According to data from PropertyGuru Vietnam, as of November 2024, the average selling price of land in Hanoi reached 70 million VND/m2, an increase of 32% compared to January 2023, according to data from Batdongsan.com.vn.
As of the third quarter of 2024, Hanoi's suburban land recorded the highest price fluctuations in the market. Accordingly, compared to the beginning of 2023, Hoai Duc land increased by 81%, from an average price of VND 55 million/m2 in January 2023 to VND 100 million/m2 in September 2024.
During the same period, Dong Anh land increased by 53%, from an average price of 41 million VND/m2 to 63 million VND/m2. Thanh Oai land increased by 90%, from an average price of 21 million VND/m2 to 40 million VND/m2.
In the Hoai Duc land market, the strongest increase belongs to land lots with business frontage, two-car roads in Van Canh, An Thuong, Di Trach, La Phu...
Prices have increased from an average of 60-78 million VND/m2 in early 2024 to 69-85 million VND/m2 at present. Commercial land and two-way roads in Kim Chung have increased from 83-95 million VND/m2 to 90-98 million VND/m2. Land locations in villages, wide alleys, and two-way roads in Duc Thuong, Dong La, and An Khanh have also increased from 25-45 million VND/m2 to 34-55 million VND/m2.
Gia Lam land also recorded an increase in selling prices in the last months of the year. Compared to the beginning of the year, the asking price of Da Ton and Kieu Ky land plots with cars parked at the door increased from 45-52 million VND/m2 to 48-55 million VND/m2. The asking price of land on Co Bi business street increased from 85-95 million VND/m2 to 90-100 million VND/m2.
For Dan Phuong land, land located on Tan Lap street, the asking price is at 54-65 million VND/m2, an increase of 3-4 prices compared to before. Service land in Tan Tay Do area also increased in price from 85-95 million VND/m2 to 90-102 million VND/m2 in prime locations.
Commenting on the land segment, Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam - said that after the Land Law 2024 took effect, the land market had many major changes from supply to transaction activities. The land segment developed in a more positive direction.
Mr. Quoc Anh predicts that from the second quarter of 2025, the Hanoi land segment in particular and the whole market in general will achieve better liquidity and be more vibrant. Land, along with project villas, will lead the market.
“From the first quarter of 2026 to the fourth quarter of 2026, this will be the time when the market enters a stable orbit. Prices and liquidity will increase in various types. This can be considered the best prospect of the market, after a long period of stagnation,” said Mr. Quoc Anh.
According to Mr. Le Dinh Chung - Member of the Market Working Group of the Vietnam Real Estate Brokers Association, currently, the "wave" of land is only localized in some areas on the outskirts of Hanoi, and has not spread to many areas.
By the second quarter of 2025, the land market may witness more even development in many places. However, investing in land at the present time requires a medium-term vision, with a capital recovery period of at least 1 to 3 years, instead of expecting a quick "surf".
"Some investors have started their journey to buy land in some areas where prices have not increased significantly in recent times. These people are tending to be proactive, because according to the current Real Estate Business Law 2023, it is not allowed to divide and sell land in 105 cities and towns across the country," he said.
