Southern land prices are still lower than the same period in 2023

According to the real estate market report for the first quarter of 2024 by the Vietnam Association of Realtors (VARS), many areas have recorded an increase in land transactions in subdivided plots. More investors are looking for land in suburban areas of large cities, localities with strong infrastructure development and high urbanization rates. Land prices in the last quarter remained stable, with no signs of a sharp decline compared to the fourth quarter of 2023.

Some northern markets, close to industrial zones, recorded a slight increase. However, compared to the selling price at the beginning of 2022, the current transaction level is still 30% lower than the average. Products serving residential needs, with selling prices from 3-5 billion VND in the city and around 2 billion VND in the suburbs, have started to have transactions again.

Land prices are still low compared to the peak period.

Similarly, sharing at the Real Estate Market Report event for the first quarter of 2024, Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the Southern region, said that land prices have stopped falling sharply and are showing signs of a slight increase in some areas with positive developments in infrastructure.

Although the increase is local, overall, the current land price is still much lower, on average 30% lower than the peak price set at the beginning of 2022 and 15-20% compared to the same period in 2023. Some areas even recorded land prices 40-50% lower than the peak in 2021-2022, especially in large-area forest land and agricultural land products.

Historical price data of Batdongsan.com.vn also shows that land prices in Ho Chi Minh City and many southern areas are still quite soft compared to the period 2022-2023. In particular, markets such as Dong Nai, Long An , Binh Duong, prices are all very "soft" compared to the peak and suitable for many small investors.

Similarly, in some more distant markets such as Binh Phuoc , Lam Dong, Dak Lak... land and agricultural land prices are still maintaining an average of 20-25% lower than the first quarter of 2023 and 30-40% lower than the land fever period in early 2022.

Commenting on the period when land prices enter a price increase cycle, experts say that this recovery will take place locally, depending on the nature of each locality.

Land investors are waiting for the market to return to a bustling period of buyers and sellers.

Mr. Dinh Minh Tuan, Director of Batdongsan.com.vn in the Southern region, said that since the first quarter of 2024, some markets have seen an increase in land prices in some areas with potential and changes in infrastructure planning, investment, etc. The growth rate is only about 3-5% but also shows that the land market can "reverse" at any time if there is positive information to promote it.

Accordingly, land prices may increase again from the second quarter of 2024 in some localities recording increased transaction demand such as Ho Chi Minh City, Long An, Tay Ninh... However, for the whole market to "go up" like in the 2021-2022 period, there is still a long way to go.

Source: https://www.congluan.vn/gia-dat-nen-phia-nam-van-thap-hon-so-voi-giai-doan-cung-ky-nam-2023-post292520.html