Over 100 million VND per square meter of land auctioned in a district on the outskirts of Hanoi

68 plots of land in Thanh Cao commune, Thanh Oai district were auctioned today with an area of ​​60 - 85 square meters. Starting prices range from 8.6 to 12.5 million VND per square meter.

According to Mr. Bui Van Sang, Chairman of Thanh Oai District People's Committee, the auction had about 1,500 participants, with more than 4,000 valid registrations. The auction lasted nearly 4 hours.

Due to the huge demand, the winning bid price was pushed up many times higher than the starting price. The highest winning lot was over 100.5 million VND per square meter. This lot is located at the corner, with an area of ​​64.95 square meters. Thus, the total amount that investors have to pay for this lot is about 6.5 billion VND.

Several other plots of land in good locations also won the auction at around 90 million VND per square meter. The remaining plots had winning prices ranging from 63 to over 80 million VND per square meter. This price was 5-6 times higher than the starting price.

Thanh Oai district collected nearly 405 billion VND from 86 land lots, equivalent to an average of 4.7 billion VND per lot.

Thanh Oai is a southern district, more than 20 km from the center of Hanoi, with a population of more than 200,000 people. This district also has no completed large-scale urban areas.

Since the beginning of the year, land auctions in districts on the outskirts of Hanoi have attracted great attention from investors. Last month, an auction of 85 plots of land in Dan Phuong district also had over 1,200 registrations, equivalent to an average rate of 15 people interested in each plot. At the end of the auction, the highest winning plot was priced at over VND99 million per square meter, double the starting price.

Other districts such as Me Linh, Dong Anh, Thuong Tin also had many successful land auctions recently. Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors (VARS), said that the auctioned land has many advantages such as legal guarantees, complete technical infrastructure, and is located in a favorable area. This helps the land segment to be easily liquidated, attracting the attention of many investors.

Another expert assessed that auctioned land is also a bright spot in Hanoi’s real estate market this year. He said that auctioned land in the suburbs attracts customers because apartment prices have recently increased, reaching an average of about 65 million VND per square meter. In addition, according to him, some investors may also have the mentality of buying land before the city adjusts the price list.

In the coming time, the districts on the outskirts of Hanoi will continue to organize a series of land auctions to be able to complete the target for this year. Although there have been many auctions attracting investors, according to the data of the Hanoi People's Committee, by the end of May, the land auction work had only reached more than 5,100 billion VND, equivalent to over 20% of the target.