On October 19, the auction of 27 land lots in 3 wards including Phu Luong, Yen Nghia and Duong Noi in Ha Dong district (Hanoi) took place. This session lasted until 11pm on the same day. As a result, the 57.5m2 land lot with the highest winning price in Dong Danh - Dong Coc area (Phu Luong ward) was priced at 262 million VND/m2, 8 times higher than the starting price.
In addition, 17 plots of land in Ha Khau area (Phu Luong ward) had winning prices ranging from 146 million VND to 166 million VND/m2, 5.5-6.3 times higher than the starting price. 2 plots of land in Sau Chua area (X8), Yen Nghia ward had winning prices of 160 million VND/m2, 5.3 times higher than the starting price. 6 plots of land in Duoc area (X7), Duong Noi ward had winning prices ranging from 132.8 million to 182.8 million VND/m2, 5.8-8 times higher than the starting price.
The auction of 27 land lots in Ha Dong district on October 19 ended after 14 hours (Photo: Duong Tam).
According to a survey by Dan Tri reporters, on real estate listing sites, land prices in Phu Luong ward are fluctuating from 120 million VND to 170 million VND/m2. Land prices in subdivision areas in Yen Nghia ward average around 133-170 million VND/m2, depending on location and area. For example, a plot of land near Thanh Lam street (Phu Lam ward, Ha Dong) with an area of 40m2 is being offered for sale at 5.3 billion VND, equivalent to nearly 133 million VND/m2.
The highest priced lot in the recent auction of 27 lots in Ha Dong was higher than the surrounding market. Mr. Tung - an investor from Bac Tu Liem (Hanoi) who participated in the land auction - said that in general, the winning price in the recent auction in Ha Dong was almost close to the market price. This auction had many real users participating with the desire to buy land.
Auctioned land in Ha Dong district (Photo: Duong Tam).
He acknowledged that after a period of "fever", some recent land auctions in the suburbs of Hanoi have gradually cooled down with winning prices no longer as high and unreasonable as before. Regarding the land lot with the highest price of 262 million VND/m2, he said that it was somewhat higher than the market price but not much. Currently, land in the Dong Danh - Dong Coc area (Phu Luong ward) costs about 170 million VND/m2 for regular lots; corner lots cost about more than 200 million VND.
"The highest land plot is probably because local people want to buy it so they are willing to pay higher than the market price," said this investor.
Ms. Pham Thi Mien - Deputy Head of Market Research and Investment Promotion and Consulting Department of Vietnam Real Estate Brokers Association - commented that in the third quarter of 2024, the land auction story is "hotter" than ever with auctions held "overnight", recording hundreds, even thousands of people accepting to "eat and wait" to compete for a spot. The winning price is also a record high, equal to project land with well-invested infrastructure.
Ms. Pham Thi Mien said that when the new law tightens the subdivision and sale of land, land products are gradually becoming scarce. Therefore, it is predicted that in the coming time, auctioned land will continue to receive the attention of the people due to its legal guarantee and low starting price.
Sharing the reason why auctioned land attracts investors, Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) - stated that the land put up for auction is "clean" land, not involved in litigation disputes, has red books, infrastructure, ready to build houses for business, rent, and earn monthly cash flow. Especially, in the context that in recent years Hanoi has had almost no new projects, the supply of land is also forecasted to become increasingly scarce.
In addition, the new Real Estate Business Law prohibits the subdivision and sale of land in 105 cities and towns, forcing businesses to build houses on land for sale in these areas. Meanwhile, the demand for real estate, including both residential and investment, among the people is very strong and is constantly increasing.
Source: https://dantri.com.vn/bat-dong-san/dat-dau-gia-tai-quan-ha-dong-262-trieu-dongm2-gia-xung-quanh-the-nao-20241023174115158.htm
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