Working in Hanoi for 8 years, the family of Nguyen Trung Kien (36 years old, living in Nam Truc district, Nam Dinh) saved their savings to go to Thach That district to buy land to build a house instead of having to borrow money to buy a new apartment in Hanoi.
Mr. Kien added that many new apartment projects in the suburbs of Hanoi are selling for 60-80 million VND/m2, which makes him feel overwhelmed. Meanwhile, with savings of 2.5 billion VND, Mr. Kien's family can buy a plot of land in the suburbs and then build a house.
"Last month, I bought a piece of land in Thach That district for 1.5 billion VND, planning to use the remaining money to build a house next year. With the small amount of savings, if I buy an apartment in the suburbs of Hanoi, I will have to borrow more from relatives and friends," said Mr. Kien.
Similarly, Mr. Nghiem Xuan Thanh (a long-time real estate investor in Hanoi) also said that the high price of real estate in the inner city has forced many people to move to the suburbs to find land to live and invest.
In particular, the gradually completed infrastructure and transportation factors, and the bustling implementation of suburban real estate projects are also "catalytic" factors that make the real estate market here gradually become more vibrant and attract more people's attention.
Referring to this content, Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association (Vars) - assessed that the land market in the suburbs of Hanoi is still in the recovery stage, and actual transactions are still less volatile.
Many real estate experts assess that recently, more investors have appeared "hunting for land" in suburban areas of big cities, localities with strong infrastructure development, and places with high urbanization rates.
Notably, the market also recorded some areas with unfounded price increases. Buyers need to be very careful to avoid creating virtual fevers, which pose a risk of insecurity when the market is still in the process of recovery.
Ms. Trang Bui - General Director of Cushman & Wakefield - also commented that the land segment is often very sensitive to market information, planning of new traffic routes, large real estate projects, and planning of industrial parks.
According to experts, when this information appeared, the land market in the suburbs of Hanoi was immediately "inflated", creating a virtual fever. People who want to buy land in the suburbs of Hanoi need to be extremely careful about the risk of "burying capital" when rushing to invest in products during the price fever, lacking real use value.
