The average land price in the Northern market has increased from an average price of VND 27 million/m2 in the first quarter of 2021 to VND 46 million/m2 in the third quarter of 2024. Land in the suburban areas of Hanoi recorded the highest price fluctuations in the market.
Compared to the beginning of 2023, Hoai Duc land increased by 81%, from an average price of 55 million VND/m2 in January 2023 to 100 million VND/m2 in September 2024. During the same time 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... The price has increased from an average of 60 - 78 million VND/m2 at the beginning of 2024 to 69 - 85 million VND/m2 at present. Business land, two-car roads in Kim Chung, the price increased from 83 - 95 million VND/m2 to 90 - 98 million VND/m2. Land locations in villages, wide alleys, two-car roads in Duc Thuong, Dong La, An Khanh, the selling price also increased from 25 - 45 million VND/m2 to 34 - 55 million VND/m2.
Gia Lam land plots 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.
Mr. Nguyen Thanh Trung (a land broker in the West of Hanoi) said that many brokers selling apartments - the "hottest" segment of the market recently - are also switching to selling land or "joining" land. This change is due to the heating up of the land market in Hanoi. Besides, in the West of Hanoi, the supply of new apartments is very scarce. Newly opened projects are almost all sold out, so brokers do not have many opportunities in these markets.
Mr. Le Dinh Chung - General Director of SGO Home said that information from the district to the district, many "real estate" super projects are about to be implemented, and infrastructure is being invested in, has contributed to the revival of the suburban land and residential land segment.
However, according to Mr. Le Dinh Chung, investors still need to be cautious, avoid being caught up in infrastructure planning information, virtual land fever in the context of the real estate market still in the recovery stage. In some places, there is even a phenomenon of groundless land price increases.
