Prime Real Estate in Dong Hoi: A Compact 100sqm Lot Fetching a Whopping 7.7 Billion VND at Auction

On August 10, the Quang Tri Province Asset Auction Service Center organized an auction for 18 land plots in Area 7C (Residential Area South of Tran Hung Dao Street, Dong Hoi Ward – the new provincial center of Quang Tri). The results surprised many as the winning bids were nearly four times higher than the starting prices.

In total, there were 18 land plots in the Residential Area South of Tran Hung Dao Street, ranging in size from 48.3 sq. m to 183.5 sq. m, with starting prices of over VND 793.8 million to VND 3.015 billion. The auction attracted 181 participants, who submitted a total of 611 bids.

Remarkably, all 18 plots were sold, generating nearly VND 86 billion. Many plots fetched prices two to 2.7 times higher than the starting price. Notably, plot C17, with an area of 104.8 sq. m and a starting price of over VND 2 billion, was sold for VND 7.7 billion, equivalent to more than VND 73 million per square meter, nearly four times the initial price.

Many residents from the old Quang Tri Province who have moved to the new provincial center in Dong Hoi to live and work expressed their astonishment at the soaring land prices, making the dream of owning a permanent home increasingly out of reach. With the income levels of officials and civil servants, buying a piece of land to settle down in this area seems like a far-fetched idea.

Explaining the reason for the high prices, the leader of the Quang Tri Province Asset Auction Service Center attributed it to the prime location of Area 7C, which is close to the center of Dong Hoi Ward and has well-developed infrastructure, thus attracting many participants. Representatives of the Dong Hoi Ward authorities also admitted their surprise at the unexpectedly high prices of this auction.