Sharing with Lao Dong reporter, Mr. Trinh Huu Linh (45 years old, living in Thanh Xuan district, Hanoi) said that after many searches, at the end of August 2024, he decided to buy a 70m2 plot of land in Thach That district at a price of 2.3 billion VND, equivalent to 34 million VND/m2.
According to Mr. Linh, with an amount of about 2-3 billion VND, it is very difficult for his family to buy an apartment in the center of Hanoi. Meanwhile, if he goes to the districts on the outskirts of Hanoi to buy land for long-term investment, Mr. Linh will have many options, with high potential for price increase because the land segment here still has many prospects.
Similarly, Mr. Phung Van Cuong (real estate broker in Thach That district, Hanoi) informed that currently many plots of land in the district are being offered for sale at prices ranging from 30-50 million VND/m2. Meanwhile, at the end of 2023, these plots of land only fluctuated around 20-40 million VND/m2.
Mr. Cuong added that many customers buying land in the suburbs of Hanoi at this time are mostly people with idle cash flow, intending to move their place of residence, do business, and invest in land long-term following the wave of planning and infrastructure.
However, many real estate investment organizations also note that although prices are continuously increasing, it is not impossible that real estate brokers and sellers are pushing up market prices.
In fact, there is currently no detailed statistical data on the actual number of transactions in the land segment in the suburbs of Hanoi.
Market analysis shows that although the Hanoi land market has not yet become active again, this segment is showing impressive growth.
According to recent data analysis by PropertyGuru Vietnam, compared to the first quarter of 2023, land prices in the third quarter of 2024 in Dong Anh district increased from VND 41 million/m2 to VND 63 million/m2 (up 53%); land prices in Hoai Duc district increased on average from VND 55 million/m2 to VND 100 million/m2 (up 81%); land prices in Thanh Oai district increased from VND 21 million/m2 to VND 40 million/m2 (up 90%).
Many real estate experts predict that real estate prices will increase after 2025. Despite positive signs, the land market still records some areas with unfounded price increases. Buyers need to pay close attention to this situation to avoid creating virtual fevers.
Real estate expert Dinh Minh Tuan commented that the Northern land market has recently recorded a local fever in some places. In particular, the level of interest and prices have increased sharply in the suburban areas of Hanoi thanks to planning factors, project implementation, and auction activities.
Experts note that investors should not follow the crowd trend or infrastructure projects that are being implemented because it is easy to bury capital. Before deciding to buy land, investors need to carefully study the legal aspects and prioritize the location factor, which determines the potential for price increase as well as the liquidity of that product in the future.
