Land Transaction Activity Check
Specifically, the People’s Committee of Ninh Binh province has just issued a document requesting the provincial Police and functional branches to inspect real estate transactions in Hoa Lu city, especially detached houses and land, to verify the phenomenon of sudden price increases.
Images of land transaction locations sprouting up in Hoa Lu city.
The provincial People’s Committee’s document emphasizes strict handling of violations of the law on real estate business and related regulations. At the same time, the assigned units are tasked with proposing regulatory measures to ensure the stable, healthy, and sustainable development of the land market.
Previously, the Department of Construction of Ninh Binh province also proposed an inspection of real estate business transactions of detached houses and land in the area, with abnormal price increases in Hoa Lu city.
It is known that after Ninh Binh province completed the merger of Hoa Lu district into Ninh Binh city to form the new Hoa Lu city, more than 80,000 residents of the old Hoa Lu district officially became city dwellers. This has caused land prices in the area to soar. Previously, the common transaction level fluctuated around VND 3.2 – 3.4 billion/lot of 80m2, but currently, many land lots have been offered for sale at prices ranging from VND 3.5 billion to over VND 4 billion.
Are investors being manipulated by “speculators”?
According to Tien Phong’s investigation, land plots ranging from 70m2 to 80m2 in Hoa Lu city are currently being advertised for sale at prices ranging from VND 3.3 billion to over VND 4 billion, an increase of 2-3 times compared to a few months ago.
Similarly, Mr. and Mrs. Pham Van Hanh, wishing for a stable home in Hoa Lu city, have continuously experienced price gouging. Specifically, there was a land lot of 80m2 that Mr. Hanh was offered for over VND 2 billion, but a few days later, the price was pushed up to nearly VND 3 billion, and now it is being advertised online for nearly VND 4 billion.
According to the representative of the Ninh Binh Land Registration Office, land transactions are bustling on social media and through hearsay, but in reality, the number of transactions at the competent authorities has not increased. This suggests that land prices are being manipulated by “speculators,” leaving genuine buyers in a difficult position.
The representative also shared that most people come to the Land Registration Office only to carry out administrative procedures related to updating administrative information on land-use rights certificates after the establishment of Hoa Lu city (merging Hoa Lu district with Ninh Binh city). In reality, there is only a slight fluctuation in the number of land-use rights transfer transactions, not a sudden increase.
He also assessed that information about land prices doubling or soaring to billions of VND may be exaggerated and does not reflect the actual situation. This could be one of the “tricks” of real estate speculators to manipulate psychology and drive up land prices.
