Want to be in the loop?
subscribe to
our notification
Business News
LAND LOT PRICES SPIKE IN HO CHI MINH CITY
A spike in price for land lots in Ho Chi Minh City’s suburban districts has been occurring since the end of 2017 due to high demand. A representative of a real estate exchange company in District 9 said the price of land lots had been rising steadily by 10 to 15 per cent since Tet (Lunar New Year), while some plots in the outskirts of Ho Chi Minh City had increased by 30 per cent.
Offered lots are usually bought very quickly.
One woman said that a 56-square-metre (m2) wide piece of land lot that she bought in the morning and put up for sale was immediately bought by someone else in the afternoon, netting her VND700 million ($30,730).
In another case, one man said that he wanted to buy a land lot in Thu Duc district’s Pham Van Dong street, which was VND3.3 billion ($150,000) at the end of 2017, but then decided to wait until after Tết to buy it. But it was bought by someone else for VND3.9 billion ($177,272).
Lots in the western part of the city such as Binh Tan and Binh Chanh districts are also seeing massive increases in prices. Some have nearly doubled in value.
A man in Binh Tan district said: “I just bought a 120-m2 wide land lot on Ten Lua street for VND5.5 billion ($250,000). Now someone is willing to pay VND9.5 billion ($431,818) for it, but I will hold on to the land because I think its value will increase in the future.”
According to Tran Thi Cam Tu, general director of Eximrs Real Estate Company, people who profited from stock investment since the end of last year are now investing in land instead.
A financial expert said that people were investing in land instead of putting savings in banks due to the low interest rates now offered by banks. "Investing in land lots is more profitable and affordable compared to property," he said.
"There is only a limited amount of empty land, but demand is always rising, so prices will increase accordingly," he added.
Tran Khanh Quang, general director of Viet An Hoa Real Estate Company, said that land lots in the eastern part of the city were rising in value, while the price of land in the southern part remained relatively unchanged.
This was due to the eastern area’s development of infrastructure, which had increased the value of the land.
Despite the price spike and expected profits, customers are urged to be cautious and avoid paying more than what a lot is actually worth.
Source: VIR
Related News
VIETNAM EYES 8% GDP GROWTH IN 2025
The State Bank of Vietnam (SBV) has been tasked with closely monitoring global and regional economic developments and adjusting monetary policies to align with shifts in major economies. The directive emphasizes reducing lending rates, managing deposit rates at commercial banks, and ensuring credit flows remain uninterrupted in early 2025.
GOVERNMENT MEMBER FOR 2021-2026 TERM
The 2021-2026 government term was recently consolidated after the 8th session of the 15th National Assembly. It consists of 27 members, including the Prime Minister, five Deputy Prime Ministers, and 21 ministers and heads of ministerial-level agencies.
EXCLUSIVE OFFER FOR HKBAV MEMBERS
Minimum order: 1 box (10 gift boxes per box; 6 gift bags per box)Free shipping on orders over 2 million VND (nationwide delivery across Vietnam)Volume discounts available for large orders
TOTAL FDI REGISTERED IN VIETNAM HITS 31.4 BILLION USD IN JANUARY-NOVEMBER
As of November 30, 2024, the total newly registered capital, adjusted capital, and capital contributions or share purchases by foreign investors in Vietnam reached nearly 31.4 billion USD, up 1% increase compared to the same period last year.
QUANG TRI TARGETS 6,000 MW WIND POWER CAPACITY BOOST
The central province of Quang Tri is seeking the Government’s approval to expand its wind power capacity by an additional 1,500-2,000 MW for onshore projects and 2,600-4,000 MW for offshore projects, according to the Vietnam News Agency.
HCMC’S RETAIL SALES REACH NEARLY VND568 TRILLION
HCMC’s retail sector has shown a notable recovery this year, with total retail sales of goods nearing VND568 trillion, an 11% uptick compared to the previous year, according to the HCMC Department of Industry and Trade.This year marks the second consecutive year the city has implemented its market stabilization program, with businesses playing a pivotal role in maintaining stable prices and ensuring a steady supply of goods.