According to Lao Dong reporters on the afternoon of October 31, many plots of land in communes in Dong Anh district (Hanoi) are being sold by their owners for more than 100 million VND/m2, making investors dizzy.
Mr. Nguyen Minh Quyet (40 years old, living in Co Loa commune, Dong Anh district) said that since the beginning of 2024, the land segment here has been attracting a lot of attention as large projects and infrastructures are being deployed.
According to Mr. Quyet, a resident of Co Loa commune, he was also surprised when land prices increased rapidly every month. Many plots of land in the villages are even being offered by owners for more than 100 million VND/m2.
"Since the end of 2023, when projects have begun to be implemented, the land segment in Dong Anh district has tended to increase strongly, fluctuating from 100-130 million VND/m2, real estate investors also often come here to survey, exchange, and buy and sell" - Mr. Quyet informed.
Selling a plot of land on social networks, Mr. Nguyen Van Hoa (38 years old, living in Vinh Ngoc commune, Dong Anh district) shared that because he urgently needed money, his family was also selling a plot of land with an area of 50 square meters, selling price of 5 billion VND, equivalent to 100 million VND/square meter.
Mr. Hoa further described that although it is located in a village, when the land buyer settles here, cars can still enter and exit. This land plot is located near the 4.2 billion USD Smart City Project that is being implemented, so it attracts a lot of attention.
However, despite the high selling price, there is still no actual transaction data for land in Dong Anh district in recent months. Real estate market data for the third quarter of 2024 from Batdongsan.com.vn recently also showed remarkable signs of improvement in the Hanoi land market.
Accordingly, land in the Northern region is leading the market's attention, the average land price of the Northern market has increased from an average price of 27 million VND/m2 in the first quarter of 2021 to 46 million VND/m2 in the third quarter of 2024.
Many real estate experts warn that the price of land in the suburbs of Hanoi has reached a high level, and when investors pour money into buying, there are many potential risks, burying capital for a long time.
If you want to invest in this segment, investors should choose areas with synchronous infrastructure, good economic development but land prices have not been pushed up too high in recent times.
Mr. Le Dinh Chung - Member of the Market Working Group of the Vietnam Association of Realtors (Vars) - said that the current real estate "wave" is only happening locally in Hanoi and has not spread to other provinces and localities.
According to Mr. Chung, it is not until the second quarter of 2025 that the land market can witness more even development in many places. However, when investors spend money to buy land at the present time, they need to have a medium-term vision, with a capital recovery period of at least 1-3 years, instead of expecting about flip investment according to infrastructure and projects.
