The Hanoitimes - Deputy Minister of Construction has just signed an official letter, requesting Quang Ninh, Khanh Hoa and Kien Giang provinces to put under control the dramatic land price increase in a short period of time in Van Don, Van Phong, and Phu Quoc.
The Ministry of Construction requests the localities to organize activities to inspect, collect and update information on the situation, clarify the causes of market fluctuations; to conduct inspection and strictly process cases of violation of laws and regulations on land, real estate business and other relevant areas in accordance with their authority.
At the same time, the Ministry also requests the People's Committees of three provinces to direct the local related government agencies to implement necessary measures to stabilize the real estate market, and timely inform other agencies, organizations and people about plans and programs on residential housing development, long-term and short-term plans on social, economic, urban and infrastructure development. The official letter requests the above-mentioned localities to send report in writing on the implementation results to the Housing and Real Estate Market Management Department (Ministry of Construction) before May 7.
In the said official document, the Ministry states that in the recent time, Van Don, Van Phong and Phu Quoc all have experienced the phenomenon that the price of undeveloped land rises significantly in a short time period, thus affecting the sustainable development of the real estate market.
As revealed in a recent report by the Association of Real Estate Brokers in Vietnam, the price of undeveloped land at certain places in Van Don, Van Phong, and Phu Quoc has reached a new record of 60 million/m2 due to the expectation of becoming special administrative-economic zones. However, specialists in the association warn that the planning of special administrative-economic zones have not been officially approved, and the planning available in the market is still not reliable. Consequently, investors need to stay alert and obtain information from official sources or local authorities.