Lively bottom fishing
In the days leading up to Tet Nguyen Dan 2024, the real estate market in Hoa Lac is much warmer than at the end of December 2023. Over the past month, the volume of land transactions has increased significantly. Some types of land, such as subdivision land and land without a title, have resumed trading.
Broker Nguyen Thi Dung said many investors tend to buy at the bottom. For example, some plots of land that were previously being sold at a deep loss but had no buyers for a long time, now have their prices inching up and still have customers who are willing to buy before Tet.
According to the investigation by PV, investors are interested in land in the resettlement area of the National University of Hanoi. The trading price of land ranges from 25-35 million VND/m2. Land with long-term residential status is priced at 20-25 million VND/m2. The resale land of Bac Phu Cat and Binh Yen has fewer transactions because of its relatively high price, ranging from 30-40 million VND/m2.
Phuong Mai, another broker, commented that land subdivision plots, which had been “frozen” for more than a year, have started trading again with prices ranging from 10-15 million VND/m2.
“In mid-January, I closed deals for 2 subdivision land plots for customers, with prices just over 1 billion VND/plot. Although this type of land is cheap, the risk is lower compared to other types of land and the profit margin is greater,” Mai said.
Many people invest in Hoa Lac land to preserve their assets. (Photo: Ngoc Cuong) |
Many brokers believe that the increase in the number of transactions in recent times indicates that the Hoa Lac real estate market has hit bottom.
Having just bought a land plot of nearly 100m2 at a price of 26.5 million VND/m2, Mr. Trinh Van Bon (Hoang Mai, Hanoi) finds the Hoa Lac land prices quite attractive. The prices have started to inch up compared to 2 months ago. According to him, it seems that the market here has hit bottom.
Mr. Nguyen Thanh Lam, an investor in Thanh Xuan – Hanoi, shared that he recently sold a land plot at a price that is 2 million VND/m2 lower than when he bought it. However, this “cut loss” price was 2 million VND/m2 higher than the time when the land was frozen.
Finding a safe asset haven before Tet
According to a real estate broker named Nguyen Trung Duc, in the days leading up to Tet, the number of investors buying and selling Hoa Lac land has surged.
“At this time, any reasonably-priced plot will be sold immediately,” Duc said.
Explaining this, Duc said most investors have collected a large amount of money from resolving debts at the end of the year. Meanwhile, Hoa Lac real estate has been warming up for over a month, so the number of customers paying for land has increased significantly.
In addition, the interest rates at banks are currently very low, and investors are no longer enthusiastic about depositing money. Instead, they withdraw money to invest in land.
Do Thanh Tam, a long-time Hoa Lac real estate broker, said that even though the northern region has experienced cold and rainy weather, with temperatures dropping below 10 degrees Celsius in the two weeks before Tet, it has not hindered investors from provinces such as Phu Tho and Vinh Phuc from coming to Hoa Lac to look for land to invest in.
Tam analyzed that another reason why investors are pouring into Hoa Lac real estate before the traditional Tet holiday is to accumulate assets. They have the mindset of finding land as a safe haven.
However, due to a large supply, investors will not accept buying land at any price like during the peak period.
Nguyen Cong Sang, an investor from Phu Tho, said he had just withdrawn all his savings from the bank to invest in real estate. According to him, although the overall market is frozen, Hoa Lac land is always a hot spot with great development potential. Here, there are many universities and large projects in the future, especially when Hanoi is about to implement the construction of Metro Line 05 connecting from Van Cao street to Hoa Lac.
Ngoc Cuong
