The overnight auction of 19 plots of land in Tien Yen commune , Hoai Duc district has caused a stir in recent days. 19 plots of land were successfully sold, the highest lot won 133.3 million VND/m2, about 18 times the starting price.
Besides the above land lot, 11 other lots are also set at prices above 100 million VND/m2. The two plots of land with the lowest winning prices at this session were 91.3 million VND/m2, still 12.5 times higher than the starting price.
On the market, PV Lao Dong's survey of information for sale and land prices in Tien Yen commune shows that the price being offered for sale is on average 43 million VND/m2.
Some investors and brokers said that the price of residential land around the Long Khuc area, Tien Yen commune, Hoai Duc district is at 80 million VND/m2 for the road surface, while the alley surface is at 40 - 50 VND. million VND/m2.
According to the price history tool of the Batdongsan technology platform, the popular selling price of land in Tien Yen commune, Hoai Duc, Hanoi in the second quarter of 2024 is 43 million VND/m2.
Over the past year, land prices in this locality have increased by more than 48%. However, the winning land price in the recent auction session was still 2-3 times higher than the popular price level.
Through this, buyers, sellers, and investors can compare and contrast to have a more general view of the market.
Previously, the auction of 68 plots of land in Thanh Cao commune, Thanh Oai district on August 10 also caused a stir when the winning price reached hundreds of million VND/m2, 5-6 times higher than the starting price.
This development is completely different from the sluggish scene of many land auctions last year. 2023 is the time when the real estate market bottoms out, investment demand is low, so many plots of land in suburban areas have to be re-auctioned because there are no buyers or the success rate is very low.
Talking to Lao Dong reporter, Dr. Tran Xuan Luong - Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute - said that about the land auction fever in suburban districts such as Thanh Oai, Hoai Duc... The winning price is much higher than the market, partly due to speculation groups manipulating and inflating prices.
In particular, the land auction winning rates of Hanoi's suburban districts range from 99 - 133 million VND/m2, higher than the land price list of inner-city districts. Even higher than the land price list in many central areas such as Hoan Kiem, Ba Dinh, Cau Giay, Hai Ba Trung districts...
According to the land price list in Hanoi in 2024, the highest land price in the city belongs to Hoan Kiem district with 187.9 million VND/m2. This price corresponds to location 1, including Le Thai To street, Hang Ngang street, Hang Dao street.
Tran Hung Dao Street (Tu Tran Thanh Tong - Le Duan), Hue Street has a land price of 114 million VND/m2, lower than the highest winning auction price in Hoai Duc.
Many other areas in Hoan Kiem district have land prices ranging from 90-98 million VND/m2, such as Hang Ma, Ly Nam De, Nguyen Huu Huan... lower than the auction winning price in both Dan Phuong and Thanh Oai.
Auctioned land up to 133.3 million VND/m2 also "surpassed" the highest land price list in districts of Ba Dinh (132.6 million VND/m2), Hai Ba Trung (106.7 million VND/m2), Dong Da (92.8 million VND/m2), Tay Ho (78.8 million VND/m2).
