Just within three months, from December 2007 to February 2008, the real estate price increased by 300%, and even 500% in some localities. A lot of real estate developers earned fat money from the thirst of the market.
The market was so hot that people had to jostle and scramble to get the right to buy apartments. Those who got the option to buy apartments at that time could pocket VND50mil at least if they re-sold an option to buy apartments.
The lucrative real estate market prompted people to inject money in real estate. People firmly believed that house prices would skyrocket further as Viet Kieu had been allowed to buy houses in Vietnam.
