Talking to Lao Dong, Mr. Nguyen Van Nam (46 years old, living in Thanh Xuan district) said that after Hanoi announced the new land price list, he looked to buy residential land plots with a selling price of about 2 billion VND in districts with potential to become districts in order to catch the investment wave.
“With my spare money, I am looking to buy a residential plot of land for about 2 billion VND in outlying districts where prices have not yet fluctuated. When the 2024 Land Law comes into effect, many localities will issue a new land price list with a sharp increase, and real estate prices are expected to become increasingly expensive,” said Mr. Nam.
Because 2 billion VND is not enough to buy an apartment, Mr. Trinh Van Nghia (35 years old, working in Cau Giay district, Hanoi) decided to spend money to buy a residential land of about 100 square meters in Thanh Oai district.
According to Mr. Nghia, the residential land segment with a price range of 2 - 2.5 billion VND/plot in the outlying districts is often easy to buy and easy to liquidate. Land plots with a price range of 3-7 billion VND/plot or more are harder to sell because they are not suitable for customers with strong financial resources.
Many real estate experts recommend that investors who decide to buy land in the suburbs at this time should carefully check the red book and legal documents before putting down money, because recently, there have appeared on the market many cheap residential land plots but with legal problems, no red book, and located in the planning area.
A recent survey by the Dat Xanh Services Institute of Economics - Finance - Real Estate also showed that the trend of buying real estate for investment purposes is increasing again in 2024, with many investors closing their purchases with the goal of "surfing" to make a profit.
According to Dat Xanh Services, the trend of real estate speculation and surfing is taking place strongly in the Northern markets, especially in Hanoi. The situation of investors buying and selling quickly within a few months, or even just 1-2 weeks to make a profit is quite common, especially in the apartment and land segment.
Explaining the reason for the rising speculative wave, many real estate experts said that the real estate market in the North in general and Hanoi in particular had developed too hotly in 2024.
Notably, when the market recovers and grows again, the wave of speculation and surfing of apartments and land plots will also increase. If following the positive growth scenario (supply increases by 40%, interest rates below 12%), the demand for real estate speculation in 2025 is forecasted to increase but will hardly explode.
