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The "heat" from a large project in Co Loa (Hanoi) has spread to surrounding areas. Many plots of land near the project are being advertised for 200-250 million VND/m2, but homeowners are still waiting and waiting, not wanting to make a decision.
The Dong Anh land market started to attract attention 3 months ago. In addition to the information about becoming a district, Dong Anh also has great attraction from the Vinhomes Co Loa project, "pulling" investors from everywhere, especially the "satellite" lands around the Co Loa project. Many lands are advertised at very high prices, the lots facing the street have even been priced at more than 200 million VND/m2.
Broker Linh (Dong Anh, Hanoi) said that the "heat" of land prices near the Vin Co Loa project has been most clearly felt in the past 2 months, and many people even think that this is just the beginning of the "fever". Typically, from the beginning of July until now, the value of large street-front lots for business in the areas of Dong Tru, Dong Hoi, Uy No, Mai Lam... has increased from 20-30 million VND/m2, from about 150-190 million VND/m2 to 170-220 million VND/m2.
And if calculated within the past year, land prices in Dong Hoi have nearly doubled.
In Dong Hoi commune (Dong Anh), a broker named Linh advertised a plot of land with an area of 80 square meters and a frontage of 6.66 meters for sale at a price of 16.8 billion VND, equivalent to 210 million VND/square meter. This broker emphasized that the plot of land is very close to Tu Lien bridge and is a "neighbor" of the Vinhomes Co Loa project.
According to the survey, as of early September 2024, apart from a few plots with prices soaring above VND200 million per square meter, the common land price in Dong Hoi commune fluctuates between VND90-95 million/m2. The lowest price of plots here is from VND55-60 million/m2.
Similarly, in Xuan Canh commune, there are some people "selling quickly due to personal needs". On Truong Sa street, Luc Canh village (Xuan Canh, Dong Anh), the owner of a 150m2 plot of land with a 7.6m frontage is selling it for 37.5 billion VND, equivalent to 250 million VND/m2.
The above plot of land is located next to the Vin Co Loa project, near the National Exhibition Fair Center. Broker Hang (Dong Anh, Hanoi) said that previously, the plot of land was offered for sale at 300 million/m2, but "because the owner urgently needed money", the price was reduced to this level.
In addition, in Xuan Canh commune (Dong Anh, Hanoi), this broker also advertised for sale some plots of land located in a 3m wide alley, priced from 100-110 million VND/m2.
"With a financial budget of 5-6 billion, it is very difficult to buy a plot of land on the main road near such a large project. You can only buy it far away, about 3-4km away," broker Hang affirmed.
According to Mr. Ba Linh - a real estate broker with an office right on the project's road, if the auctioned land is located near the project, the price is about 140 million VND/m2. If the finance is about 5-6 billion, you should "move out", aiming for lots about 3km from the project.
“The remaining lots on the street, close to the project, will cost more than 200 million VND/m2. However, the price is advertised to attract customers, but very few homeowners want to sell because they are still waiting for the upcoming situation,” said Mr. Linh.
In Mai Lam commune, although there are many people selling, successful transactions are still rare.
Mr. Viet - the owner of a 40m2 plot of land in this commune said he is selling this plot for 2.65 billion "the same price as the purchase price 2 months ago", to switch to investing elsewhere but has not been able to "match".
Explaining why the price is so "soft", the land owner said that because many people check whether the land is subject to planning or not by accessing an online app, the results are inaccurate.
According to brokers, the reason why the attraction of Dong Anh land has increased so rapidly in just the past 2 months is because being close to large projects will have high profit potential and it is expected that new projects will soon appear, traffic will be more concerned... along with that, the local government may have incentives.
Regarding the skyrocketing land prices following large projects, Mr. Nguyen Van Dinh, a real estate legal expert, said that land has become an investment tool instead of solving real housing needs. The mindset that “nothing is richer than trading land” is the reason why housing and land prices are escalating and the dream of settling down for low-income workers is getting further away.
Questioning why the prices of many plots of land have skyrocketed but investors are still holding on and not wanting to sell, Mr. Nguyen Van Dinh asked: "Why can investors hold land for many years without worrying about capital?"
According to him, the role of banks must be recognized here. This is a VIP customer base of the banking industry, due to mortgage loans using real estate - which is considered to always increase in price and has low risk, Mr. Dinh commented.
VN (according to Vietnamnet)