Entering the last months of 2024, the Hanoi real estate market has shown many changes, while apartments still maintain their heat, suburban land also has a clear increase in heat.
Land was once known as the "king" investment channel with bustling trading periods that "stirred up" the whole market. However, in the past 2 years, this segment has gone through a long period of stagnation when transactions and interest were gloomy. Until the second half of 2024, when land auctions in the suburbs of Hanoi heated up, the attraction of land gradually returned.
According to Mr. Le Tien, a real estate broker in Hanoi: “This year, apartments are the segment with the best liquidity and are asked a lot by customers. Until a few months ago, land in the suburbs of Hanoi also received attention again. When the supply of apartments was not much, the supply was low, we gradually switched to selling land. Of course, this change must also be based on the heating up of the land market and the interest of customers.”
From the third quarter of 2024 to present, the market has witnessed land auctions in the suburbs of Hanoi with thousands of applications participating each session and winning prices dozens of times higher than the starting price. Experts believe that there are signs of "price inflation", creating a "virtual fever" when the situation of deposit cancellation after auction continuously occurs. However, it is undeniable that interest in this type has increased, creating heat for the market.
Mr. Nguyen Quoc Anh - Deputy General Director of PropertyGuru Vietnam commented that starting from the second quarter of 2025, when the real estate market enters a period of recovery, the land and project villa segment with good price increase potential will be given special attention by investors. This segment will even replace apartments, holding the "throne" position in the real estate market.
Mr. Quoc Anh also said that although the land market has not yet become active again, this segment is showing impressive growth. Compared to the first quarter of 2023, land prices in the third quarter of 2024 in Dong Anh district increased from 41 million VND/m2 to 63 million VND/m2 (up 53%), land prices in Hoai Duc district increased on average from 55 million VND/m2 to 100 million VND/m2 (up 81%), the strongest increase was in Thanh Oai district, from 21 million VND/m2 to 40 million VND/m2 (up 90%).
According to a survey by Lao Dong Newspaper reporters, in Dong Anh district, many plots of land in communes such as Hai Boi, Vinh Ngoc... have recently been offered by owners at prices exceeding 100-150 million VND/m2. These communes were also the focus of previous land "fever" thanks to the benefits from large real estate projects that are about to be built and infrastructure completed.
In Dan Phuong district, land in some areas such as Tan Lap and Tan Hoi streets is currently being offered for sale at around 55-65 million VND/m2, an increase of about 20% compared to the beginning of the year.
