Lao Dong's investigation shows that many service land lots in Hoai Duc district (Hanoi) are being offered for sale by owners at prices exceeding 100 million VND/m2.
For example, in Di Trach commune (Hoai Duc district), lots with a 50m wide road frontage are offered for sale at 110-130 million VND/m2. Service land in Kim Chung commune, lots with a 20m wide road frontage are offered for sale at 130-150 million VND/m2.
Notably, many service land lots with beautiful locations in Van Canh and Lai Yen communes (Hoai Duc district) have an area of 71.7 m2 but are priced at 8.6 billion VND, equivalent to 120 million VND/m2, making many investors surprised.
Mr. Nguyen Van Cuong (living in An Khanh commune, Hoai Duc district) said that many service land lots here are being offered for sale at very high prices from 100-120 million VND/m2.
However, despite the continuous increase in selling prices, the reality is that the market is still having difficulty finding buyers.
"The selling price is too high, forcing many investors to turn around and not dare to buy. A few investors with financial potential have bought plots of land with a selling price of only about 2-3 billion VND/plot, waiting for the price to increase over time," said Mr. Cuong.
A survey by the website PropertyGuru Vietnam from 2024 to present shows that Hanoi service land (the type of land compensated by the State after reclaiming agricultural land from people to build projects) is showing a significant increase in selling price.
Mr. Tran Hoang (real estate broker in Hanoi) informed that the service land segment in communes such as An Khanh, Duc Thuong, Song Phuong, Van Canh... has recently been on the rise, with owners selling for more than 100 million VND/m2.
However, despite the high selling price, currently only a few people come to ask for information, many service land lots have not yet found buyers.
Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - commented that some suburban areas of Hanoi, after a period of localized growth in transactions, are now flat.
Although the market has seen more investors hunting for land and service land waiting for price increases, experts say that investors in land and service land in Hanoi at this time need to determine that this is a long-term investment, should not invest in short-term trading, should be alert, prioritize favorable locations as well as the potential of service land to make the right decision.
