According to the 2025 land price list just issued by Hanoi City, in many areas, the price of land plots in location 1 - facing roads and streets is only half the price of apartments for sale.
Many young people tend to choose to live in apartments to make the most of living amenities - Photo: NAM TRAN
The market is reversing
Hanoi City has just issued a new land price list applicable from December 20, 2024 to December 31, 2025, accordingly, land prices in many areas have increased 3-4 times compared to the old land price list.
A new point in the land price list just issued by Hanoi is that urban and rural land will be determined by price brackets according to 4 locations: location 1 is land facing the main street, location 2 is land facing an alley 3.5m or wider, location 3 is land facing an alley 2 - 3.5m wide, location 4 is land facing an alley smaller than 2m.
Looking at the land price table that has just been issued in Hanoi, it is easy to see that in many areas that are hot spots for apartment development, land prices are lower than apartment floor prices. This is a new trend because for a long time, land prices have usually been higher than apartments in the same area.
Accordingly, the land price frame (urban residential land) in Me Tri Ha area, depending on location, ranges from 30.8 - 78.4 million VND/ m2 , Me Tri Thuong area from 24.9 - 74.8 million VND/ m2 , Mieu Dam area from 33.8 - 85.5 million VND/ m2 .
Urban land price range in My Dinh area from 29.4 - 74.8 million VND/ m2 , Phu Do from 24.5 - 57 million VND/ m2 , Phuc Dien area on National Highway 32 from 27.2 - 67.7 million VND/ m2 , Phuong Canh street area 20.3 - 43.4 million VND/ m2 .
Meanwhile, apartment prices around these streets such as Le Duc Tho street area, many streets in My Dinh 2 urban area, and National Highway 32 are fluctuating from 70 - 100 million VND/ m2 .
Similarly, the area of Thang Long Avenue through An Khanh Commune is from 22.2 - 51 million VND/ m2 , Van Xuan Street through Kim Chung Commune is from 23.2 - 53.3 million VND/ m2 , Road 70 through Van Canh Commune is from 13.9 - 27.2 million VND/ m2 . Meanwhile, the selling price of apartment projects in the area, including used apartments, is also from 45 - 70 million VND/ m2 .
It should be added that the difference in apartment prices and land prices in the above mentioned areas partly comes from the actual transaction prices of land in the above mentioned neighborhoods and routes, especially the street-front land location, which is many times higher than the price given by Hanoi City in the 2025 land price table.
And the adjustment of the city's land price list towards the market is considered based on many factors, ensuring the city's investment attraction and eliminating factors that increase land transaction prices due to speculation and asset hoarding.
Expert: Difficult to compare land prices with apartment prices
Speaking to Tuoi Tre Online , Professor Dang Hung Vo, former Deputy Minister of Natural Resources and Environment, said that it is necessary to carefully evaluate the difference in land prices and apartment prices in the same area, because usually apartment projects when handing over houses have full living conditions. This is different from buying land on the street to build houses, sometimes these land areas have incomplete living and working conditions.
Therefore, the price mechanism of apartments is different from the price of land, current apartment complexes, especially high-end apartment complexes with full facilities that are very good for residents. The price of apartments and land sometimes depends on living conditions, living environment, social facilities such as hospitals, supermarkets, schools, Mr. Vo added.
According to Mr. Nguyen Van Dinh, Chairman of the Vietnam Real Estate Brokers Association: First of all, it is necessary to recognize the positive factor of Hanoi and Ho Chi Minh City issuing new land price lists in 2025, which is to remove legal issues and bottlenecks for many projects in the land valuation stage.
People's real estate transactions also have a basis for calculating taxes and fees when carrying out procedures for transferring land use rights. Recently, Hanoi has used market transaction prices to build the 2025 land price list, so this price list closely follows the market price of each area.
However, Mr. Dinh noted that the current real estate prices in Hanoi are showing signs of being unreal and virtual because the demand for housing and business is too large but the supply is scarce. Therefore, many investors have built profit margins that are double or triple, not just a few dozen percent. From this trend, investors and speculators have also followed suit, pushing up prices to enjoy the difference, which creates a virtual signal in the market.
According to Mr. Dinh, many times the area surveyed for land price list has not had any transactions recently, the management agency synthesizes from old transactions so the price is low. Meanwhile, apartments in the area are sold at high prices, somewhat unreal.
Some real estate experts believe that the recent increase in apartment prices is partly due to the psychology of young families who want to live in apartments to take full advantage of amenities, live on one floor, and not have to spend time on construction.
Source: https://tuoitre.vn/gia-dat-nen-nhieu-noi-bang-nua-chung-cu-chuyen-gia-noi-gi-20241224131000986.htm
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