The Ultimate Real Estate Rush: Bidding Wars for Hanoi’s Land Reach Fever Pitch with Midnight Deadlines and Skyrocketing Prices

The premium lot, a corner plot with two frontages (labeled LK03-7), exceeded expectations with a final offer of over VND 121.3 million per square meter. The second-highest bid went to lot LK03-6, measuring more than 91 square meters, which fetched a price of VND 97.3 million per square meter. Following closely were lots LK04-2 and LK04-8, which commanded a price of over VND 91 million per square meter.

According to some investors who participated in the auction, these prices do not yet reflect the final winning bids. The competition intensifies as over 200 people advance to the eighth round of bidding.

As the seventh round concluded, certain plots of land witnessed bids soaring to more than 16 times their starting price.

The intense land auction in Hanoi continued well into the night. Photo: Hồng Khanh

Even at 11 p.m., many participants remained engaged in the auction for the 19 land lots, while others opted to leave as the prices climbed higher.

During the ballot counting and price announcement, some participants seized the opportunity to grab a quick bite to refuel for the ongoing bidding war.

Mr. M.H., a member of one of the investing groups, shared their strategy: they aimed to acquire all five adjacent lots they were bidding on. After five rounds, their group remained at the top in terms of offered prices. Mr. H. revealed their plan to retain only three lots, intending to resell the other two after the auction.

A crowd gathered outside, eagerly awaiting the final results. Photo: Hồng Khanh

Earlier in the day, a large crowd had gathered at the auction venue—the sports hall of Hoài Đức District, Hanoi—to participate in the auction of 19 land plots. The event attracted over 700 applications, with approximately 400 people in attendance.

The land plots up for auction varied in size, ranging from 74 to 118 square meters, with a starting price of VND 7.3 million per square meter. The required deposit to participate in the auction ranged from VND 109 million to VND 172 million per lot.

To secure a land lot, investors had to go through multiple bidding rounds, with a minimum bid increment of VND 6 million per square meter. This rule was implemented to prevent collusion among participants, ensuring that the land was sold at a fair market price.

Inside the auction hall. Photo: Hồng Khanh

Notably, towards the end of the afternoon, even before the auction concluded, several groups had already set up stations near the auction venue to gather information from interested customers. They intended to resell the land lots immediately, with a markup of around VND 200 million or higher, depending on the lot’s location and the level of interest from investors.

Similar activities were observed on social media, with individuals advertising their willingness to purchase the auctioned land lots, offering a premium of VND 100-300 million, despite the auction results not yet being finalized.

The auction site in Lòng Khúc Village, Tiền Yên Commune, Hoài Đức District. Photo: Hồng Khanh

In the vicinity of the auction site, several real estate brokers had set up tents early in the morning to accommodate potential customers. According to some local brokers, the current market price for residential land in the Lòng Khúc area of Tiền Yên Commune, Hoài Đức District, is approximately VND 80 million per square meter for road-facing plots, while land on alleys fetches VND 40-50 million per square meter.

Mr. N.H., a local broker, predicted that the winning bids for the auctioned land lots would likely hover around VND 100 million per square meter, with prime corner lots potentially commanding even higher prices. He anticipated a markup of VND 200-400 million per lot.

The auction finally concluded at around 4:30 a.m. on the following day.

By Hồng Khanh