urban areas in District 9 (now Thu Duc City) had a sparse population. Today, after several “hot” periods, land and property prices in the area have surged. The population and amenities have also increased. Many people regret selling their properties earlier, while residents who received compensation land adjacent to these urban areas have improved their lives due to the significant increase in land values.
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