Records of Lao Dong reporters show that recently, many plots of land in Long Bien district (Hanoi) have continuously increased in price. For example, a 70m2 plot of land in Phuc Dong ward (Long Bien district) is being offered for sale by its owner for 13.5 billion VND, equivalent to 192 million VND/m2.
The owner here said that the plot of land has a beautiful location, has a red book of the owner, is surrounded by a 200m radius of a school, a market and is only about 500m from Vinh Tuy bridge.
A 61m2 plot of land on Tu Dinh Street (Long Bien District) is also being offered for sale at 13.8 billion VND, equivalent to 226 million VND/m2.
A 50m2 plot of land in Viet Hung ward (Long Bien district) is being offered for sale at 7.86 billion VND, equivalent to 157 million VND/m2.
Mr. Nguyen Van Minh (land investor in Long Bien district) said that many plots of residential land that cannot be reached by car in Phuc Dong ward are also being offered for sale at 100-160 million VND/m2, depending on the area.
According to Mr. Minh, compared to the beginning of 2024, this price has increased by about 20-30 million VND/m2 for a plot of land with an area of 40-60m2. Many investors who "surf" to buy land here have even made billions of dong in profits when selling.
One Housing data in 2024 shows that residential land prices in many suburban districts such as Long Bien and Gia Lam increased by more than 30% over the same period.
In 2024, the Hanoi market recorded about 42,000 transactions. Liquidity of this segment increased the most in the second quarter of 2024, then gradually decreased towards the end of the year.
In the fourth quarter of 2024 alone, the West (Cau Giay, Bac Tu Liem, Nam Tu Liem, Ha Dong districts) is leading with 3,500 transactions, while the East (Long Bien, Gia Lam districts) has about 2,900 houses and land being bought and sold.
Notably, according to One Housing, residential land prices in many other areas also tend to increase sharply, ranging from 17-33%/year.
In the East, the average land price in Long Bien district is about 130-150 million VND/m2, while Gia Lam district has a common price of 40-60 million VND/m2, all of which increased by 33% compared to the end of 2023.
In the West, residential land prices in all districts are at a high level, so the increase range is narrower. For example, Ha Dong district increased by about 17%, Nam Tu Liem and Cau Giay districts increased by 28-29% compared to the end of 2023.
Information from the website Batdongsan.com.vn analyzed that Hanoi residential land prices have increased in price, along with the increase of apartments.
As of the fourth quarter of 2024, the price level of this segment increased by 37% compared to the first quarter of 2023, reaching an average of 70 million VND/m2 of land. Meanwhile, in Ho Chi Minh City, residential land prices remain stable, only about 3% more expensive after nearly 2 years.
Mr. Tran Quang Trung - Business Development Director at OneHousing - commented that the push from infrastructure contributes to changing the appearance of suburban areas such as Long Bien, Nam Tu Liem, Gia Lam (Hanoi).
These are also places with many urban areas with a hot price increase for apartment types. This has prompted many buyers to shift from apartments to real estate, causing surrounding prices to increase.
