On August 9, the Quang Tri Provincial Property Auction Service Center announced that it had just organized an auction of 18 plots of land in Land Area 7C, Detailed Planning of the Residential Area South of Tran Hung Dao Street, Dong Hoi Ward (now Nam Ly Ward).
According to the Center, the auction attracted 181 customers with 611 bids. The plots of land have an area of 48.3m2 to 183.5m2, starting price from 793.8 million VND/plot to more than 3.015 billion VND/plot. The total auction area is 1,734.7m2, with a total starting price of more than 28.85 billion VND.
As a result, 18/18 plots of land were successfully auctioned, earning nearly 86 billion VND, nearly 57 billion VND higher than the starting price.
Notably, plot C17 (plot 266, map sheet No.): 104.8m2, starting price over VND 2.066 billion, paid up to VND 7.689 billion, 3.72 times the original price, equivalent to over VND 73 million/m2.
It is known that these plots of land have prime locations, right in the ward center, synchronous infrastructure, so they attract a large number of customers to participate, creating a high winning price.
As reported by Lao Dong Newspaper, recent land use rights auctions in the old Dong Hoi City (now in Dong Hoi and Dong Son wards) have recorded winning prices far exceeding the starting price, many lots have increased 3-4 times.
The session on June 13 organized by Truong Ha Joint Stock Auction Company had 36 plots of land with starting prices of 568 million to more than 6.7 billion VND/plot.
Many plots have a difference of billions of VND, such as plot 131 (140m2) from 872 million to more than 3.8 billion VND; plot 137 (164m2) from 1 billion to 3.45 billion VND.
Some people won many plots consecutively, some owned more than 20 plots after two sessions, raising concerns about speculation and creating virtual prices. The overall difference in many areas is up to tens of billions of VND, some lots have increased by more than 1 billion VND after only a few bids.
People and industry experts warn of the risk of "bubbling" land, repeating the scenario of 2019-2020 when prices increased rapidly and plummeted, many investors had to sell at a loss.
