A series of districts on the outskirts of Hanoi compete in land auctions

According to the announcement of National Joint Stock Auction Company No. 5, Gia Lam district will auction land use rights to implement a project to build low-rise housing, commercial and service buildings, and parking lots in the Golden Tower land area, Phu Thi commune.

This land area is over 16,800 m2, of which about 15,000 m2 is land for building townhouses. The starting price is 540 billion VND, equivalent to over 32 million VND per m2. To bid, investors must deposit 108 billion VND. The auction will take place on April 6 at the headquarters of the Gia Lam District Construction Investment Project Management Board.

This is also the largest area in a series of hundreds of land lots to be auctioned in districts on the outskirts of Hanoi from now until next month. Most of the remaining land lots have areas ranging from a few dozen to more than a hundred square meters.

In Dong Anh district, 40 plots of land measuring 87.5-144.5 square meters will be auctioned with starting prices of VND23.5-24.5 million/square meter this weekend. Similarly, on March 31, Son Tay town will auction 31 plots of land in the Van Goi - Dong Quan area, Vien Son ward, with areas ranging from 90 to nearly 140 square meters. The lowest starting price is about VND2.5 billion and the highest is over VND4.6 billion. The average price ranges from VND28-31.5 million per square meter.

Me Linh district also has about 30 land lots to be auctioned in Quan Cho area, Lien Mac commune and residential group 4, Quang Minh town. Of which, 26 lots in Lien Mac commune are about 100 m2 to 143 m2 with starting price of 19-22.5 million VND each. There are 4 lots in Quang Minh town with an area of ​​about 125 m2, auction price of 26-27 million VND per m2. This year, Me Linh plans to auction about 500 land lots.

Land auctions in Hanoi have gradually recovered since the end of last year after a sluggish first three quarters, with budget revenue falling short of expectations. Last year, the city collected only about VND14,650 billion from land use, equivalent to 86% of the estimate. City leaders said that auctions were difficult due to the sluggish real estate market, as well as many problems related to planning, investment, and site clearance.

However, since the beginning of the year, auctions in Hanoi have attracted great attention from investors. At the end of February, 33 plots of land in Thuy Lam commune, Dong Anh district were successfully auctioned, including a lot that doubled the starting price at more than 60 million VND per square meter.

A few days earlier, the auction of 29 plots of land in Dong Thai commune, Ba Vi district also recorded a winning lot with a price twice as high as the starting price, about 47 million VND per square meter.

According to Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the Southern region, land is the segment that has recorded a rapid recovery in both transactions and prices in just the first few months of 2024. In Hanoi and Ho Chi Minh City, land and project land have seen a stronger increase in interest than apartments. Data from this channel shows that the number of searches for land in Hanoi in the first month of the year increased by 110%.

At the same time, investors are also hunting for land plots again in the context of new laws taking effect from the beginning of next year, tightening the division of land plots, which is predicted to have a strong impact on the supply of this product. Meanwhile, Vietnamese people still have a strong preference for land plots in the long term.