Although it is rural land, according to Ms. Nguyen Thi Lai (living in Van Canh commune, Hoai Duc district), land prices here are increasing every day. In particular, 3 plots of land with overgrown weeds near Ms. Lai's house are being sold for over 100 million VND/m2.
"Recently, many people have traveled from the capital to ask for information and buy, but they were forced to withdraw and give up their intentions after hearing the land prices. Due to the high "prices", the land plots in Van Canh commune are quite picky about buyers," said Ms. Lai.
Thinking that the completion of infrastructure, roads, and real estate projects is a big "boost" that causes land prices in Dong Anh district to increase, Mr. Trinh Van Kien (a real estate broker, living in Dong Anh district) informed that currently land prices in Dong Anh district are fluctuating strongly.
Particularly in Vinh Ngoc, Uy No, and Co Loa communes, land prices are fluctuating around 100-150 million VND/m2, an increase of about 10-30 million VND/m2 compared to early 2024.
Statistics from PropertyGuru Vietnam Company recently also showed that the average selling price of land in Hanoi in November 2024 was 70 million VND/m2, an increase of 32% compared to January 2023.
Compared to the first quarter of 2023, land prices in the third quarter of 2024 in Dong Anh district increased from 41 million VND/m2 to 63 million VND/m2 (up 53%); Land prices in Hoai Duc district increased on average from 55 million VND/m2 to 100 million VND/m2 (up 81%); Thanh Oai is the district with the strongest increase in land prices from 21 million VND/m2 to 40 million VND/m2 (up 90%).
Referring to this content, Ms. Trang Bui - General Director of Cushman & Wakefield - commented that the land segment is often very sensitive to market information, planning of new traffic routes, and large real estate projects.
Ms. Trang Bui noted that land investors need to be extremely careful about the risk of burying capital when investing in products during price fever, lacking real use value.
