Though land fever has eased, prices are still high. The apartments in projects in advantageous positions are being offered at sky-high prices of VND300-400 million per square meter.

Land prices recently soared by VND30-50 million per square meter in some places, but the number of successful transactions was modest.

The real estate market has begun cooling down after a long hot spell.

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.

Minister of Construction Nguyen Thanh Nghi said the ministry will change the policies related to the development of affordable housing by adopting a new mindset.

Land prices in the HCM City suburban district of Can Gio have been soaring following the news that Can Gio will become an inner city district, or a city in the future. The local authorities have prohibited civil servants from acting as land brokers.

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

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

The market often cools down when periods of "land fever" end, but then new higher price levels reoccur later.

Hoang Cong Khuong has lived in Poland since 2002, and he and his wife run a small business there.

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 real estate market remains feverish not because of high demand and short supply, but because of speculation, experts have said.

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.

The plan to turn some suburban districts in HCM City into inner districts is only on paper but it has triggered a new land fever in localities.

Investors pourin money into real estate seeking profits from land price increases have not attached much importance to the surplus value from production and business, which seriously affects the economy, experts say.

A lot of luxury villas have arisen in forested areas as part of the second-home trend, but many have been left idle.

The long process of project approval from competent government agencies and the serious impact of COVID-19 have helped mergers and acquisitions in real estate sector become more active.

After a period of working hard and making large fortunes, many businesspeople have chosen to leave the market and get back to nature where they can lead quiet lives.

Real estate speculators have been exploiting urban expansion plans to push up prices beyond the real value, according to the Ministry of Construction (MOC).