At the end of the auction of 68 plots of land in Ngo Ba area, Thanh Than village, Thanh Cao commune (Thanh Oai, Hanoi) on August 10, the plot with the highest winning price was over 100 million VND/m2, 8 times higher than the starting price. The regular plots also had winning prices from 63-80 million VND/m2, 5 to 6.4 times higher than the starting price.

In fact, the price of land for sale in Thanh Cao commune (Thanh Oai, Hanoi) has been on an upward trend in recent years. According to the price history tool of Batdongsan.com.vn, the average price of land for sale in this locality has increased by about 80% in the past 4 years - from the common level of 15 million VND/m2 in 2020 to 27 million VND/m2 in 2024.

This August, in addition to Thanh Oai, suburban districts of Hanoi such as Quoc Oai, Hoai Duc... all have plans to auction a series of land use rights. (Photo: VGP).

Thus, compared to the common selling price of 27 million VND/m2 in the second quarter, the winning auction price of 63 - 100 million VND/m2 for land lots in Thanh Cao commune in the auction on August 10, 2024 is 2.3 to 3.7 times higher.

The price history tool of batdongsan.com.vn also provides similar data on neighboring communes in Thanh Oai district. Accordingly, the common land sale price in this area ranges from 20 to 30 million VND/m2.

Commenting on this feverish auction, Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com.vn predicted that from the second quarter of 2025 onwards, land plots will begin to enter the main trend of recovery. The current waves are only local in some areas.

According to Mr. Quoc Anh, there are 3 main factors that greatly affect the land market, including the regional economy (even more macro, the national economy), infrastructure planning and population, and connectivity with other localities.

According to experts, after a difficult market period, the general psychology of real estate buyers and investors will be more cautious than before. Accordingly, buyers and investors should carefully research the market and learn about price fluctuations through objective sources of information before deciding to spend money on any product.

Minh Thu