20 provinces at risk of land ‘fever’ after the auction
At the press conference on January 21 of the Ministry of Construction, Mr. Nguyen Manh Khoi, Deputy Director of the Department of Housing and Real Estate Market Management (Ministry of Construction) said that recently, after Ho Chi Minh City auctioned land in Thu Thiem, the Prime Minister assigned the Ministry of Construction to coordinate with the Ministry of Natural Resources and Environment. (TN&MT) specifically assessed the impact of the unusually high land auction on the real estate market.
The Ministry of Construction has worked with the Ministry of Natural Resources and Environment and has a written document. The report sent to localities to request a detailed assessment of how land prices changed after a series of land auctions in localities, including the land auction at the price of 2.4 billion VND/m2 in Thu Thiem.
According to Mr. Khoi, 20 localities have reported to this ministry about the risk of land “fever” affecting the real estate market after the land auction. From the perspective of state management of the Ministry In construction, Mr. Khoi said that land price is influenced by many factors such as supply, transactions, infrastructure development, including land auction…
Ministry of Construction coordinated with MONRE to assess the impact of high land auction unusual in Thu Thiem to the real estate market. Photo: Duy Quang
According to Mr. Khoi, the real estate market in 2018 and 2019 has gone down but in 2020 , a number of mechanisms and legal documents have been removed such as Construction Law, Investment Law, Decrees… so the market prospered.
Specifically, the above transaction price The market increased in some cases such as: High-class apartments increased by 0.5%; land plot increased by 3-5% (in some places it increased by more than 10%, including HCMC). “Compared to two years ago, housing prices have increased, but this is the general trend, in the two years of 2019-2020, the supply is limited, many projects have not completed products, have not sold, while the demand is still increasing.” Mr. Khoi said.
Acknowledge that rising housing prices are affecting low-priced commercial housing development strategies and people’s opportunities to access housing. In order to increase the opportunity for people to access housing, the Government is currently assigning the Ministry of Construction to study a mechanism to develop low-cost commercial housing to help those who do not have access to social housing to access housing. This mechanism will be integrated by the Ministry of Construction into the content of amending the Law on Housing in the near future.
Regarding the solution to control housing prices, Mr. Khoi said, the Ministry of Construction is currently working on this mechanism. implemented a series of solutions such as strictly controlling finance and credit, while boosting the supply of social housing and strictly controlling the issuance of bonds by real estate investment and business enterprises.
Deputy Minister of Construction Le Quang Hung said that the cause of the land “fever” comes from many factors, not just the land auction.
Recently, both the Ministry of Construction and the Ministry of Natural Resources and Environment have sent documents to the People’s Committees of the provinces and centrally-run cities on reviewing the auction of land use rights, in which they request the localities to control the auction. Investigated activities of organizing auction of land use rights in cases of abnormality under the direction of the Prime Minister.
Previously, December 21, 2021 , the Prime Minister issued a telegram directing the People’s Committees of the provinces and cities to review the organization auction of land use rights. Timely detect and strictly handle violations in land auctions, prevent taking advantage of auctions to cause market disturbances and profiteering.
The Prime Minister assigned the Ministry of Natural Resources and Environment assume the prime responsibility for, and coordinate with the ministries of: Justice, Finance, and Construction; People’s Committees of provinces and cities urgently review and inspect activities of organizing land auctions for cases with unusual symptoms.
Ngoc Phuc
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