Land in Dong Anh, Hanoi is hot again, 2 billion VND can't buy it

Ms. Giang Minh (Dong Da, Hanoi) has saved up about 2 billion VND. Because she wanted her idle money to make a profit, she decided to invest in real estate. Apartments in Hanoi are a "hot" commodity, but with a small amount of money, she could not find a satisfactory apartment. Therefore, she decided to invest in suburban land - a segment that is still considered to have a lot of profit potential.

For Ms. Minh, Dong Anh district is an attractive investment destination because of its location not too far from the center of Hanoi, convenient transportation, and great room for price increase with information about being planned to become a district. In particular, Ms. Minh heard and learned that land prices here have "cooled down" a lot compared to the "hot" time in 2020 - 2021.

However, Ms. Minh was very "shocked" when looking to buy land here, because the price of land in Dong Anh was not as "affordable" as she thought.

“I thought that with this amount of money, if I couldn’t buy land, I could buy a nice piece of residential land with cars right at the door. But when I called the broker, I was shocked when they replied that it was very difficult to buy land in Dong Anh for 2 billion VND, and even more impossible to buy land. If there was, it could only be bought in a residential land deep in the alley. I didn’t think that land here would be so expensive, even after many days of support, the broker still reported that it was difficult to find,” Ms. Minh said in surprise.

For many months now, cars packed with people have been constantly passing by on the main road in Uy No commune to search for information about land in Dong Anh, because this is where the most real estate brokerage offices are concentrated in the district.

Mr. Nguyen Manh Linh, a real estate broker working at Dong Anh Land, said with a smile:“Real estate here is hot again".

A year ago, when the economy was still affected by the Covid-19 pandemic, real estate was so quiet that brokerage offices like Dong Anh Land in this area were closed continuously, with almost all employees laid off. But now the situation has reversed, the office of this real estate brokerage company has become cramped because more and more employees are coming to work.

“Every day, I personally receive dozens of phone calls asking for information and asking to buy land in Dong Anh. The number of transactions has also increased rapidly, there are times when people line up in front of the land registration office waiting for their turn to do the procedures,” said Mr. Linh.

According to Mr. Linh, there are many people looking to buy land in Dong Anh, mainly customers from Hanoi city center:"Customers are especially interested in auctioned land, because auctioned land is very clear in terms of legality, and the price has been confirmed by the market after the auction rounds. If they cannot bid directly, investors are willing to buy and sell for speculation."

Land is limited, but many people are looking to buy, so the price keeps increasing rapidly. Along Highway 3, the section running through Uy No commune, the price of land is even nearly 300 million VND/m2.

Meanwhile, in the residential land segment, the situation of "turning around" to keep land also happens frequently. "There are many cases where after we have negotiated and finalized the deal, the landowner turns around and does not sell anymore. The reason is because they regret it, thinking that the price will increase further," said Mr. Linh.

At present, according to Mr. Linh, to be able to invest in residential land or land in Dong Anh, you must have at least 4-5 billion VND. If you have less money, there is very little chance of choosing a profitable plot.

Mr. Linh added that lots near the center or near industrial parks, near projects of large real estate corporations, are increasing in price at a dizzying rate.

For example, plots of land adjacent to Dong Anh Industrial Park (300 hectares) are currently very "hot". Or auctioned plots of land in Le Phap area are priced at around 125 - 135 million VND/m2, double that of last year. In particular, auctioned land in Thuy Lam is currently hotter than ever because there is still a lot of auctioned land in this area, beautiful infrastructure and great investment potential.

Mr. Linh said that currently, land prices in Dong Anh are still increasing. Some investors are holding dozens of plots of land, so many brokerage offices are in a situation where there are many customers but no products to sell.

According to real estate experts, in recent years, Dong Anh land has attracted the attention of investors because according to the plan, Hanoi city will strive to turn Dong Anh into a district by 2025. At the same time, "big guys" are constantly flocking here to invest in "huge" projects. For that reason, land prices in Dong Anh have continuously increased sharply in recent years.