The highest auctioned land in Quoc Oai district is 77 million VND per square meter.

The Quoc Oai District Land Fund Development Center has just organized an auction of 26 land plots (LK2, LK6) in DG31/2019 Yen Quan village, Tan Phu commune (about 24 km from Hoan Kiem district). The land plots have an area of ​​73 to 102 m2, starting price of 4.7 million VND, equivalent to a deposit of about 69-95 million VND per plot.

To own a plot of land, investors must go through at least 6 rounds of bidding, each step at a minimum of 3 million VND per square meter. The auction ends when there are no more bidders. This regulation is to prevent participants from colluding and winning at low prices.

After 14 hours, 26 plots were successfully auctioned, the highest price was about 77 million VND per square meter, 16 times higher than the starting price. The lowest winning price was 41 million VND per square meter, 8.7 times higher than the starting price. The total amount of money that Quoc Oai district collected from the auction was nearly 133 billion VND, more than 121 billion VND higher than the starting price.

The highest winning threshold of this session is about 20% lower than the mid-November session. In the same auction plot DG31/2019 Yen Quan village, the previous auction of 20 plots recorded the highest winning threshold of nearly 95 million VND per square meter, the lowest of nearly 71 million VND.

Last year, Quoc Oai successfully organized 7 auctions with more than 160 lots, earning more than 825 billion VND.

The number of participants and registrations at recent auctions in districts on the outskirts of Hanoi has decreased, as management agencies have taken many steps to cool down this activity.

In early December 2024, the Prime Minister continued to request ministries and localities to rectify land auctions after several sessions showed signs of price inflation, disrupting the market. Many localities also had to temporarily suspend land auctions in the last month of the year to review legal issues.

In the first 11 months of 2024, Hanoi collected nearly VND 18,600 billion from land auctions, reaching about 74% of the plan and is expected to complete the target by the end of the year. This figure has nearly doubled compared to previous years (an average of nearly VND 10,000 billion per year).