According to information from the representative of the Thanh Oai District Land Fund Development Center, the auction of 25 land lots in the Man Ca, Man Cong, Ma Man Trong areas, Van Quan village, Do Dong commune, Thanh Oai district (Hanoi) on November 16 ended with the 2 lots having the highest price reaching 90.3 million VND/m2, the lowest lot was 45.3 million VND/m2.
Accordingly, the land lot with code number 106 and area of 113.88m2 has a winning price of 90.3 million VND/m2 - equivalent to more than 10.28 billion VND, 17 times higher than the starting price. The land lot with code number 100 and area of 129.36m2 has a winning price of 90.3 million VND/m2 - equivalent to more than 11.6 billion VND/lot.
The area of the plots ranges from nearly 84m2 to over 143m2. The starting price is 5.3 million VND/m2, equivalent to a deposit of 88 - 151 million VND/lot. The auction will have to go through at least 6 mandatory rounds, with a price step of 5 million VND per m2.
According to information from the representative of Thanh Oai District People's Committee, the auction had more than 400 sets of documents from 111 participants.
According to the historical price tool of the technology platform Batdongsan.com, the common selling price of land in Do Dong commune, Thanh Oai district (Hanoi) in the third quarter of 2024 is 36 million VND/m2. Over the past year, land prices here have increased by more than 63.6%.
The land sale price in the communes adjacent to Do Dong commune ranges from 31 million to 41 million VND/m2 in the third quarter of 2024. Accordingly, the auctioned land price in the last session was 1-3 times higher than the common price level.
Speaking to Lao Dong, Mr. Nguyen Van Thong - a real estate broker in Thanh Oai district, Hanoi - said that the land prices in the recent auction were high. Accordingly, the land prices here for plots with good locations could reach over 40 million VND/m2. However, the prices of 45 - 90 million VND/m2 in the auction on November 16 were still higher than the market price. Accordingly, too high a price will make the plots difficult to liquidate.
In addition to comments on the selling price, Mr. Nguyen Van Phuong (Hanoi) shared that the starting price in this auction is lower than the previous auction, so he believes that the situation of deposit cancellation may continue.
Mr. Nguyen Quoc Hiep - Chairman of the Vietnam Association of Construction Contractors - said that it is necessary to strengthen measures to limit the situation of pushing up prices and then abandoning deposits in auctions.
"Currently, the starting price is low, it is necessary to increase this price. For example, in the Thanh Oai area (Hanoi), if the average land price is around 30 - 40 million VND/m2, then the initial starting price of around 20 million VND/m2 would be reasonable. In addition, it is necessary to increase the deposit rate to around 50% and shorten the time to pay the winning bid. This will limit cases of blatant price inflation," said Mr. Hiep.
In early August, Thanh Oai district organized an auction of 68 land lots, attracting about 1,500 participants with over 4,000 applications. The winning prices for these lots ranged from 63 to 80 million VND per square meter, with the highest lot even reaching 100 million VND per square meter. This price was 5 to 6 times higher than the starting price.
However, about 80% of the auction winners here have abandoned their deposits. Of these, all the plots with winning prices ranging from 80 million VND to over 100 million VND per square meter have not paid.
