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“Before Tet holiday, I offer the deposit of VND 6.9mln per square meter to buy land allocation. However, right after Tet some ask to pay VND 7.2mln per square meter. I will not sell because the price is rising,” said a real estates agent in Binh Duong.

Draft drawing of Binh Duong City.

Heat up!

According to Mrs. Thuy Duong, the plan to move Binh Duong administrative center to Binh Duong City is announced to start in 2012. She predicts that the price will skyrocket by the end of the third quarter of 2010. However, the price will be affordable to customers buying houses for permanent living.

On the other hand, she was reluctant to predict price hike of land within My Phuoc residential area (Ben Cat District) because traffic infrastructure is pending.

“Beyond market’s effect was the dishonesty of some agents to their first customers in My Phuoc,” she said while explaining why the newly built residential areas are without lighting at night because there is no resident.

The plan of Binh Duong City has allocated 1,000 hectares for people’s settlement. By now, hot allocation near hospital, schools, and commercial centers are owned. Mrs. Thuy Duong considered the intention of moving administrative offices has caused the price to increase. Buyers are not only from Saigon and Dong Nai like before but also from the Mekong Delta and Central Region of Vietnam. However, information on the mass media has not yet taken into consideration of the changes due to a long Tet holiday.

Rush to buy plantation

Plantation is becoming popular in real estates market. Mrs. Do Thi My – a textile shop owner in Chon Thanh, Binh Phuoc province – made a comparison of a VND 2bln investment to land buying. She said that for the same amount of money, if she buys land allocation for her cafeteria business, she will earn tens of million dong a month. Meanwhile, if she could invest to rubber tree plantation, her earning can be much higher.

Mrs. Thuy Duong shared with us that land of plantation has dependable prices of about VND 300mln a hectare but averagely at a half billion dong for a hectare.

Reported by Thao Vy – Translated by Vi Bao