Home Business Suddenly, after the land fever, investors fled from Quang Tri real estate

Suddenly, after the land fever, investors fled from Quang Tri real estate

by Asia Insider

Only at the end of 2021, a series of areas in Quang Tri such as Cam Lo, Huong Hoa, Trieu Phong, and City districts. Dong Ha, … happened with a fever of burning hands. At that time, the land plots were divided into lots, auctions took place very exciting scenes of buying and selling, along with a sharp increase in price fluctuations. However, now, in areas where land fever has occurred, the price is not only going down but also difficult to have successful transactions.

In the city. Dong Ha, at the end of 2021, the land plots in Nam Dong Ha urban area located on the road surface about 20m have prices ranging from 13-15 million VND/m2. However, up to now, the selling price has decreased deeply to only about 10 million VND/m2. Similarly, in the North Hieu River Urban Area, the plots of land located on the road surface more than 20m, when the fever cost about 18-20 million VND/m2, now have decreased to about 15 million VND/m2.

City border. Dong Ha, in Cam Lo district, just earlier this year auctioned land in Cam Lo town was also hot. For example, a land lot in the stadium area of ​​Cam Lo district, with an area of ​​250m2, at the time of fever, the transaction price was from 3.2 – 3.4 billion VND, equivalent to 12.8 – 13.6 million VND/ m2. But the plot of land with a worse location also costs about 2.4-2.6 billion VND, equivalent to 9-10 million VND/m2. Currently, the price here has decreased by about 20-30%. Despite the drop in prices, brokers in this area must also admit that it is difficult to successfully trade.

After the land fever, many land plots dropped in price, investors fled from Quang Tri real estate - Photo 1.

Besides, in Vinh Linh, Huong Hoa, Trieu Phong, Gio Linh districts, etc., after the land fever in the auction subdivision areas, most of them fell into a state of low prices, still no transactions occurred.

According to Mr. Hoang Thuong, a real estate broker in Quang Tri, said that most of the previous land fever areas, now the price has decreased by about 20-30%. Many previous buyers also came to him to ask to sell, but it was also difficult to find customers.

“If they send it, I also accept it for sale, knowing that it will be difficult to sell at this time. Many previous investors have sold, but the later buyers still have to hold the land. When there is a fever, all people from other provinces come to buy, but there are few buyers in the area, “said the broker.

Recently, the People’s Committee of Vinh Linh district recently made a decision to cancel the winning result of the auction of land use rights for 12 land lots in Mui Lo Voi residential area, Kim Thach commune. The reason is that the auction winner refused and did not fulfill his financial obligations as prescribed.

Previously, on March 12, 2022, the People’s Committee of this district held an auction of 50 land lots in the residential area of ​​Mui Lo Voi. This is an area bordering the sea, with a prime location, so the starting price of the total 50 plots above is more than 103 billion VND. As a result, 49 lots were successfully auctioned with the amount of more than 104 billion VND.

Compared to the starting price, the winning bid was 3.2 billion VND higher. Of these, there are 12 plots of land that have been “deposited” with the winning amount of more than 30 billion VND, the deposit amount is 2.3 billion VND.

After there is a decision to cancel the winning results of the auction of land use rights for the above 12 land lots, the Project Management Board of Investment – Construction and Development of the land fund of Vinh Linh district will put those land lots into the auction. at the next auction.

In Quang Tri, after the land fever, recently, the situation of depositing after winning the auction also took place in many other localities.

For example, at the beginning of 2022, the People’s Committee of this province held an auction of the right to use 46 land lots with a total area of ​​more than 14,208 m2 belonging to the residential development project of Gio Hoa commune (now Gio Son commune, Gio Linh district). . These land lots are in rural areas but the auction results far exceeded expectations.

After the land fever, many land plots dropped in price, investors fled from Quang Tri real estate - Photo 2.

The total auction amount of these 46 land lots is more than 62 billion VND. In which, many land lots have winning prices 4 times higher than the starting price.

However, at the end of the term, only 5 land plots were paid in full. Therefore, at the beginning of May, Gio Linh District People’s Committee decided to cancel the winning result of the auction of land use rights for the remaining 41 plots of land. Of the 41 plots of land that were unsecured, 4 were auctioned at many times higher than the starting price and each plot was paid a deposit of 70 million to 110 million dong.

The situation of many land plots being auctioned for an amount many times higher than the starting price but also leaving the deposit also happened in Cam Lo, Dakrong and Dong Ha districts of Quang Tri province.

The People’s Committee of Cam Lo District in June decided to cancel the winning results of the auction of the right to use 11 land lots in Cam Lo town and Cam Tuyen commune due to overdue customers not paying enough money to win the auction.

These are the land plots that have been approved by this district and won the auction of land use rights in the third phase of 2022 with the winning price of nearly 18 billion VND. The total amount customers have deposited for the above land lots is 1.3 billion VND.

Previously, the City People’s Committee. Dong Ha has decided to cancel recognition of the winning results of the auction of use rights for 9 land lots in the West Residential Area of ​​Lock Bao Street and the North Hieu River Resettlement Area. These are land plots that Dong Ha City Land Fund Development Center holds an auction of land use rights at the end of 2021. Among these, there are land lots that buyers bid 2-3 times higher than the starting price. the point,…

Faced with the risk of a real estate bubble, in March 2022, the People’s Committee of Quang Tri province requested relevant localities and units to strengthen management, supervision, inspection and inspection; have appropriate solutions to prevent spreading rumors and investing according to crowd psychology.

At the same time, strictly handle cases of brokerage, real estate trading, real estate projects… in violation of the law on land, real estate business and relevant laws.

Source: CafeF

Source: Vietnam Insider

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