Record-Breaking Land Auction Results in Hanoi’s Hoai Duc District: What’s the Impact on the Real Estate Market?
Auction Results: Hanoi’s Land Auction in Hoai Duc District Sees Bids of Up to 133 Million VND per sq. m.
 Auctioneer overseeing the land auction process in Hanoi. (Source: Hung Vo/Vietnam+)
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Hanoi’s real estate market has witnessed a surge in land prices in recent auctions, prompting authorities to take action. A leader from the Hanoi Department of Natural Resources and Environment revealed that they are collaborating with the police to investigate the potential involvement of groups manipulating land prices through these auctions.
While the land auctions are organized by local authorities, the department has been monitoring auctions in the outlying districts of Dan Phuong, Thanh Oai, and Hoai Duc. The investigation was triggered by suspicions of price manipulation, as some land plots saw abnormally high bids, far exceeding expectations.
The auction results have consistently shown upward trends, with winning bids increasing from one auction to the next. This has raised concerns about the stability of the real estate market in the city’s outskirts.
On July 28, an auction was held in Dan Phuong district for 85 land plots, attracting 1,252 participants. Surprisingly, a land plot in Ha Mo commune received a bid of 99.2 million VND per sq. m., shocking many with its unprecedented price.
The feverish atmosphere continued on August 10, with approximately 1,600 participants vying for 68 land plots in Thanh Cao commune, Thanh Oai district. The highest bid reached over 100.5 million VND per sq. m., with most plots fetching between 80 and 90 million VND per sq. m. This auction saw prices increase by five to eight times the starting bid.
The most recent auction, held in Hoai Duc district’s Tien Yen commune for 19 land plots, further intensified the market. After a lengthy 19-hour auction, a record-breaking bid of 133.3 million VND per sq. m. was achieved for a corner plot measuring over 113 sq. m. This was an astonishing 18 times the starting price of 7.3 million VND.
The second-highest bids reached 127.3 million VND per sq. m., while the remaining 14 plots sold for between 97.3 and 121.3 million VND per sq. m. Even the lowest-winning bids were significantly high, reaching 91.3 million VND per sq. m.
Notably, real estate brokers were present at these auctions, live-streaming the events on social media platforms to create a sense of hype and speculation. This activity further fueled the already heated market, with investors seeking to profit from the rising land prices.
Hung Vo
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