Land prices in Hoai Duc district (Hanoi) have increased sharply compared to the time when the market was quiet. Ms. Tran Thi Dinh (Hoai Duc, Hanoi) shared that in early 2023, she bought a 60m2 plot of land in Van Canh area, Hoai Duc district for investment at a price of 3.6 billion VND. Since the beginning of the year, land prices have continuously increased, up to now the plot of land is worth more than 5.3 billion VND, she plans to continue monitoring market developments to make a profit.
Ms. Nguyen Lan Huong (Hoai Duc, Hanoi) is selling service land in Tram Troi town (Hoai Duc, Hanoi) with an area of 73.3 square meters for nearly 8.43 billion VND, equivalent to 115 million VND/square meter.
"At the end of the year, many people flock to the suburbs to buy land. The land I am selling is located near the Lideco urban area and Highway 32, so many people are interested," said Ms. Huong.
Ms. Pham Thi Xuan, a land broker in Hoai Duc (Hanoi) said that since August, the number of closed lots for her and her group has increased by an average of 2 transactions/month compared to previous months.
Since the beginning of October, Ms. Xuan has not had a single weekend off due to her busy schedule of showing clients land. She predicts that the Hanoi land market will continue to be hot and will be the focus of attracting investment capital in the last months of the year.
According to data from Batdongsan.com, 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 October 2023, Hoai Duc land increased by 88.2%, from an average price of VND 58.4 million/m2 to VND 109.9 million/m2 in October 2024.
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.
Commercial land, two-way roads in Kim Chung, increased from 83 - 95 million VND/m2 to 90 - 98 million VND/m2. Land locations in villages, wide alleys, two-way roads in Duc Thuong, Dong La, An Khanh, also increased from 25 - 45 million VND/m2 to 34 - 55 million VND/m2.
Mr. Le Dinh Chung - Member of the Market Working Group of the Vietnam Association of Realtors (VARS) commented that the current real estate "wave" is only happening locally in Hanoi and has not spread to other provinces and localities.
According to Mr. Chung, when investors spend money to buy land at the present time, they need to have a medium-term vision, with a capital recovery period of at least 1-3 years, instead of expecting to invest "surfing" on infrastructure and projects.
Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam Company predicts that the market will improve from the second quarter of 2025, at which time land products will be of interest. Accordingly, during the period of market improvement, land will gradually regain its advantage and have good liquidity.
