Authorities in Hon Quan District in the southern province of Binh Phuoc are warning buyers to be careful about land transactions, saying the proposed airport in the district, which has not been approved, has caused a “price bubble”. A land plot near the main road connecting An Khuong and Tan Loi communes, in Binh Phuoc Province's Hon Quan District, is cleared for development, with purported rumours of an airport in the province in the planning. — VNA/VNS Photo Sy Tuyen In the past few days, hundreds of people have been flocking to An Khuong and Tan Loi communes in Hon Quan District, causing land prices to surge after hearing news about the proposed dual-purpose airport. Beverage stalls have been set up along the roads to serve buyers, mostly from Hanoi, HCM City and Binh Duong Province. A local real estate broker said the “hotspot” area included street-side asphalt plots conducive to trading. A metre wide of land, which used to cost VND100 million (US$4,332), has jumped to VND300-400 million or even VND450 million in the last few days. The price of some plots, located about 1.5km from the proposed airport, has surged to several billion Vietnamese dong for a 450-500sq.m plot, which normally cost only VND150 to VND200 million. A resident in An Khuong Commune who declined to be named said that agricultural land plots, initially priced at only VND300 million per plot, have surged by 2-3 times in price. A 260m wide street-side land plot initially sold for VND10 billion ($433,508), but now the price has jumped to VND28 billion ($1.21 million) after a few days of trading from one person to another, he said. Experts revealed that the price jump was caused by speculators and middlemen taking advantage of news about the proposed airport. Speculators and middlemen have posted ads on social networks and organised “events” to take buyers to visit land plots. They have even sent people to notary offices to make 'fake transactions' in order to …
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