After a 19-hour auction, ending at 4:30 a.m. on August 20, 19 plots of land in Tien Yen commune, Hoai Duc district were successfully sold, the highest lot won 133.3 million VND/m2, about 30 times higher. starting price.
Besides the above land lot, 11 other lots are also set at prices above 100 million VND/m2. The two plots of land with the lowest winning prices at this session were 91.3 million VND per square meter. This price is still 12.5 times higher than the starting price.
The winning price of hundreds of millions of VND/m2 far exceeded the initial expectations of many real estate investors. Mr. Tran Van Tien - real estate investor in Hoai Duc district - said: "For the first time, I participated in an auction that lasted until dawn the next morning. In particular, there was a land lot that won the auction. up to 133 million VND/m2, compared to the starting price of 7.3 million VND, the price of this land increased more than 18 times. This is something I did not expect during many years of real estate investment.
Hoai Duc District Land Fund Development Center informed that as of the day before the land auction, there were more than 700 sets of documents and about 400 customers participating in the auction. The lowest starting price is from 7.3 million VND/m2, the minimum price step is 6 million VND/m2.
Explaining the heat of the land auction in Hoai Duc district (Hanoi), Mr. Nguyen The Diep - Vice Chairman of Hanoi Real Estate Club - said that in the context of rising house prices, the land segment is dividing into lots. It is sought after by many people because it is affordable for many people. However, the Real Estate Business Law 2023, effective from August 1, banned the practice of dividing plots for sale in 105 cities and towns. The scarcity of supply has caused people's interest in peri-urban land auctions to increase sharply.
Information about planning, infrastructure and new regulations related to the real estate market are also making land prices in some suburban districts of Hanoi "vibrant" again.
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn - forecasts that, from the second quarter of 2025 onwards, new land will begin the main trend of recovery. The current waves are only local in some areas.
Mr. Nguyen Quoc Anh said that there are 3 main factors that greatly impact the land market, including the regional economy (or even more macro than the country's economy), infrastructure planning, population and the connect with other localities.
Also according to the expert, after the difficult market period, the general psychology of real estate buyers and investors will be more cautious than before. Therefore, he recommends that buyers and investors should research the market carefully and learn about price fluctuations through objective information sources when deciding to spend money on any product.
On August 26, 2024, Hoai Duc district (Hanoi) continued to organize the auction of the remaining 20 plots of land in the Long Khuc area, belonging to lots LK01 and LK02. The starting price is still 7.3 million VND/m2; Area ranges from 89 - 145m2; Pre-order from 130 - 212 million VND/plot.
August 23 is the last date to submit documents to participate in the auction. The total auction area of Long Khuc village, Tien Yen commune has 71 lots, divided into 3 auctions by the district.
