In early 2025, following the announcement of a provincial merger, residential land prices in the city and adjacent areas have shown signs of rapid growth. The issue of social housing remains unresolved, and with land prices being driven up at an abnormal pace, people with genuine housing needs are finding it increasingly difficult to purchase land at fair market prices.
In 2024, numerous cases of buyers forfeiting deposits after winning land auctions occurred when plots were driven far above market value. Economic experts have described this as an irregularity that requires timely regulatory adjustments.
According to professionals in the field, there is now a trend of out-of-province investors participating in local land auctions. As such, it is more urgent than ever to establish regulatory mechanisms that both safeguard the local government's revenue and protect the rights and interests of genuine buyers.
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