Islanders rush to sell houses as Ly Son real estate market blooms

Many people in Ly Son Island are trying to sell land and houses as real estate prices soar, affecting the island’s land management plan.

Many people in Ly Son Island are trying to sell land and houses as real estate prices soar, affecting the island’s land management plan.

  

Real estate prices soar in Ly Son Island

Ngo Thi Dao in Tay Village, An Hai Commune, has been asking around in order to sell a 200-square-metre plot of land by the sea. Dao said she wanted to sell the land and divide the money among her children then she would find another place to live.

"I'm determined to sell it. But I don't want to find a broker because of high commission fees," she said.

Tran Van Phuong in Dong Village even postponed the best time to plant scallions to sell their land by the sea. Phuong said he also planned to sell the 400-square-metre land, divide the money among his children. He and his wife can find somewhere else cheaper to live. According to Phuong, his land can be sold for a total VND5.6bn (USD240,000).

"Our neighbours have sold nearly all of their land. One neighbour sold an 80-square-metre plot for VND1.2bn (USD51,200). Who would have thought the land prices would rise so much," he said.

The real estate prices on Ly Son Island have sharply risen in the past two years, especially along the coastal road that connects An Vinh and An Hai communes. The price of a 200-square-metre land used to be VND1bn (USD42,000) to VND2.5bn. However, the figures have increased to VND5bn to VND6bn. The customers are mostly from other provinces and cities who want to open businesses in Ly Son.

From 2017 to 2018, the local authorities dealt with 1,933 transfer, donate, change the purpose of using, separating land plot cases.150 cases were dealt with in the first three months of 2019. Last year, they dealt with a large number of illegal constructions and businesses.

Such a situation can badly affect Ly Son District 1/2000 detailed planning on an area of 1,530 ha. Traffic constructions, shopping centres and other projects have been planned while real estate transactions mostly occurred along main streets.

Nguyen Thi Phuoc, deputy head of the Department of Land Registration, said, "Ly Son is a small island with dense population. Demand to subdivide property or to make small paths is very high. We have temporarily refuse to deal with subdividing requests."

Ly Son District Chairman Nguyen Quoc Viet said they had warned the residents and investors.

"We already planned which area will be used to build hotels, which one is for residential areas. Violators will be strictly punished," he said.