Having difficulty selling a plot of land, Mr. Nguyen Van Cuong (born in 1985, living in Thach That district, Hanoi) confided that due to urgent need for money, over the past few months, he has wanted to quickly transfer a 120m2 plot of land in Binh Yen commune.
Accordingly, this land was bought by Mr. Cuong to catch the investment wave at the end of 2019 for 2.5 billion VND. However, up to now, because he no longer needs to use it, he has reduced the price by 100 million VND to only 2.4 billion VND.
"Land prices in the surrounding area are still increasing slightly. Although the price has been reduced to make it easier to find customers in need, currently my land plot only has people asking for reference information, no customers have decided to buy it yet" - Mr. Cuong said.
Similarly, Mr. Bui Van Minh (living in Hoai Duc district, Hanoi) said that he is selling a 100m2 plot of land for 6 billion VND, equivalent to about 60 million VND/m2.
Because it is difficult to find customers to close the deal at this time, Mr. Minh said he will support all costs and transfer procedures if the buyer is willing and closes the deal quickly.
According to data from PropertyGuru Vietnam, after recent consecutive land auctions, land prices in districts on the outskirts of Hanoi such as Thanh Oai, Phuc Tho, and Hoai Duc (Hanoi) have recorded a slight increase, fluctuating from 3-10%.
Typically, in Phuc Tho district, the price of land for sale has increased by 3-5%. In Thanh Oai, the price of land has increased by 5-7%. Accordingly, the land plots in Thanh Oai district that previously cost 25-30 million VND/m2 have now increased to about 26-32 million VND/m2, while the land plots have increased from 35-40 million VND/m2 to 37-45 million VND/m2.
However, PropertyGuru Vietnam believes that this price growth is not too strong compared to previous years, showing that the land market in the suburbs of Hanoi has not yet completely exploded, investors are still maintaining a cautious mentality, continuing to observe the market.
Ms. Pham Thi Mien - Deputy Head of Market Research, Consulting and Investment Promotion Department of Vietnam Real Estate Brokers Association (Vars) - commented that the suburban land market in Hanoi at planning hotspots or areas around Ring Road 4 is still receiving attention from investors.
In general, land prices in the suburbs of Hanoi have recently increased slightly by only 3-5%. This is in contrast to the first quarter of 2024 when land prices in many places skyrocketed by 20-40%.
Sharing the same view, Mr. Nguyen Quoc Anh - Deputy General Director of Property Guru Vietnam - commented that the land price level in the suburbs of Hanoi has increased by about 10% in the past year. However, not all areas have recorded price increases.
Mr. Nguyen Quoc Anh analyzed that the land segment has potential but that does not mean that buying anywhere will be a win, it depends on the area and time.
Many investors who "jumped to the top" of land have fallen into a situation of being stranded because they bought but had difficulty selling or had to cut losses if they needed money urgently. Land prices have shown signs of increasing, but according to surveys, there are still some areas that are very quiet, with transactions being small.
