Recently, the land market in many areas, especially in suburban districts of Hanoi and neighboring provinces, is gradually regaining its appeal after a long period of stagnation.
According to records, land prices are continuously increasing, especially in suburban districts of Hanoi, where land auctions take place and there are infrastructure projects and large urban projects of existing "big guys".
Regarding the strong growth of the Hanoi land market, Mr. Dinh Minh Tuan - Business Director of PropertyGuru Vietnam - commented that the land market is currently showing impressive price increases.
The average selling price of land in Hanoi in November 2024 is 70 million VND/m2, an increase of 32% compared to the beginning of 2023. New supply is mostly at high prices, the absorption rate in Hanoi is still quite positive.
PropertyGuru Vietnam experts said that 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%), the strongest increase was in Thanh Oai district, from 21 million VND/m2 to 40 million VND/m2 (up 90%).
In addition to the suburban areas of Hanoi, neighboring provinces such as Bac Ninh, Vinh Phuc, Hung Yen, and Thai Nguyen also showed clear signs of recovery. In Bac Ninh, land prices around large industrial parks increased by 5-7% thanks to the attraction of foreign investment capital. In Vinh Phuc, projects near the center of Vinh Yen City or along major traffic routes also recorded significant interest, with prices increasing by 3-6% compared to the beginning of the year.
According to a survey, the common price of land plots in many areas in the center of Bac Ninh currently ranges from 25-145 million VND/m2. In particular, in Tu Son town, the average land price is about 80 million VND/m2, and in Tien Du district, the average price is about 35 million VND/m2.
In Ha Nam, the attraction of this market comes from infrastructure and urban planning. Ha Nam is receiving strong investment capital thanks to transportation, urban and large urban area projects. In the city area, the price of land on large roads can reach 100 - 200 million VND/m2, while land in alleys of about 3-4m in the inner city area fluctuates around 30-40 million VND/m2.
In Bac Giang, land prices also fluctuate depending on the area. Some areas of Bac Giang city have an average price of 90 million VND to 120 million VND/m2; Viet Yen district has an average price of about 27 million VND/m2; other routes such as Quang Trung and Nguyen Thi Luu also record high prices, respectively 95 million VND/m2 and from 32 to 90 million VND/m2.
Investor interest in land increased significantly in December, investors expected a strong recovery of the market when the economy gradually stabilized and credit policy was loosened. Transport infrastructure continued to be a key factor in promoting investors' renewed interest.
In addition, market sentiment has also changed positively. After a long period of stagnation, many investors have returned to the market with a willingness to accept lower risks and expect long-term profits. Land products with clear legal status and complete infrastructure continue to be their top priority.
However, experts still recommend that investors should be cautious in choosing products. The market is not really vibrant but only in the initial recovery stage. In particular, it is necessary to pay attention to legal factors, liquidity and long-term development potential of the area.
