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Da Nang and Quang Nam are requested to stablize estate markets

Da Nang and Quang Nam are requested to stablize estate markets

Prime Minister Nguyen Xuan Phuc has asked the People’s Committees of Da Nang and Quang Nam to work with the Ministry of Natural Resources and Environment and the Ministry of Finance to devise measures to stabilize their local property markets, preventing the recent “chaos” as reported by the media.
19:00, 08/04/2019
Real estate agents seen on a street in Da Nang. (Photo: plo.vn)

Real estate agents seen on a street in Da Nang. (Photo: plo.vn)

The Government Office has just sent an official dispatch to Da Nang City People's Committee and Quang Nam People's Committee to convey the Prime Minister's opinion asking these two authorities to coordinate with the Ministry of Natural Resources and Environment and the Ministry of Finance to take measures to stabilize local real estate markets, especially the land lot segment.   

The order was issued amid reported unusual prices hikes in the two localities’ real estate markets.

Earlier, many newspapers reported about a "fever" of land prices in Da Nang and Quang Nam. Experts say the two real estate markets are very complicated, with a risk of “virtual fever” that badly affects the markets and investors.

PM requests authorities of Da Nang and Quang Nam to control the local property markets.

PM requests authorities of Da Nang and Quang Nam to control the local property markets.

In Da Nang, land prices in many areas have been inflated by the spread of false information regarding planning or new construction projects.

In mid-March, Da Nang issued a document requesting the management and supervision of real estate brokerages and land transactions be enhanced to prevent land price increases.

On March 8, the municipal Department of Construction warned about illegal real estate transactions in the city and urged home seekers and investors to be watchful.

Evidence shows that lots of real estate developers are trying to sell products although they are not eligible for sale in accordance with current laws.

Most developers have not signed real estate purchase and sale contracts with property buyers but deposit and reservation contracts instead. After that, those customers can "transfers" the contracts to many secondary customers to get the imbalance amount.

Experts say this practice has pushed land prices up. The most shocking price increase is seen in Hoa Tien commune. In this countryside, speculators came across every roads to seek for land. Currently, depending on its location and nearby facilities, each 100-sqm land plot is priced at nearly VND1 billion, more than 5 times higher than it was before Lunar New Year. For a land plot of 200 sqm, the asking price has reached more than VND1.6 billion.

In addition, land prices in urban projects in Dien Ban town, Quang Nam Province were also reported to increase unusually compared to last year. On average, land prices have risen from VND300 million to over 1 billion for a lot, depending on its location.

In response, the provincial People’s Committee asked districts’, town’s and municipal authorities to temporarily halt the splitting of land slots and converting of land use right purposes in some areas.

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