In Vietnam, 2021 was a year of land fever.

Price escalation is occurring everywhere, from rural to urban areas. People are buying land at surprisingly high prices.

Property prices keep rising despite Covid-19. Some apartments have seen prices soar by VND500 million over a period of several months.

Land prices in Hanoi stayed at high price levels in the third quarter, while they decreased slightly by 5-7 percent in some projects in HCM City, according to Ministry of Construction’s (MOC) real estate bulletin on the third quarter.

The Ministry of Construction said that the real estate market is under control and stable. Land prices have decreased by 10-20 percent.

Official land prices (called the coefficient or K coefficient) in HCM City will remain unchanged this year amid the rising cost of goods and challenges facing the economy, effective from June 18, said HCM City's Vice Chair Le Hoa Binh.

Imposing tax on the leasing of apartments and business premises is not a new idea, but the method of taxation remains controversial.

Many apartment buildings in Hanoi have been left idle for many years, even while many people seek accommodations.

Many enterprises would rather use their capital to buy and sell land than make investments to scale up their production.

As the VND30 trillion preferential credit package has ended, many realtors and clients have fallen into a difficult situation.

The city will control foreign investment in the real estate area as well as their transfer of collected money abroad to prevent money laundering, transfer pricing and tax evasion.

The play of children in Hoa Binh was interrupted recently by luxury cars passing by driven by wealthy people who were seeking to buy land in their home village.

Realtors typically seek profits by developing the investment value of land, rather than by increasing land prices.

Tens of millions of dollars poured into infrastructure together with new planning projects have added vibrancy to Hanoi’s real estate market, 

A “land fever” is spreading throughout the country, from the North to the South, from the lowlands to the mountains. Everywhere, the price for land of all kinds, from housing to industrial to farming land is increasing.

Realtors and securities investors have been pocketing big money in recent months.

No longer seen as a profitable investment segment, apartments are not selling well as investors have shifted to buy land instead.

Land prices unexpectedly escalated after Tet holiday, though Vietnam is still struggling with Covid-19 and people have had to tighten their purse strings during the pandemic.

The Ministry of Construction (MoC) and the Ministry of Natural Resources and Environment (MONRE) have requested provinces and cities review State management on land prices amid 'land fever' in some localities.

While other land markets are hot, Da Nang remains very quiet, prompting many investors from Hanoi and HCM City to collect land plots in advantageous positions in "bottom fishing" deals.