The quick ones surf, the late comers are in debt.
Cam Lam and Dien Khanh districts in the period of 2019 to 2021 were hot spots for land fever in Khanh Hoa. At that time, people from all over flocked to speculate and surf. Many people were willing to conjure up agricultural land to illegally divide and sell plots for profit.
Along the main roads in Cam Lam district at that time, there were always cars with license plates from Ho Chi Minh City and Hanoi coming to speculate on land. On the streets in the district, real estate trading floors and billboards advertising subdivisions appeared continuously.
Mr. Tran Tuan Dung (name changed) is one of the land brokers in Cam Lam district, said that in the past, the Thuy Trieu lagoon area attracted many customers' attention for investment.
Understanding the psychology of wanting to speculate, Mr. Dung bought a large amount of agricultural and aquaculture land to divide into plots. From a few million VND/m2 initially, the land price was pushed up by the market to 25-30 million VND/m2.
There are even people willing to spend billions of dong to buy an area of agricultural land. During the fever, Mr. Dung surfed and made quick profits before withdrawing from the market.
There are many cases of profitable real estate speculation like Mr. Dung in Cam Lam in particular and Khanh Hoa province in general. However, there are also many investors who have suffered bitter losses because of sky-high speculation prices.
Like the case of Ms. Le Thi Tuyet (name changed, residing in Nha Trang City) who has been struggling to make a profit for the past few years because she invested in agricultural land at a time when prices were sky high. Ms. Tuyet admitted that at that time, because everyone was chasing the land fever, making money easily, she mortgaged her house to invest.
At first, surfing was profitable, but when the land fever passed, she and many friends had to hold on to the land and pay bank interest.
State management tools to avoid subdivision and sale of agricultural land
Recognizing the reality of land speculation causing instability in security and order, many localities in Khanh Hoa have developed plans to monitor and manage land.
Localities such as Dien Khanh, Cam Lam and Nha Trang proactively publicly and transparently announce plans and information about projects approved by competent authorities so that people can know and implement them.
Some localities are even willing to correct previous violations. For example, in 2022, Cam Lam district canceled 4 decisions allowing the change of land use purpose from agricultural land to residential land with a total area of over 8,200 square meters. These are 4 plots of land that the landowners donated to build roads and converted into residential land. After that, the landowners divided them into dozens of lots for sale.
Mr. Tran Xuan Tay - Standing Deputy Secretary of Cam Lam District Party Committee commented that the previous land fever period was a great lesson in the state management of land in localities. From this reality, the District Party Committee and People's Committee have effective solutions to strengthen land management, especially agricultural land in the planning area with large projects, leading and creating development momentum.
In 2021, Cam Lam District Party Committee issued Resolution No. 09 on strengthening the Party's leadership in land management and construction order in the district. Resolution No. 09 has been put into practice and achieved the set goals in land management and use in the area, ensuring consistency between plans. In addition, the district has also established a Steering Committee related to land work...
