Citizens conducting red book procedures at the Dan Phuong District Land Registration Office branch, (Photo: MarketTimes)
Suburban land is gradually heating up
Not only in the central areas, but the fever for land and residential land is also spreading to the suburbs, making this area vibrant after a period of gloom.
According to MarketTimes’ observations, at a notary office on Tay Son street, Phung town, Dan Phuong district (Hanoi), it was almost lunchtime on September 10, 2024, but customers still flocked to the office to carry out procedures for transferring land red books.
Ms. Truong Thu Ngan (Hoai Duc, Hanoi), a landlady, said that she had been queuing since 8:30 am on September 10 but had not been served yet. The office was so crowded that she had to stand outside, but as it started to rain, she had no choice but to go back inside.
Ms. Ngan also shared that this was her second time visiting the notary office this September to transfer the land to a new owner. Previously, she had invested in two land plots in Song Phuong and Trung Dich communes, but as she did not have any urgent need for money and did not intend to sell, many customers were very interested, and moreover, as they were acquaintances who needed a place to live, she agreed to sell.
This land in Trung Dich, with a car inaccessible alley, is priced at VND 48 million/m2. (Photo: MarketTimes)
“My plot of land in Song Phuong has an area of 60m2, with an alley wide enough for cars to turn around, and is priced at VND 55 million/m2, which is quite reasonable. As for the residential land in Trung Dich, with an alley wide enough for cars to pass through, it is priced at VND 50 million/m2. After selling, I don’t know where to buy new land because the prices change every day,” shared Ms. Ngan.
Mr. Le Van Long (Cau Giay, Hanoi), a land buyer, shared that he particularly likes the land in Dan Phuong because it is only about 10km from this area to Cau Giay, and the road is wide and straight. As a native of Hanoi, he wants a quiet place to rest when he retires, while his children can live in the house in Cau Giay, so he has decided to buy a land plot in Trung Dich at a price of VND 75 million/m2.
“At the beginning of the year, the price of this land plot was VND 60 million/m2, and even though I knew the price would increase, I still had to buy it because I was afraid that by the beginning of 2026, when the city applies a new price framework, the price would no longer be VND 75 million/m2,” said Mr. Long.
Customers who come to transact at this notary office all share the view that land prices in Hoai Duc and Dan Phuong districts will not decrease but will only increase when the city applies a new price framework in more than a year. In addition, the land auction price in Phuc Tho, which is much further from the city center than Dan Phuong, is also quite high, ranging from VND 40-60 million/m2, plus additional premiums, so the land in Dan Phuong is still more reasonable.
More than 50% of surveyed people will buy land
Previously, Mr. Le Bao Long, Strategy Director of Batdongsan.com.vn, predicted that real estate prices would increase significantly after the laws related to real estate take effect. Among them, the land plot segment would be most affected due to the regulation prohibiting land subdivision and sale in 105 cities and towns.
These predictions have come true in the suburban land area, even before the laws related to real estate took effect.
According to historical transaction prices on Batdongsan.com.vn, land prices in Hoai Duc district in September increased by 35-70% (depending on the area) compared to the same period last year, while land prices in Dan Phuong district increased by 30-40% (depending on the area) year-on-year.
Unlike land plots in the provinces surrounding Hanoi, the land plots in the suburbs of Hanoi have mostly clean legal status and are for actual housing needs. Currently, apartment and house prices in the city center have increased beyond the affordability of homebuyers, and even if for investment purposes, the prices are already too high. On the other hand, transportation infrastructure connecting the suburbs to the city center is convenient and fast, and there is still potential for price increases… Therefore, it is normal for investors to flock to the suburbs to buy land.
According to Ms. Pham Thi Mien, Vice President of the Vietnam Real Estate Research Institute, low-rise and land plot projects are also showing positive recovery signals, with some projects achieving good sales and transfer results. Meanwhile, in Hanoi, land prices in suburban areas have also increased by 10-20% compared to the beginning of the year.
According to real estate broker Chu Thi Giang (Dan Phuong, Hanoi), there are not many land and residential land plots in Dan Phuong district, so whenever there is a plot for sale, a large number of people come to view it. Recently, there was a land plot for sale in Dong Tap commune at a price of VND 56 million/m2, with car access, and it was sold on the same day it was advertised.
The Capital’s Alleyway Property Boom: Intra-Hanoi Real Estate Prices Surge Past 150 Million VND per Square Meter, Matching Suburban Villa Premiums
“Houses in alleys priced at 3-4 billion VND are gradually disappearing as land prices have surged, with the average now exceeding 100 million VND per square meter in areas on the outskirts of the third ring road and 150 million VND per square meter in inner-city districts,” said Mr. Tran Duc Khang, Regional Sales Director of OneHousing Region 2.
Optimizing Real Estate Transactions: Curbing Inflated Prices and Market Disruptions
The Ministry of Construction has urged local authorities to implement stringent measures to regulate the construction of residential buildings within land-use business projects that already possess technical infrastructure in the form of subdivided lots. The aim is to curb speculative behavior, such as land hoarding, rapid reselling, and price manipulation, which can distort the real estate market and create misinformation.
The Lottery Winner’s Dilemma: Why the Lucky Winner of the Thanh Oai Land Lottery Backed Out
The successful bidder, who won the auction with a bid of over 100 million VND per square meter of land, has not made the payment, despite the deadline having passed, according to the Thanh Oai District Land Development Center (Hanoi).
The Ministry of Construction Flags Unusual Property Price Hikes in Hanoi’s Real Estate ‘Hotspots’
The Hanoi apartment market has seen an unusual surge in prices, with certain projects and individual properties in districts such as Tay Ho, Hai Ba Trung, Ba Dinh, and Hoai Duc experiencing a significant hike. This anomaly has caught the attention of the Ministry of Construction, who have noted that these prices are out of step with the broader market and the needs of the local population.
Unlocking Opportunities: Navigating the New Land Price Regulations
As per the Deputy Minister of Natural Resources and Environment, Le Minh Ngan, to address the challenges in implementing the Land Price Table as per the Land Law 2024, local authorities must focus on finalizing documents within their jurisdiction. They should also assess the impact of the draft land price table on the applicable subjects, among other crucial considerations.
