HÀ NỘI — Quảng Ninh Province Department of Natural Resources and Environment has proposed removing the ban on land ownership transactions in Vân Đồn District as land price fever seems to have cooled off.

In early May, the provincial authority requested a temporarily stop of land use purpose conversions, handing over land for projects and land ownership transactions in Vân Đồn District to prevent the land price fever caused by the expectation the district would become a special administrative-economic zone.

A report by the Việt Nam Real Estate Association showed that land prices in some areas of Vân Đồn rose by around five times at the end of 2017 compared to 2016.

The provincial Department of Natural Resources and Environment said that after the ban, land fever in the district cooled off and the real estate market stabilised, adding that it is time to resume land-related transactions following the success of the regulations.

Experts said regular updates about the real estate market and improving market transparency would be more effective than imposing a ban on land transactions.

In September, Vạn Ninh District in Khánh Hòa Province asked provincial authorities to lift a similar ban in the district, which will likely be developed into the Bắc Vân Phong Special Administrative – Economic Zone.

Vạn Ninh and Vân Đồn were two of the three area proposed to be developed into Special Administrative – Economic Zones, in addition to Phú Quốc in Kiên Giang Province.

When the land rush occurred, the draft Law on Special Administrative – Economic Units was expected to be passed quickly. However, the 14th National Assembly delayed discussing and passing the law at its ongoing sixth meeting because the draft law needed more revisions and adjustments. — VNS