Unusually High Bidding War for Land in Hoai Duc, Hanoi
Hoai Duc district in Hanoi has recently witnessed an unusual surge in land prices, with a particular plot of land attracting an extraordinarily high bidding price. Located in Lon Truc, Tien Yen, about 20km from the city center and 100m from the under-construction Ring Road 4, this area has become a hot topic among real estate investors.
The 19 plots of land in Lon Truc, Tien Yen, Hoai Duc, are located about 20km from the center of Hanoi and 100m from the under-construction Ring Road 4.
After 9 bidding rounds, the corner plot LK03 – LK12, with a size of over 113m2, reached a staggering price of 133.3 million VND per square meter, more than 18 times the starting price of 7.3 million VND per square meter. The total value of this plot amounts to over 15 billion VND. The remaining 16 plots were sold at prices ranging from 97.3 to 127.3 million VND per square meter, with the lowest two at 91.3 million VND per square meter.
The red-marked area indicates the 19 plots of land that were recently auctioned on August 19.
Upcoming Land Auctions in Hoai Duc
Hoai Duc district is gearing up for another round of land auctions on August 26, offering 20 plots of land signed LK01 and LK02. These plots range in size from 89.6 to 145.6 square meters, with a starting price of 7.3 million VND per square meter.
Hoai Duc district is preparing to auction 20 more plots of land, LK01 and LK02, on August 26, with a starting price of 7.3 million VND per square meter.
The recent land auctions in Hoai Duc have sparked mixed reactions, with some attributing the high prices to the district’s upcoming transformation into a city and the completion of Ring Road 4, which will enhance its strategic location. However, others argue that the prices are abnormally high and have been inflated beyond market rates.
Prime Minister Pham Minh Chinh has issued Dispatch No. 82 to instruct relevant agencies to promptly rectify land auction practices. Local authorities are tasked with detecting and strictly handling violations of land auction regulations, preventing land auction speculation, and maintaining market stability.
The Minister of Natural Resources and Environment is assigned to coordinate with the Ministers of Justice, Finance, and Construction, as well as the Chairpeople of provincial and municipal People’s Committees, to urgently inspect and handle abnormal land auction cases according to their authority.
The Prime Minister also emphasizes the importance of identifying legal loopholes and proposing amendments to prevent land auction speculation. Strict handling of such cases and reporting to the Prime Minister by August 30 are required.
Real Estate Prices Continue to Plummet in 5 Outer Suburbs: Củ Chi, Hóc Môn, Bình Chánh, Cần Giờ, Nhà Bè Proposed as 3 New Cities
Recently, the proposal to divide the suburban districts of Củ Chi, Hóc Môn, Bình Chánh, Cần Giờ, and Nhà Bè into 3 new cities has attracted attention in the real estate market of the South.
Satellite urban area planning, cheaper residential land prices compared to agricultural land in Dong Anh and Thuong Tin
Hoà Lạc urban area is currently offering land at approximately 20 million VND/m2, which is much cheaper than the land prices in areas such as Thường Tín, Đông Anh, and other suburban areas.
Government Initiates National Land Database Development
The government has recently assigned 5 departments to develop a national land database plan to integrate with the national population database.
Land Law 2024: Thoughts on Land Price Regulations
After an elaborate construction process, the Land Law (amended) has finally been passed by the National Assembly, raising hopes of resolving difficulties and obstacles in land management practices and helping unlock the potential of this crucial development resource. However, regarding land price regulations, the writer still has some concerns about their rationality and feasibility in the implementation of the law.
