Apartment prices are rising, young people have not been able to buy 10m2 for many years
Many families in Hanoi are struggling to hunt for houses when apartment prices have reached a record high, in some places increasing by nearly 15 million VND/m2 in just 2 months, far beyond reach.
"After many years of working, I still haven't been able to buy 10m2". That is a heartbreaking statement of Ms. Nguyen Thuy Hong (27 years old, Hanoi) when sharing about her arduous journey to buy a house. Her story is not only a personal experience but also reflects the "difficulty buying a house" situation of many young people, when apartment prices in Hanoi are constantly increasing.
With a budget of 8 billion VND, her family initially set a goal of finding a suitable apartment in central areas such as Cau Giay and Thanh Xuan. However, after many months of searching, Ms. Hong realized: "With that budget, in this area, there are only old apartments, smaller areas than expected or projects that are not legally clear". At a time when they thought they were " powerless", Ms. Hong's family found a suitable 3-bedroom apartment in Ha Dong, and decided to " put in a loan", but had to borrow an additional 3 billion VND.
Mr. Nguyen Vu Thanh (An Khanh, Hoai Duc) and his wife have also bought a satisfactory apartment located along Thang Long Avenue, and are currently in debt to a bank loan of 1 billion VND.
"My wife works as a private school teacher and is the main income of the family. I work in construction but the company has owed me for 3 months now, so my wife has to worry about all living expenses and interest.
Having just been married, not having children, and having more money from both families to buy a house, but borrowing 1 billion VND from the bank puts a lot of pressure on my family" - Mr. Thanh confided. See more...
74 plots of land in Phu Tho are about to be auctioned, with the highest starting price of 13 million VND/m2
On September 27, according to the reporter's investigation, the Property Auction Service Center No. 2 of Phu Tho province has just announced the organization of an auction of the right to use 74 plots of land in the Huong Chua area, Van Son village, Lap Thach commune.
This is a land fund managed by the State, put up for auction with the purpose of long-term use as residential land.
The plots of land are divided into two groups. The first group includes 37 lots with a starting price of VND13 million/m2, area from 97.2m2 to 181.4m2, total value of each lot from about VND1.26 billion to VND2.36 billion, deposit from VND250 to VND450 million, and application fee of VND200,000/lot.
The second group also has 37 lots with lower starting prices, 6.5 million VND/m2, areas ranging from 100.5m2 to 139.6m2, total value from 653 to 907 million VND/lot, deposit from 130 to 150 million VND, and application fee from 100,000 VND/lot. See more...
Land excavated before 2014, building a house from 2016 with a red book must pay land use fees
Real estate businesses stuck due to land use fees
The deadlock in determining land prices is causing hundreds of real estate projects in Ho Chi Minh City to be frozen or temporarily suspended from legal procedures.
While the story of Lotte Group stopping investment in the Lotte Eco Smart City Thu Thiem smart complex project (commercial name Eco Smart City) is still hot, recently, De Vuong City Joint Venture Company Limited, the investor of the Thu Thiem observation Tower Complex project (HCMC) has sent a document to Chairman of the HCMC People's Committee Nguyen Van Duoc requesting to re-determine additional financial obligations for the above project.
This enterprise said that on September 5, 2016, Ho Chi Minh City issued a decision to hand over to the company more than 11 hectares of land with land use fees collected for a period of 50 years, starting from June 23, 2015. By early 2017, the company had fulfilled its financial obligations for the above project of nearly VND 3,600 billion.
According to the city's decision, investors do not have to pay additional financial obligations when converting from leasing land with one-time payment to allocating land with land use fees. On that basis, the enterprise has built and handed over 3 clusters of works with nearly 1,200 apartments to residents.
However, from 2019 to now, the project has been stalled due to the failure to completely resolve additional financial obligations according to the conclusion of the Government Inspectorate.
The authorities proposed an additional financial obligations plan for the project of up to more than VND 8,800 billion, an increase of 246% compared to the land use fee paid. At the same time, it will force the content of the case later. See more...
