In 2024, Hanoi real estate will become the focus of the whole country, in which apartments and land are the two most interested segments.
Regarding the land segment, from the third quarter of 2024 to present, the market has witnessed land auctions in the suburbs of Hanoi with thousands of applications participating each session and winning prices dozens of times higher than the starting price. Experts believe that there are signs of "price inflation", creating a "virtual fever" when the situation of deposit cancellation after auction continuously occurs. However, it is undeniable that interest in this type has increased, creating heat for the market.
According to a survey by Lao Dong Newspaper reporters, in Dong Anh district, many plots of land in communes such as Hai Boi, Vinh Ngoc... have recently been advertised by owners at prices exceeding 100-150 million VND/m2. These communes were also the focus of previous land "fever" thanks to the benefits from large real estate projects that are about to be built and infrastructure completed.
In Dan Phuong district, land in some areas such as Tan Lap and Tan Hoi streets is currently being sold for around VND55-65 million/m2, an increase of about 20% compared to the beginning of the year. In Hoai Duc district, land prices in alleys in Duc Thuong, Duong Lieu, and Tien Yen areas are at VND50-60 million/m2, an increase of 20-30% compared to the beginning of the year.
Notably, in the last months of the year, land prices in some suburban districts, where the Ring Road 4 project runs through, have increased sharply. According to a survey by PropertyGuru Vietnam, land prices around Ring Road 4 are showing a clear upward trend. Compared to half a year ago, land prices in Me Linh in some urban areas such as Ha Phong, Cienco 5... have increased from 45 - 55 million VND/m2 to 55 - 64 million VND/m2.
For Dan Phuong land, land on Tan Lap street, the price also increased from 48 - 55 million VND/m2 to 54 - 65 million VND/m2; land on Tan Hoi street in Dan Phuong, the asking price is at 55 - 66 million VND/m2, an increase of 2 - 5 million VND/m2 compared to 5 months ago.
Although the land market has not yet become active again, this segment is showing impressive growth. 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 his general assessment of the current real estate market, Mr. Ha Nghiem - Business Director of PropertyGuru Vietnam - commented: "The real estate market has passed the long period of sinking and has shown many signs of recovery. Currently, some areas have shown clear signs of growth. Hanoi is experiencing a fever, not only for products serving real housing needs but also for investment."
According to the expert, Hanoi real estate has recorded strong growth over the past year. Segments such as apartments, land, private houses, etc. have all increased by an average of about 40%. This is considered a record increase in history.
