Signs indicate land for sale in Long Thành District in Đồng Nai Province, site of the proposed new airport. Prices in the area have recently surged. — VNS File Photo.

HCM CITY — The real estate market in Long Thành District in Đồng Nai Province, site of the proposed new airport, has entered an upward spiral following the National Assembly Standing Committee's passage of a resolution to dissolve and alter the administrative boundaries of six communes on May 29.

Suối Trầu Commune ceases to exist and adjustments and mergers will be done to Cẩm Đường, Long An, Long Phước, Bàu Cạn and Bình Sơn communes.

A huge number of advertisements have come up on roads in communes near the proposed Long Thành Airport, including for the Long Thành Airport Urban Area project in Lộc An Commune.

A real estate broker named Nam in Lộc An said 41 out of 49 plots in the project have been sold at VNĐ1.3 – 1.4 billion (US$60,000) for plots of 100sq.m.

However, buyers find it difficult to check the legality of lands. At the Lộc An Commune People’s Committee office, Chairman Nguyễn Tấn Long said he could not provide any information about them because his administration does not oversee the real estate projects.

Buyers could get information about them from the Long Thành District People’s Committee, he said.

Ly, the owner of a coffee shop in Long An Commune, said land prices in the area had increased from VNĐ200,000 per sq.m three years ago to VNĐ2-3 million now.

In the past few months, with land prices around the airport increasing relentlessly, many people in Bình Sơn, Long An and Cẩm Đường have become real estate agents.

Nguyễn Thị Hằng Thuý, a farmer in Bình Sơn Commune, said she could earn a profit of VNĐ600-700 million from a 1,000sq.m plot of land she bought two months ago.

She said Bình Sơn residents are happy because the airport project has forced land prices up and helped locals like herself get a "new and better" life.

Võ Tấn Đức, chairman of the Long Thành District People’s Committee, said authorities are seeking to remove illegal constructions, including works by Alibaba Việt Nam, in the district.

The Đồng Nai Province People’s Committee has instructed relevant agencies to call for tenders to do survey and land pricing consulting for the Long Thành International Airport project.

It ordered them to adjust land prices.