According to Lao Dong reporters, recently, many owners have been continuously selling land plots for tens of billions of VND/plot in suburban districts of Hanoi.
For example, an 80m2 plot of land in Mai Lam commune (Dong Anh district) is being advertised for sale at 10.6 billion VND, equivalent to 133 million VND/m2.
According to the seller, although the plot of land is beautiful and has investment potential to "catch the wave" of large projects, due to the high value of the land, it is quite picky about buyers.
Similarly, a 96m2 plot of land located in Dong Hoi commune (Dong Anh district) is also being sold by the owner for 12.4 billion VND, equivalent to 130 million VND/m2 on social networks.
Or a 96m2 plot of land in Van Canh commune (Hoai Duc district) has also been for sale in recent days for 14 billion VND, equivalent to about 145 million VND/m2...
Speaking with Lao Dong, Mr. Nguyen Van The (60 years old, Binh Yen commune, Thach That district) said that his family is struggling to sell a 3,500m2 plot of land for 26 billion VND, equivalent to about 7.4 million VND/m2.
Mr. The said that the land area in the red book is 3,500m2, however the actual area is 5,000m2, of which 900m2 is residential land. Although he asked a broker to post the sale, Mr. The's family has not yet found a buyer for the land.
According to Lao Dong reporters, the 2023 Real Estate Business Law, which will take effect from August 1, 2024, stipulates that 105 cities and towns across the country will not be allowed to divide land into plots for sale. For the remaining areas, the provincial People's Committee will decide which areas investors can divide into plots and transfer to individuals to build their own houses.
With the new regulations, according to many real estate experts, investors holding large plots of land may be forced to sell at reduced prices because of difficulty finding customers. The tightening of land subdivision and sale from August 1, 2024 will help prevent widespread land subdivision and sale, but the expected decrease in land supply will likely push up land prices.
Mr. Tran Van Cuong (a long-time real estate investor in Hanoi) commented that many plots of land worth tens of billions of dong are being offered for sale in suburban districts such as Hoai Duc, Dong Anh, Thach That, Thuong Tin... will have difficulty finding buyers due to regulations prohibiting the subdivision and sale of land, and the real estate market is in the process of recovery.
Mr. Cuong analyzed that in previous years, many investors traveled to the suburbs to hunt for large plots of land with the intention of building and operating resorts and farmstays.
However, with sky-high selling prices, these plots of land are not easy to find buyers at the present time. Meanwhile, small plots of land with prices ranging from 2-3 billion VND/plot in the suburbs attract the attention of investors.
