The time when Ninh Binh province completed the merger of Hoa Lu district and Ninh Binh city to establish the new Hoa Lu city - with more than 80,000 people of Hoa Lu district being upgraded to the city - led to a rapid increase in land prices in Hoa Lu district (old).
Previously, on December 29, 2024, the Ninh Binh Provincial Property Auction Service Center organized an auction of 136 residential land lots in Dong Oi residential area (in Ninh My commune, Hoa Lu district, now Ninh My ward, Hoa Lu city).
The initial starting price announced by the Ninh Binh Province Property Auction Service Center was VND16.7 million/m2. However, the auction result reached nearly VND42.7 million/m2. This is considered the highest price in rural areas in Ninh Binh to date.
Mr. Ninh Duc Phuong (a participant in the land auction at Dong Oi residential area) shared that after 7 rounds of bidding, the price of one square meter of land here increased from 16.7 million VND/m2 to nearly 42.7 million VND/m2. Although the land price has increased, there are still many investors participating.
"The auction started at 2pm and lasted until 6pm. The reason for the high land prices here is the merger of Hoa Lu district and Ninh Binh city to form the new Hoa Lu city. It is natural that land prices will increase from a district to a city, but they are too high. The main reason is that investors inflate the prices for speculation, but in reality, very few people participate in the auction to build houses," Mr. Phuong shared.
According to the representative of the Ninh Binh Province Property Auction Service Center, out of the total 136 land lots in Dong Oi residential area that were just put up for auction, there were more than 400 residents and investors with nearly 800 participating applications.
"The auction method is to bid upward and bid by direct secret ballot at the auction, with no limit on the number of bidding rounds. Bidders vote to bid according to the type of land plot and the starting price they registered to bid. This is one of the highest-priced auctions of land use rights in rural areas in Ninh Binh to date," said a representative of the Ninh Binh Province Property Auction Service Center.
According to the representative of the Ninh Binh Province Property Auction Service Center, the land price in Ninh My Commune before the time of becoming a ward was only about 10 million VND/m2 - 12 million VND/m2. However, after the information that Ninh My Commune was officially upgraded to a ward, the land price here increased very high.
Mr. Nguyen Duc Thien - Thien Huong Real Estate Office, Ninh Binh - said that currently (January 7), the land price in Dong Oi residential area, through hand-to-hand transactions, has increased to 45 million VND/m2.
"After the auction ended, many real estate offices set up camp there to negotiate the purchase and sale," said Mr. Thien.
