Land Promotions for Buying Lands in Ba Vi District

Yen Bai is the commune where land is offered for sale the most. According to many locals, a number of land owners told them to introduce customers, saying that customers will receive promotion if they buy their land. The offer is so attractive; therefore, we decided to act as a customer to find out what the promotions are.

 

Just some minutes after a phone call, a local land owner named Linh quickly appeared and took us to see his land. He said friendly, “I am taking lunch when I got your call. I immediately stop to receive you. Let’s me take you to the land plot.” We thought that the land is near his house, but in fact, we had to travel some kilometres and wade across a stream before approaching it. It is a wild land plot where bamboos are fully grown covering the entry.

 

Recognising our disappointment and unawareness of the “gold plot”’ value, he gave us a map without unclear origin. After defining four directions of the 1,000-square metre plot and talking much about its potential, he fixed the price at VND1.2 million per square metre. We complained about the high price and its position which is far from the main route. He explained that the price is much lowered compared to VND3-3.5 million per square meter at the peak time of land speculation wave. He added that if you buy the entire plot, you will be offered the promotion which is nearly 100 square metres of land located by the nearby stream.

 

When asked about the land papers, he said that this is the forestry land which his farmers gave him with handwritten papers. If we buy it, the papers will be transferred to us. He also told us that we should urgently decide to buy or not. At the time of high prices, many people in Hanoi rushed into Ba Vi for buying land for its great potential, noting that he now needs money, so he wants to sell the plot quickly. In the future, we can not buy the land at such a cheap price.

 

When we came to Tan Linh and Van Hoa communes where saw the very exciting transaction of farming, garden and villa land at the peak period of property speculation because they are situated near tourism sites. Along the road are big plots of land covered by walls or divided into parts.

 

At the land fever period, each square meter without ownership right papers were sold at up to VND6 million, while, the price was even at VND10 million for the land with the papers. At present, price drops to VND1-1.5 million for land without the papers and VND2.3 million for land with the papers; however, this is still unattractive to customers. Therefore, to attract buyers, many land owners launch the “land promotion” for land plots. Customers are given from dozens to hundreds of square metres if they agree to buy their land.

 

A local named Trung, who ever nearly 1,000 square metres of land at the land fever time said, 360 square metres of farming land was sold at over VND1 billion previously, but now, the level is just VND300 million. Trung also added that this place will be very potential in the future when eco-property projects are implemented.

Going along the road linking Yen Bai-Tan Linh, we see no exciting atmosphere of land transaction offices. Some locals in Tan Linh said, many people who worked as land brokers have turned to other business such as opening restaurants and groceries or closed their property offices because of the frozen real estate market.

 

As long as we mentioned about the fall in land prices in Ba Vi, a seller in Yen Bai Commune said, “Land prices here have been on the fall, but, it would bounce back in the near future. Over the past time, more people who have money in Hanoi have come to the commune to see land. Many people buy the land for investment, while others buy it for building tourism resorts."

 

He also added that, the information about the construction of markets and some works along the two sides of Lang-Hoa Lac Highway running through Yen Bai Commune will warm up the real estate market. Through his introduction, we came to Mr Chinh’s house in Bon Village, Van Hoa Commune. Chinh has bought a lot of land and now he has to pay very high interest rate per month. Therefore, he was very happy to see us. “ I have not received any customers for a long time,” he said. He took us to a irrigation reservoir nearby, showing us a hilly area covering tens of hectares. He offered us a price of VND1.5 million per square metre, adding that the land has the handwritten papers. We mentioned promotions, he said, he will give us the promotion of dozens of square metres, depending on the area we buy.

 

Chinh said, Bon Village has nice scenery. The areas around hills has moderate climate all year round and also located near Thac Da and Khoang Xanh tourism resorts. Thus, every weekend, locals can see tourists from other localities.

 

The land fever in Ba Vi District has gone over, pushing many speculators into difficulties. Thus, many of them are ready to suffer from losses to ease high interest rate burden. They offer land promotion to lure customers, however, the market has remained with almost no transactions.