The Northern Province’s Land Frenzy Fizzles Out: From April’s Heat to Today’s Surprise Cooldown

Recently, Tan Yen district in Bac Giang province successfully auctioned 33 land plots in the Cay Xung and Tram Bom residential areas, as well as the Vang Moi real estate project. With areas ranging from 80 to 160 square meters, the total reserve price was over VND 32 billion. The auction attracted 200 customers with nearly 800 registrations.

At the end of the auction, all 33 land plots were sold successfully, with a total value of nearly VND 68 billion, a difference of nearly VND 36 billion compared to the reserve price.

Notably, the most expensive plot was sold for VND 3.2 billion for a 160 square meter plot, equivalent to VND 20 million per square meter. In contrast, the lowest-priced plot was sold for over VND 1.3 billion for a 97 square meter area, or VND 13.4 million per square meter.

Also in Tan Yen district, an auction for the right to use 60 land plots in the Chuom Nho urban area, Nhã Nam town, was held in April. With over 130 participants and nearly 500 registrations, the auction concluded with a total winning price of over VND 175 billion, a difference of more than VND 75 billion from the reserve price. The most expensive plot was sold for over VND 5.3 billion for a 160 square meter area, equivalent to VND 33 million per square meter.

In April, Bac Giang also consecutively organized multiple auctions for over 300 land plots, mainly in Viet Yen town and Hiep Hoa district, with significant price differences.

On April 17, an auction in Viet Yen town successfully sold 100 out of 106 land plots. With over 200 participants and 727 registrations, the auction raised more than VND 338 billion, a remarkable difference of over VND 183 billion (more than double) compared to the reserve price. The most expensive plot was sold for over VND 6.1 billion, a difference of VND 3.88 billion from the reserve price, located in the residential area of Bich Dong ward.

In Hiep Hoa district, the auction of 78 land plots in Bac Ly town on April 5 attracted nearly 500 participants with over 1,300 registrations. All land plots were successfully auctioned, with a total winning price of over VND 244 billion, nearly VND 118 billion higher than the reserve price. The most expensive plot was sold for over VND 6.9 billion for a 154 square meter area, or approximately VND 44.8 million per square meter.

Earlier, at the end of March, recognizing the abnormal fluctuations in the real estate market, the People’s Committee of Bac Giang province directed relevant agencies to take corrective measures and implement controls to stabilize the market, as well as strengthen the management of the real estate market.

According to the committee, some areas in the province experienced “artificial fever” with a sudden increase in the number of people inquiring about and transacting houses and land within a short period. Some investors and brokers took advantage of information related to administrative divisions to spread rumors and deliberately inflate real estate prices beyond market values. They also lured people into establishing capital contribution or buying and selling contracts that were not in compliance with regulations.

There were even signs of staged transactions, with significant price differences, aimed at deceiving buyers and creating an impression of easy and quick high profits. These actions distorted and disrupted the market, posing risks to buyers.