According to a report from the Ministry of Construction, at the end of the first quarter of 2025, there was a local land fever in some localities such as Bac Ninh, Phu Tho, Ninh Binh, Hung Yen, ... Land prices in these localities increased rapidly before the information of merging provinces and cities and rearranging new administrative units.
However, transactions during this time are mainly speculative. In that situation, management agencies in localities have proactively issued warnings to people, and at the same time deployed control measures to strengthen real estate market management in the area. Therefore, land transfer prices have been controlled by localities.
The Ministry of Construction said that the land transfer price level in the second quarter of 2025 only increased slightly by about 3-5% compared to the first quarter of 2025.
Accordingly, in Hanoi, Cienco 5 Me Linh (Me Linh commune) was transferred at about 60 million VND/m2, the average transfer price of Tan Lap Cienco 5 (O Dien commune) was about 165 million VND/m2...
In Ho Chi Minh City, Phu My Cho Lon area has an average transfer price of about 115 million VND/m2, Phu Xuan Cang Sai Gon (Nha Be commune) has an average transfer price of about 62 million VND/m2...
Mr. Tran Quoc Minh - an investor from Phu Tho - shared: "Recently, I have not dared to rush to invest in land. At the beginning of the year, land prices in many localities increased rapidly, mainly due to speculation and administrative merger information. However, after the management agency took control, the transaction slowed down, and the level of interest in the market also decreased sharply. I am concerned about the risks when land prices do not accurately reflect real demand. Currently, I am still observing and prioritizing monitoring of areas with clear planning and good infrastructure, waiting for the market to be more stable before deciding on investment".
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn - said that after a period of hot growth at the beginning of the year until now, the land segment has clearly cooled down with a decrease of 19,9% of the interest in the whole market. Both interest and land supply have recorded a significant decrease, reflecting investors' reserved sentiment in the context of many uncertainties such as the proposal to impose a real estate tax, increased holding costs and prolonged holidays.
Data from Batdongsan.com.vn shows that in the Hanoi area, the number of searches for information about land in June 2025 decreased by 47%; Ho Chi Minh City decreased by 28%, while other areas decreased by an average of 33%. Land supply has also shrunk, as the number of listings in Hanoi and Ho Chi Minh City decreased by 15% and 9%, respectively.
In terms of land prices, the Northern region is currently significantly higher than the Southern region. From the beginning of 2023 to mid-2025, many northern localities will witness a strong increase in land prices such as Hoa Binh (old) increasing by 200%, Bac Giang (old) doubling, Hung Yen increasing by 75%. Meanwhile, the Southern region mainly maintains an average increase, ranging from 18 - 36%.
According to Mr. Quoc Anh, the stagnation of the land market in the second quarter of 2025 does not mean a recession, but reflects the necessary period of liquidation and restructuring after the price increases were too hot. Investors are starting to shift to a cautious state, prioritizing areas with complete infrastructure and clear planning. In particular, in the long term, urban planning and transportation development will still be the deciding factor for the resilience of each area, and at the same time, the basis for medium and long-term investment decisions.
