Spending more than 8 billion VND to collect land in Lam Dong, with the purpose of dividing plots, but for the past 2 years, Mr. H (HCMC) has lived in a state of loss of food and sleep.
Mr. H and his group of friends once gathered all their money to buy land in Lam Dong in the period 2020-2021. This is also the time when Lam Dong land is bustling with trading and investment activities. Many people buy and sell at a price difference of billions of dong in a short period of time. Although he had no previous investment experience in the Lam Dong market, thanks to his relationships with friends in this area, Mr. H poured money in with the expectation that the price would increase by the same amount. Up to now, the land he bought not only has not been divided into lots but the price has dropped sharply compared to the purchase price.
Mr. H’s situation is not rare in the current market context. They used to enthusiastically put money into Lam Dong land, and even fought over each other to buy beautiful pieces to subdivide and sell the land. Up to now, many investors who used to hold land in Lam Dong are in a state: Can’t sell, can’t keep.
Lam Dong land has made its mark in the period from 2020 to early 2022. Statistics from the Department of Construction of Lam Dong province have shown that in 2021, the province recorded 36,549 land plots and 3,035 houses. Successful private transactions through notarization. Entering 2022, the number of real estate transactions in Lam Dong continues to increase sharply and peaked in the second quarter of 2022.
If in the first quarter of 2022, Lam Dong province recorded 12,467 land transactions, then in the second quarter of 2022, the number of transactions increased sharply to 19,669 transactions.
However, by the third and fourth quarters of 2022, the Lam Dong real estate market encountered many difficulties in terms of tight credit flow, combined with high lending interest rates, causing the number of transactions to decrease. Real estate transactions here decreased sharply to 8,804 transactions and 6,633 transactions.
