Real estate market data for the third quarter of 2024 from Batdongsan.com.vn 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.
Ms. Nguyen Thi Minh (56 years old, in Van Canh commune, Hoai Duc district) confided that she has lived here for decades but she is also very surprised because the advertised price of land is too high.
According to Ms. Minh, many plots of land in rural villages such as An Khanh, Van Canh, Song Phuong (Hoai Duc district) are currently being advertised by owners for more than 100-120 million VND/m2, a figure that makes many people living in rural villages like Ms. Minh feel dizzy, while the price of new apartment projects in the suburbs only fluctuates around 60-80 million VND/m2.
Similarly, Mr. Nguyen Huu Cuong (living in Dong Anh district, Hanoi) shared that many plots of land in communes such as Hai Boi, Vinh Ngoc... have recently been priced by owners at over 100-150 million VND/m2 due to the impact of infrastructure completion and real estate projects being implemented.
According to Mr. Cuong, although the number of investors coming here to ask for information about land plots has increased, the rate of successful transactions at this time is not much when the land plots are at "sky-high" prices and are picky about buyers.
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.
Many real estate experts warn that the price of land in the suburbs of Hanoi has reached a high level, and when investors pour money into buying, there are many potential risks, and capital is tied up in the long term. If they want to invest in this segment, investors should choose areas with synchronous infrastructure, good economic development, but land prices have not been pushed up too high in recent times.
Mr. Le Dinh Chung - Member of the Market Working Group of the Vietnam Association of Realtors (Vars) - said 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, it is not until the second quarter of 2025 that the land market can witness more even development in many places. However, 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" according to infrastructure and projects.
In particular, before deciding to invest, investors should assess their needs, choose products that truly suit their financial capabilities, and focus on added value instead of price increase rate.
