Talking to Lao Dong, Ms. Nguyen Thi Xuan (born in 1980, living in Thanh Xuan district, Hanoi) shared that in early 2024, she and her husband intended to buy a plot of land in Hoai Duc district but were surprised because the selling price was too high.
According to Ms. Xuan, due to the completed infrastructure, many plots of land in the countryside of communes such as An Khanh, Van Canh, Song Phuong (Hoai Duc district) are being sold for more than 100 million VND/m2, surprising many people who are looking to buy like her.
"Although we liked it, many plots of land in rural villages on the outskirts of Hanoi cost more than 100 million VND/m2, forcing my husband and I to cancel the transaction and temporarily put on hold our plan to move to the suburbs to live," said Ms. Xuan.
Similarly, Mr. Bui Van Linh (living in Hai Boi commune, Dong Anh district, Hanoi) informed that although many investors have a need to buy land in the suburbs of Hanoi, the rate of successful transactions at this time is not much because the price is increasing. According to Mr. Linh, many people after coming to survey, directly see the land plot and ask for the price in Dong Anh district also had to quickly turn back.
Investigation by Lao Dong reporters shows that, in reality, although the selling price is continuously pushed up by landowners and brokers, there is still no specific data on land transactions in the suburban districts of Hanoi.
Real estate market data for the third quarter of 2024 from Batdongsan.com.vn also shows that the land market in Hanoi and Ho Chi Minh City is improving significantly in terms of interest and transactions. However, this is still only a local improvement in some areas, especially the northern provinces.
Notably, according to the website Batdongsan.com.vn, in the third quarter of 2024 alone, land auctions on the outskirts of Hanoi with winning prices dozens of times higher than the starting price showed signs of abnormality.
A recent survey of more than 500 real estate brokers conducted by Batdongsan.com.vn also showed that 38% of brokers said that the unusually high auction prices were due to "Fomo" (fear of missing out) and speculation; 29% said that changes to the Land Law had pushed up prices; 21% said that interest groups were inflating the prices of suburban land.
Referring to this content, Dr. Tran Xuan Luong - real estate major (National Economics University) - commented that the real estate market is in the recovery phase, if customers have used financial leverage to buy land, "difficulties will be piled on top of difficulties".
Mr. Luong recommends that during this period, many customers participating in the market should not have a speculative mentality but should invest with a long-term vision. In addition, they should not use financial leverage and avoid investing according to the crowd effect.
Before deciding to spend money, you should evaluate your needs, choose a product that is truly suitable for your financial ability, and focus on added value instead of price increase. The change in investment mindset of customers is a factor that creates a change in the real estate market in a healthier and more positive direction in the future.
