Buy a bunch of wasteland in the middle of a fever, people change their lives, people have nothing

That is the story of Mr. Do Van Tuat (Soc Son, Hanoi).

Mr. Tuat said, in the middle of 2010, during the land fever in Ba Vi (Hanoi), because he saw his friends buying and selling land, making everyone have big houses and beautiful cars, he decided to discuss with his wife to sell. 30 m2 small house in Xa Dan to get money to invest in Ba Vi land.

The old house sold for about 2 billion VND, he took all that money to buy a plot of land more than 4 hectares in Yen Bai commune (Ba Vi, Hanoi) in the hope of making a profit. At the time Mr. Tuat bought it, Ba Vi land was in a fever, so the land price was about 560,000 VND/m2, a very strong increase compared to the beginning of 2010 only 195,000 VND/m2.

“When I bought the land price tripled, but because I saw that my friends also bought it when the price was hot and still won, I decided to follow,” said Mr. Tuat.

However, after only a short time, Mr. Tuat quickly had to taste the bitter fruit when the land price plummeted without stopping, and there were no buyers for sale. His 2 billion VND was therefore “buried” for more than ten years in Ba Vi.

“When I said to sell my house and buy land, my wife stopped me. Therefore, until now, my wife still has not calmed down, often blames, especially when paying rent, “said Tuat.

One thing that makes Mr. Tuat even more preoccupied is that while his family was in the situation of losing their home and having to rent a house, many of his friends became rich by receiving the right wave of housing.

Mr. Tuat said, he worked as a state civil servant for many years, his salary was only enough for frugality, so did his friends. But after just over half a year of selling land, many people have quit their jobs and bought big houses and luxury cars to go.

“My friend said, there was a week when I surfed two pieces of land with a profit of billions of dong, so I also wanted to get rich and rushed into the land fever. But it’s not that people can eat it, but we can also eat it. That is a lesson I will never forget,” said Mr. Tuat bitterly.

According to experts, the common feature of land fever is the crowd psychology effect, land is transferred between speculators and land storks through the form of a deposit. One person passes to the other with the price “screaming” increasing by the hour, creating heat in that area.

After the local authorities got involved, the land fever following the new movement subsided. Only the quick-witted can make a profit from such land fevers, while the majority of investors who follow the crowd and suffer from high land prices will taste “bitter fruit” when the fever is over. So far, the “bitter fruit” from the land fever of Van Don (Quang Ninh), Bac Van Phong (Khanh Hoa), Phu Quoc (Kien Giang) is still a valuable lesson for investors.

Real estate experts also believe that land plots, especially in suburban areas, are long-term investment products that may have to be built and managed in the future. Investors always have the thought of investing to make profits but forget about the investment story, but also to preserve capital, preserve assets, to avoid the story that money may depreciate.

Therefore, people and investors, before making money, need to carefully study the relevant regional plans, see if the projects and urban areas are legal or not.

According to VTCNews