Land prices in Hanoi's suburbs are experiencing a 'freeze'.

After a period of rapid growth, the land market in the suburbs of Hanoi is entering a clear cooling-off phase. Asking prices in Hoa Lac, Thach That, Phu Cat, Quoc Oai, etc., are all falling.

According to a survey conducted by reporters, in many suburban areas of Hanoi that were once the epicenter of land price surges, land prices have now decreased significantly compared to the peak period.

Prices dropped across the board, with many places cutting their losses significantly.

In the Phu Cat area, a 107 m2 plot of land is being offered for sale at around 3 billion VND , significantly lower than the price offered by brokers at the beginning of 2025.

Information suggests that land plots in the Phu Cat area of ​​Hanoi are being offered at prices lower than the market rate. Meanwhile, land prices in this area have decreased by approximately 10-20%, depending on the location.

Data from Batdongsan.com shows that land prices around the Bac Phu Cat industrial park have decreased by nearly 20% compared to the peak period in April 2025. Currently, the prevailing price fluctuates around 33 million VND/m2; while land prices in the former Thach Hoa area have decreased by about 11% compared to the peak at the beginning of the year.

Not only Phu Cat, but the former Tan Xa area (now part of the new Hoa Lac commune) also recorded a sharp decline. A 100m2 plot of land, advertised as being about 1km from the Hoa Lac High-Tech Park, is currently being offered for sale at around 30 million VND/m2, a decrease of nearly 30% compared to the peak of the boom in April 2025.

This development clearly reflects the downward trend of the land plot segment. According to information on the real estate market in the first quarter of 2026 published by the Ministry of Construction , transaction volumes in all three segments—apartments, detached houses, and land plots—decreased. Specifically, the land plot segment saw a decrease of more than 10% compared to the same period last year and a decrease of approximately 20% compared to the previous quarter.

Ms. Pham Thi Tam, director of a real estate brokerage firm in the Hoa Lac area, said that the suburban land market is facing two major pressures that are causing land prices to fall, yet transactions have almost "disappeared".

According to data from batdongsan.com, land prices in the suburban areas of Hanoi have now decreased significantly compared to the peak of the boom.

"Firstly, current prices are too high after the land price surges fueled by apartment developments in 2024-2025. Many areas previously saw price increases that far exceeded their real value, so investors are no longer keen to invest," Ms. Tam said.

According to this female broker, the second pressure comes from bank interest rates, which have remained high since the beginning of the year, tightening investment flows. Investors using financial leverage have to sell at a loss or accept holding onto their holdings, waiting for the market to recover.

Gia Phu, another real estate agent in Quoc Oai, said that the previous land price surge was mainly based on expectations of price increases due to planning and infrastructure information. However, investors are now much more cautious.

"Previously, just the news of road construction, upgrading to a district, or proximity to a major project would cause land prices to skyrocket. But now, customers ask very detailed questions about legal aspects, planning, and practical development potential. Land that's just waiting for prices to increase is almost no longer attractive; some plots of land are being offered for sale with discounts of several hundred million dong, but no one has inquired about buying them for a whole month," this real estate agent said.

Cash flow is shifting towards real estate with intrinsic value.

According to the Vietnam Institute for Real Estate Market Research and Evaluation (VARS IRE), land plots in suburban areas will no longer be suitable for speculative investment based on rumors or short-term price appreciation expectations as in the past.

Research data from VARS IRE shows that the Vietnamese real estate market is undergoing a "healthy purification" process, with a clear shift in investor behavior as well as market dynamics.

According to experts, the market is undergoing a "healthy cleansing" process, with products lacking infrastructure and amenities, especially land plots in suburban areas, continuing to be sluggish.

While previously the prevailing mindset was fear of missing out and investing based on expectations of rapid price increases, buyers are now more cautious. Factors such as legal aspects, developer capabilities, practical development potential, liquidity, and sustainable growth prospects are increasingly being emphasized.

Meanwhile, products lacking infrastructure and amenities, or overly reliant on the "price appreciation narrative," especially land plots in suburban areas, continue to experience a slump.

Reportedly, not only the land plot segment, but also the apartment and low-rise housing segments in Hanoi have seen a decline in transactions, according to market research firms.

Regarding low-rise housing, according to data from Savills, only 7% of low-rise housing units launched for the first time in Hanoi were successfully sold in Q1 2026, a sharp decrease compared to 41% in the same period of 2025. This not only reflects a slowdown in consumption but also a clear shift in buyer behavior.

In the apartment segment, data from One Mount Group's Market Research & Customer Insights Center recorded the sharpest decline, with approximately 4,000 transactions in Q1 2026, a decrease of 60% quarter-on-quarter and 26% year-on-year. The main reason is the withdrawal of investment capital, while demand for actual housing remains but is not enough to offset the loss.

Source: https://znews.vn/dat-nen-vung-ven-ha-noi-thanh-khoan-dong-bang-post1654538.html