Talking to Lao Dong, Mr. Nguyen Van Huy (living in Hoai Duc district, Hanoi) said that in the past few years, the price of land here has continuously increased but many people are still "hoarding" and do not want to sell.
According to Mr. Huy, many landowners, when seeing the land segment tending to recover, have hastily canceled transactions to wait for the next price increase to make a profit.
"Although located far from the city center, many of us are surprised when plots of land in communes of Hoai Duc district such as Van Canh, An Khanh... are currently being sold for 80-150 million VND/m2. There are even plots of land in beautiful locations, buyers pay very high prices, but the owners do not want to sell" - Mr. Huy said.
Similarly, Ms. Le Thi Han (living in Thanh Xuan district, Hanoi) shared that in early 2024, she went to buy a plot of land in Dong Anh district but was shocked when she heard the owner offer an "astronomical" price of 100-150 million VND/m2.
However, according to Lao Dong's research, although the price of land for sale in the suburbs of Hanoi tends to increase, there is still no detailed statistical data on the number of actual transactions on the market.
Referring to this content, Dr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - informed that recently, there have been more investors "hunting for land" in suburban areas of big cities, localities with strong infrastructure development, and places with high urbanization rates.
Although prices have stabilized and there are no signs of a decrease, successful transaction prices are 20-30% lower than at the peak of the "land fever". In particular, the market on the outskirts of Hanoi and associated with industrial parks recorded an increase of 10-20%.
Notably, the market also recorded some areas with unfounded price increases. Experts said that buyers need to be very careful to avoid forming virtual fevers, causing unsafe risks, when the market is still in the process of recovery.
Ms. Trang Bui - General Director of Cushman & Wakefield - also said that the land segment is often very sensitive to market information, planning of new traffic routes, large real estate projects, and planning of industrial parks.
According to experts, when this information appeared, the land market in the suburbs of Hanoi was immediately "inflated", creating a virtual fever. Investors in land in the suburbs of Hanoi need to be extremely careful about the risk of "burying capital" when investing in products in a price fever, lacking real use value.
