Suburban land in Hanoi stops decreasing in price

Specifically, land prices in Dong Anh district are currently flat after a period of decline. For example, land prices in Nguyen Khe commune, after decreasing by about 10-15% compared to the time after Tet, have maintained an average price of 38-43 million VND/m2 since the end of June. Land prices in Vong La commune are also stable at 34-40 million VND/m2, land prices in Co Loa are 18-21 million VND/m2, and land prices in Hai Boi are stable at 50-55 million VND/m2.

In Hoai Duc district, after the decline in land prices since the end of last year, from the beginning of July 2023 until now, there has been no downward trend but a sideways trend. In the locations where two cars can pass each other, it is possible to do business in the areas of Di Trach, Kim Chung, An Khanh, the average price is currently maintained at 66-74 million VND/m2. Land in villages in Dong La, Kim Chung, Duc Thuong, Song Phuong... after a period of price reduction has also remained stable at 27-40 million VND/m2 for nearly two months now.

Land prices in many suburban districts of Hanoi have stopped falling. (Illustration photo)

Similarly, the price of land in Dan Phuong district has also tended to be stable over the past month. The area on 422 Tan Lap street is at 52 - 57 million VND/m2, the land on Tan Hoi street is maintained at 55 - 57 million VND/m2.

Land in villages in Hanh Dan, Lien Trung, Binh Minh…has not been cut at a loss recently, still maintaining a price of more than 20 million VND/m2.

In Ha Dong district, Yen Nghia area recorded the phenomenon of landowners selling at reduced prices in some locations with prices from 150 million VND/m2 or more. However, at locations with prices around 50 - 60 million VND/m2 in Phu Lam, Yen Nghia, Duong Noi, Thanh Ha... there was no situation of cutting losses but recorded the reality of remaining the same.

Land prices have also remained stable in the past 2 months in Gia Lam district, Me Linh district, Thanh Oai district...

Real estate at the end of the year has many positive signals

In a recent real estate market research report, BHS Group made many forecasts for the real estate market at the end of the year. Accordingly, BHS Group believes that localities with the strongest investment in transport infrastructure and FDI attraction will be bright spots in economic development and real estate recovery.

Specifically, the North will be Hanoi, Quang Ninh, Bac Giang, Hai Phong. The Central will be Khanh Hoa, Binh Thuan, Lam Dong. The South will be Ho Chi Minh City, Dong Nai, Tien Giang , Binh Duong.

Forecasting the real estate segment for the last months of the year, BHS believes that with the loosening of legal control by the State and the preference of small and medium investors, land may once again surge in the second half of 2023, especially land products near residential areas and industrial parks. However, there will no longer be massive "price inflation" as before.

Regarding the apartment segment, BHS Group’s report clearly states that this will still be a product line aimed at real residents, maintaining the transaction level. In particular, social housing is the product line that customers are most looking forward to, as soon as it is launched on the market, it “sells out”.

Along with the bright prospects of the apartment segment, resort real estate also has many bright spots. BHS Group believes that the high-rise resort apartment segment has a chance to revive when the State has clearer regulations for condotel products from the first quarter of 2023. Therefore, products priced at 1-3 billion are likely to be better absorbed, inventory and transferred goods increase liquidity opportunities. Meanwhile, the low-rise resort segment will still be a difficult product to liquidate because of high unit prices and large total prices.

Forecasting real estate prices in the last months of 2023, BHS Group believes that prices are likely to increase slightly. However, investors will have additional "tricks" to stimulate demand such as: Extending payment schedule, handing over houses before full payment, and giving great gifts to customers who book early.

Ngoc Vy

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