The Urban Jungle: How Abandoned Properties Are Now a Hot Commodity

In various real estate trading groups in Yen Bai with over 200,000 members, there has been a flurry of listings advertising residential properties for sale in urban areas and residential zones such as Ruby Garden, the Happiness Urban Area, as well as residential land plots in the center of towns and cities.

According to the introduction, Ruby Garden Urban Area is located in Yen Binh town, Yen Binh district, about 6 km from Yen Bai city. The project is advertised as spanning 4.5 hectares, consisting of 300 land lots ranging from 100 to 300 square meters. Currently, only a portion of the project has been developed with houses and shops, while the rest remains vacant and overgrown with weeds. Despite it being noon when we arrived, we noticed a group of 4-5 people inquiring about land prices.

Here, we met Mr. H, who was introduced as a local land specialist. His spacious house was packed with prospective investors. He shared that prices have increased significantly but are still in the early stages, and compared to the lots facing the main road, they are still relatively affordable. “A 150-square-meter lot, just a few dozen meters from the entrance, with a leveled foundation, is currently listed for 3.6 billion VND. A few weeks ago, this same lot was priced at just over 2 billion VND, and through two transactions, the price has been continuously pushed up,” Mr. H informed us.

Mr. H showed us a lot adjacent to the Yen Binh district stadium, measuring over 200 square meters with a 10-meter frontage. This lot consisted of two combined plots, and the owner was willing to sell both for 2.6 billion VND.

Noticing our hesitation due to the high price, Mr. H then introduced another lot right next to it, with a 5-meter frontage and an area of almost 100 square meters. These lots were demarcated by red brick marks on the sidewalk. Mr. H mentioned that he had just sold this lot to an acquaintance for 1.25 billion VND. If we were interested, he could facilitate a conversation for the buyer to resell it to us for 1.3 billion VND.

“Lately, there have been a lot of buyers,” Mr. H continued. “Just yesterday, someone from Lao Cai snapped up five to six lots in one go. Prior to that, a buyer working in a state agency in Lao Cai also purchased two lots,” he added.

A recent seller in the Ruby Garden Urban Area shared: “About two weeks ago, I sold an 8-meter wide lot for 1.150 billion VND. Now, brokers are listing similar lots for around 1.3 billion VND. However, in my opinion, the demand for actual residency is still quite low.”

At the Casamony Yen Bai Urban Area (Le Van Tam street, Dong Tam ward), two new houses are under construction. The developer is a Hanoi-based company. When we contacted the sales phone number provided for the project, we were informed that there were eight remaining lots, including two adjacent lots and six villas.

One lot is priced at 2.8 billion VND, while another lot measuring 94 square meters but with an irregular shape is listed at over 1.7 billion VND. According to the salesperson, land prices are adjusted on average every two months; just last week, four lots were successfully transacted, mainly to buyers from Lao Cai.

Mr. Tran Huu Thao, Director of TH Real Estate Development Co., Ltd. in Yen Bai, attributed the fluctuations in the Yen Bai real estate market to the news of the province’s proposed merger. In his opinion, land prices in Yen Bai have increased by about 20-30% compared to before.

However, according to Mr. Thao, most of the transactions in the market are speculative, and not for actual residency. Even buyers from Lao Cai are investing with the intention of profiting from future price increases.

Mr. Doan Huu Phung, Director of the Yen Bai Department of Construction, stated that the Department regularly conducts monthly and quarterly surveys of the real estate market. Currently, there is no information about a surge in prices due to the proposed provincial merger. However, in response to feedback from the community, the Department will dispatch officers to conduct further surveys and formulate specific plans.

“The survey needs to be based on concrete data and practical realities. If there are signs of speculative price increases or artificial inflation, the Department will advise the Provincial People’s Committee to implement appropriate solutions,” Mr. Phung assured.