According to the Lao Dong Newspaper, if in the first months of 2024 and 2023, many land use rights auctions in Ninh Binh province were "unsold", some areas had to be auctioned for the 2nd and 3rd time to finish and the value collected was low, now the real estate market in Ninh Binh has become active again. Most of the land use rights auctions have brought in tens of billions of dong to the state budget, which is higher than the initial starting price.
Typically, in September 2024, the Ninh Binh Province Property Auction Service Center organized an auction for the right to use 40 plots of land planned for housing construction in the new residential area west of Ly Nhan Tong Street (Ninh Phong Ward, Ninh Binh City) attracting more than 200 customers to participate with 421 eligible applications to participate in the auction.
The total starting price was nearly 145 billion VND, the total successful auction value was nearly 220 billion VND, exceeding the starting price by nearly 75 billion VND.
Not only in urban areas but also in rural areas in Ninh Binh, the real estate market is also bustling again. The auction of 188 rural residential land plots under the detailed planning for urban residential construction (in An Cu hamlet, Thuong Kiem commune, Kim Son district, Ninh Binh province) attracted 127 customers with 754 applications.
The total starting price was over 260 billion VND, the total successful auction value was nearly 274 billion VND, exceeding the starting price by over 14 billion VND.
Or the auction of the right to use 129 plots of land in the residential area of Doi May - Lien Phuong (Thach Binh commune, Nho Quan district, Ninh Binh province) attracted 259 investors to participate with the number of applications up to 1,825. This is the direct auction with the largest number of applications in Ninh Binh province since 2023.
The total starting price was over 52 billion VND, the total successful auction value was over 84 billion VND, exceeding the starting price by over 32 billion VND.
Mr. La Khac Khanh - Director of Ninh Binh Province Property Auction Service Center said that the Center will continue to organize auctions of hundreds of land lots in districts and cities in the province.
According to Mr. Khanh, the main reason for the real estate market in Ninh Binh province to flourish and grow again is the Government's approval of three important laws, including: Land Law 2024, Real Estate Business Law 2023 and Housing Law 2023, thereby removing many legal difficulties and having a positive impact on the recovery process of the real estate market of the whole country in general and Ninh Binh province in particular.
In addition, from the beginning of 2024, the Provincial People's Committee has directed relevant units to proactively focus on implementing solutions to remove difficulties and promote the safe, healthy and sustainable development of the real estate market.
