Saigon finds a remedy to cool land fever

By Trung Son   May 29, 2017 | 06:20 pm GMT+7
Saigon finds a remedy to cool land fever
HCMC officials said they have put the land fever under control. Photo by VnExpress/H.C.

Rumors of new urban developments in outlying districts have led to a massive jump in prices.

The land fever that as been spreading rapidly across Ho Chi Minh City in recent months is now under control, city officials said on Monday.

“This latest craze is a valuable lesson for HCMC, and shows the city always needs to be transparent when it comes to land-use planning,” the city’s vice chairman Le Van Khoa told local media.

Land prices in the city’s suburban areas have skyrocketed recently, increasing by 30 to 40 percent or even 100 percent in some areas in District 2 and District 9 and the outlying districts of Binh Chanh, Can Gio, Cu Chi and Hoc Mon, Tuoi Tre newspaper reported.

Earlier this year, rumors started circulating that the city will upgrade Binh Chanh and Hoc Mon and build “satellite” cities in suburban areas.

The Ho Chi Minh City Real Estate Association recently asked authorities to clarify this information because it had led to a spike in land prices in outlying areas.

The association also called on the city to ask investors to submit any plans they have for building urban areas in Cu Chi and Can Gio in order to keep residents informed of the latest developments.

Those solutions will prevent brokers and land speculators from creating a real estate bubble, it said.

Khoa said the city now has to share all land-use plans with its local units as quickly as possible. This information will be available to the public via a new piece of software the planning department is designing that should be available by the year end.