According to Lao Dong reporters, recently, many plots of land located in suburban districts of Hanoi such as Chuong My, Dan Phuong, Hoai Duc... are being sold at a loss of 100-500 million VND/plot but are still difficult to liquidate.
Mr. Nguyen Van Hoi (born in 1980, selling a plot of land in Thach That district, Hanoi) confided that he wants to quickly sell a plot of land of more than 90 square meters in Binh Yen commune.
Accordingly, this land was bought by Mr. Hoi to catch the investment wave at the end of 2019 at a price of 2 billion VND/plot. However, up to now, due to no longer having a need to use it, he has put it up for sale at a loss of 300 million VND, only 1.7 billion VND/plot, equivalent to nearly 19 million VND/m2.
Similarly, Ms. Le Thi Thuy (born in 1988, selling a piece of land in Chuong My district, Hanoi) said that due to needing investment capital, she is selling a 65m2 piece of land for nearly 1 billion VND, equivalent to about 16 million VND/m2.
Because it is difficult to find customers to close the deal at this time, Ms. Thuy will also cut a loss of 100 million VND if the buyer is willing and closes the deal quickly.
Speaking with Lao Dong, Mr. Nguyen The Diep - Vice President of Hanoi Real Estate Club - commented that those who advertise land plots in the suburbs of Hanoi at deep losses of hundreds of millions of VND/plot may be speculative investors, using financial leverage and bank loans.
Before making a purchase, people need to carefully research the legal status and current price of the land plot to avoid investors selling at a loss to attract people's interest and easily sell off the land.
Experts believe that, in the face of urbanization, investors' demand for land in the suburban areas of Hanoi is still very high, but psychological barriers, risk factors, and profit margins make them cautious before making a final purchase. It is expected that from 2025 onwards, the land market will enter a price increase cycle and fully recover.
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, large real estate projects, planning of industrial parks. When this information appears, the land market in the suburbs of Hanoi is immediately inflated, creating a virtual fever.
Ms. Trang Bui noted that land investors need to be extremely careful about the risk of burying capital when investing in products during price fevers, lacking real use values. Unlike the previous time, when land price fevers often exploded in many provinces and cities across the country, at present, the land wave only occurs within a narrow range.
