According to Lao Dong reporters, many plots of land in suburban districts such as Son Tay, Ba Vi, Soc Son, Thach That (Hanoi) have recently been sold by owners for tens of billions of VND/plot.
For example, a plot of land of more than 4,400 square meters in Van Hoa commune (Ba Vi district) is being sold by its owner for more than 33 billion VND, equivalent to 7.5 million VND/square meter. The owner here said that the plot of land is very suitable for building a resort because it is surrounded by quiet, cool green trees.
Or a plot of land of more than 3,100 square meters in Thach Hoa commune (Thach That district) is being sold by the owner for more than 12.65 billion VND, equivalent to 4 million VND/square meter.
A plot of land in Soc Son district, about 2,900 square meters wide, is being offered for sale for more than 13 billion VND, equivalent to about 4.3 million VND/square meter.
According to the seller, the plot of land of more than 2,900 square meters has been for sale for the past year but no buyers have yet. Currently, the plot of land has about 300 square meters of residential land, and the owner has 3 villas for rent to guests.
Posting an advertisement for a plot of land of thousands of square meters in Thach That district for sale for half a year, Mr. Nguyen Viet Hoang (39 years old, Thach Hoa commune) said that to attract attention, he had to reduce the price of the plot of land from 23 billion VND to 22.7 billion VND, but many customers who came to see it still shook their heads because the entire plot of land was quite valuable.
"My wife and I bought this plot of land at the end of 2018 for 23 billion VND to build a resort. Due to financial difficulties, I agreed to reduce the price to sell it as quickly as possible. However, up to now, this plot of land has not found a buyer and closed the transaction" - Mr. Hoang said.
According to Lao Dong reporters, the 2023 Real Estate Business Law, which will take effect from August 1, 2024, stipulates that 105 cities and towns nationwide will not be allowed to divide land into plots for sale. For the remaining areas, the provincial People's Committee will decide which areas investors can divide into plots and transfer to individuals to build their own houses.
With the new regulations, many real estate experts believe that investors holding large plots of land may be forced to sell at reduced prices because it is difficult to find customers.
Tightening land subdivision and sale from August 1, 2024 will help prevent widespread land subdivision and sale, but the forecasted decrease in land supply will likely push land prices up.
According to Ms. Pham Thi Mien - Deputy Head of Market Research, Consulting and Investment Promotion Department of Vietnam Real Estate Brokers Association (VARS), land prices have been adjusted recently.
Besides, the expert from Vars still believes that land is a segment worth investing in the future. However, residential land products with a price range of 2 - 3 billion VND/lot have very good liquidity, on the contrary, large-area, high-value land plots will be selective of buyers after the regulations on tightening subdivision and land sale.
