The Quang Tri Province’s Asset Auction Service Center has recently conducted an auction for 18 land plots located in the 7C Area, detailed planning of the residential area south of Tran Hung Dao Street, Dong Hoi Ward, Quang Tri Province (formerly Nam Ly Ward, Dong Hoi City, Quang Binh Province).
The land plots up for auction varied in size from 48.3 sqm to 183.5 sqm, with reserve prices ranging from nearly VND 794 million to over VND 3 billion each. The auction attracted 181 participants, who submitted 611 bids.
All the land plots were successfully auctioned, generating a total revenue of nearly VND 86 billion, a significant increase of nearly VND 57 billion compared to the reserve price.
The auction results surprised many as the winning bids were considerably higher than expected. Notably, plot C17 (plot number 266, map number 37), with an area of 104.8 sqm and a reserve price of just over VND 2 billion, fetched a winning bid of nearly VND 7.7 billion, 3.72 times the initial price. This translates to a per-square-meter price of VND 73 million for this particular plot.
Most of the remaining plots also fetched prices that were two to 2.7 times higher than the reserve price.
 The successful auction of the 18 land plots in the residential area south of Tran Hung Dao Street, Dong Hoi, generated nearly VND 86 billion. Photo: Hai Sam |
The high land prices have caused concern among many, especially those who used to reside in the old Quang Tri Province and now work in the new one. “With the cost of living and the salaries of government officials who have relocated, the high land prices make it challenging for us to consider settling here long-term,” shared one individual.
According to Mr. Pham Le Son, Director of the Quang Tri Province’s Asset Auction Service Center, the auctioned plots are in a prime location in the heart of the ward, which attracted a large number of interested buyers who were willing to bid high.
Previously, in mid-June, the old Dong Hoi City in Quang Binh Province (prior to the province’s division) auctioned 36 land plots in Hai Thanh Ward, Bac Nghia Ward, and Bao Ninh Commune, with areas ranging from 94.7 sqm to 337.1 sqm each.
The reserve prices ranged from VND 568.2 million to over VND 6.7 billion per plot. The auction attracted more than 300 participants and received over 700 registration dossiers.
Most of the land plots auctioned during that session also fetched winning bids that were three to four times higher than the reserve price.
The subsequent resale of these plots at significantly higher prices on social media has raised concerns about speculative investing and the potential formation of a real estate bubble.
At that time, the old Quang Binh Province’s Land Development Center had to temporarily halt land auctions to seek guidance from the provincial People’s Committee.
Hai Sam
– 12:41 12/08/2025
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