Thursday,  Jul 19, 2018,05:22 (GMT+7) 0 0
Land prices in HCMC rocket following Carina blaze
Le Anh
Thursday,  Apr 5, 2018,19:20 (GMT+7)

Land prices in HCMC rocket following Carina blaze

Le Anh

A customer (L) asks for information about a residential land project District 9, HCMC. Land there is being offered at VND30 million per square meter - PHOTO: LE ANH

HCMC – Land brokers have recently made use of an inferno at the HCMC-based Carina Plaza condo complex late last month to inflate prices of land, according to the HCMC Real Estate Association.

The association’s chairman Le Hoang Chau said at a conference on preventing and fighting fires at high-rise buildings on April 4 that the Carina blaze has directly affected the apartment segment, sending condo transactions in HCMC tumbling in the past 10 days.

However, Chau said the decrease seemed short-lived as local residents would continue purchasing apartments thanks to rapid urbanization.

He however warned that real estate brokers have raised prices of residential land following the deadly fire.

For example, some projects in District 9 whose infrastructure facilities are being built are now priced at VND18.5-19 million compared with VND16.5 million per square meter a week ago.

Some other projects on Nguyen Duy Trinh Street in the same district which were awarded with land use right certificates have their prices increased to VND30-33 million per square meter, compared with VND16.5 million advertised a week ago.

A real estate agent told the Daily on April 4 that many people have abandoned the ideas of purchasing apartments, and have decided to buy land instead. As a result, prices of land have risen in the past 10 days.

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