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New wave of land sales in Ba Vi District
After Hanoi authorities officially asked that the national administration center not to be moved to Ba Vi District, land speculators have begun selling their land to minimize losses.
Hundreds of sellers, no buyers
Four months ago, the land price in Ba Vi District skyrocketed after information spread that the new national administration center would be relocated to the Ba Vi area. However, land prices have dropped dramatically after Hanoi authorities officially asked that the administration center not be set up in the area.
Real estate brokerage offices still exist on Highway No.32, but the offices are not full of people like they were several months ago. Le Thi Tam, the owner of the Dang Khang real estate brokerage office, complained that she has not been able to earn any money since June, when land prices in Ba Vi area began decreasing. “Visitors only ask for information, but they do not make any deals,” she said.
Tam said that she has been sitting idle since June, when land prices began decreasing once people began speculating that the new administration center in Ba Vi area was only a rumor. However, Tam receives many clients these days, who come to her for help in selling plots of land they bought several months before, when land prices were still incredibly high.
In the past, real estate brokerage offices mostly received clients who sought to purchase land, but now they mostly receive clients who want to sell land.
A freelance broker in Phu Cat Commune, named Trong, said that many landlords here are people from Hanoi, and they have been looking for land buyers over the last three weeks.
“My brother, who works at a state agency, said that there will be no Government agency here in Ba Vi district,” Trong said. “There are no land buyers at the moment.”
Nguyen Van Hai, Deputy Chairman of Ba Vi District’s People’s Committee, said that investors from other localities flocked to Ba Vi to purchase land four months ago when they heard about the new administration center. However, these investors are now trying to sell the land plots they purchased after they heard that the new administration center will not be located here. Hai confirmed that while there are many sellers, there are very few buyers.
Should land be sold to minimize losses?
Reporters from Thoi bao Kinh te Vietnam newspaper came to Ba Vi District on August 26 to learn about land prices and ran into a group of investors from Hanoi.
Thanh, one of the investors who is trying to sell land, said he spent 2.3 billion dong four months ago to buy a plot of land. However, since the Hanoi authorities have given up their plans to move the administration center to Ba Vi, he has decided to sell the plot of land to minimize his losses.
“I spent more than two billion dong on the land plot, but I cannot sell it now, even for 1.5 billion dong,” he said.
However, Thanh’s friends, who also have land in Ba Vi District, still do not intend to sell land. They said that only the Hanoi authorities have proposed not to set up the administration center in Ba Vi, but the decision still rests with the Government and the National Assembly.
vietnamnet, TBKTVN
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