The Housing and Real Estate Market Management Agency under the Ministry of Construction has warned the public against the risks of investing in real estate that many feel is in a speculative bubble, causing ‘land fever’ spreading rapidly across many localities nationwide.

The ‘land fever’ has been spreading rapidly across some urban areas in Da Nang

Notable amongst these hotspots are Ha Noi’s Ha Dong District, Da Nang, Khanh Hoa Province’s Khanh Hoa City, Kien Giang Province’s Phu Quoc Island, and Ho Chi Minh City. 

Over recent months, land prices have been skyrocketing in burgeoning urban areas which boast synchronous infrastructure systems, and in new residential areas, industrial parks, and already planned resort areas.

Against the backdrop of the ‘land fever,’ the Housing and Real Estate Market Management Agency urged the Ministry of Construction to instruct the centrally-governed localities to promptly clarify the main cause of the raging real estate market volatility.

It is high time to increase inspections and impose heavy penalties on any violations of the national land laws and real estate trading regulations.

Any organisations and individuals who are found creating fake transactions to reap the highest possible profits would be strictly handled.

Special heed should be paid to implementing necessary measures to stabilise the market, including the publicity of urban planning information and infrastructure development orientations, and stopping property speculation and illegal transfer.