Hanoi suburban land prices rise

Prices in districts such as Hoai Duc and Soc Son, which surged in 2020-2021 and plummeted in the next two years, are now steady and sellers now longer offer steep discounts, according to a report by the Vietnam Association of Realtors (VARS).

Many investors are looking for lots priced under VND2 billion ($78,600).

Prices have risen 10-20% on average though in some areas they have surged by 40%.

There is also some demand for land in the VND3-5 billion price range. Some VARS members have recorded three-year high sales in this segment in the first quarter.

Data from property listing platform Batdongsan showed an increase in the number of searches for suburban lands.

Inquiry for land in Dong Anh and Hoai Duc Districts doubled year-on-year in the first quarter.

In the country’s northern region as a whole the rise was 25%.

Le Dinh Chung, CEO of property developer SGO Homes, said many investors are now scouring for lots in the suburbs of major cities in the north, which are rapidly urbanizing.

Investing VND2-3 billion in land is more profitable than bank deposits, he said.

However, VARS chairman Nguyen Van Dinh warned that this trend might be initiated by speculators and buyers should be aware of risks since the property market as a whole still needs time to recover.