Property prices in Dong Anh district have risen to 350 million VND/m2, comparable to villas in the inner city.

Property prices in Dong Anh district are on par with villas and townhouses in the inner city.

Although not yet a district, in Dong Anh district ( Hanoi ), many houses and land plots are being advertised for sale at prices exceeding 300 million VND/m2. According to a survey by Dan Tri newspaper reporters, in the Uy No, Dong Hoi, Vinh Ngoc, and Tien Duong areas, land plots located on main roads suitable for business are being offered for sale at 180-210 million VND/m2.

In fact, in this district, some houses are being advertised for sale at prices of 300-350 million VND/m2. For example, a 7-story house with a floor area of 70m2 in Co Duong urban area (Tien Duong commune) is being advertised for sale at 25 billion VND, equivalent to 357 million VND/m2, with the possibility of further negotiation for the buyer.

For example, a two-story house on Cao Lo Street (Uy No, Dong Anh) with an area of 92m2 is being offered for 28.3 billion VND, equivalent to 307 million VND/m2.

In the Hai Boi and Xuan Canh communes (Dong Anh district), the asking price for land plots in alleys accessible by car ranges from 55-65 million VND/m2. Meanwhile, plots located on main roads currently being sold are priced at 90-120 million VND/m2.

Giá nhà đất huyện Đông Anh lên 350 triệu đồng/m2, ngang biệt thự nội thành - 1 — Many houses in Dong Anh district (Hanoi) are being advertised for sale at prices ranging from 300-350 million VND/m2 (screenshot).

A 90m2 plot of land in Ngoc Chi (Vinh Ngoc, Dong Anh) is being offered for sale at 9.18 billion VND, equivalent to 102 million VND/m2. In Hai Boi and Vinh Ngoc communes, plots of land adjacent to large projects are being offered at prices as high as 150-180 million VND/m2. In exceptional cases, plots with prime locations or corner plots are even being priced at over 200 million VND/m2.

Located opposite the aforementioned urban development project, a plot of land measuring nearly 80 square meters is being offered for sale at a price exceeding 16.5 billion VND, equivalent to 206 million VND per square meter.

Recent data released by a market research firm shows that in the first half of this year, Hanoi recorded a 118% increase in searches for land for sale compared to the same period last year. At the beginning of the year, the capital's market experienced a localized surge in demand for land plots and residential properties in suburban and outlying districts.

In the second quarter, this unit reported that land prices continued to show positive developments, with interest increasing by 33% compared to the first quarter of 2021 - a time when the market experienced a land price surge. Specifically, land prices in Dong Anh recorded the strongest growth in both price and interest among the suburban districts of Hanoi. Compared to the previous quarter, land prices in Dong Anh increased by 24%, and interest increased by 104%.

In fact, with current land and house prices in Dong Anh reaching 300-350 million VND/m2, they are already on par with or much higher than villas and townhouses in the inner city such as the Diplomatic Quarter (Bac Tu Liem, Hanoi), The Manor Central Park (Hoang Mai, Hanoi), Louis City (Hoang Mai, Hanoi)...

Some people stopped selling because they were afraid of making a loss.

Mr. Tran Tuan, a real estate broker in Dong Anh, said that land prices in Dong Anh are experiencing a surge, increasing by about 30% since the beginning of the year, and potentially by 50% in areas near large ongoing projects.

Giá nhà đất huyện Đông Anh lên 350 triệu đồng/m2, ngang biệt thự nội thành - 2 — An urban area in Dong Anh district (Photo: Duong Tam).

According to him, recently many investors have come to Dong Anh to inquire about buying land, hoping for price increases driven by large projects and its upcoming upgrade to a district of Hanoi. Some homeowners, fearing they might sell at a loss and thinking prices will continue to rise, have temporarily stopped selling, waiting for further developments.

Mr. Cuong, a resident of Ngoc Chi village (Vinh Ngoc commune, Dong Anh district), added that recently, many people from central Hanoi have come to Dong Anh district to buy land. Currently, in Vinh Ngoc, the asking price for land and houses has reached 300 million VND/m2 in some areas.

"With such a high asking price, I'm not sure if it will sell, but there are few people selling in this area. I have a relative who bought a plot of land on the main road in Vinh Ngoc about 10 years ago for nearly 70 million VND/m2. Earlier this year, some people expressed interest in buying it for 250 million VND/m2," he said.

Dr. Nguyen Van Dinh - Chairman of the Vietnam Association of Real Estate Brokers (VARS) - said that the real estate market in Dong Anh has experienced several "booms" in recent years, leading to very high prices. However, the current prices do not accurately reflect the true value of real estate products in the area.

From an investment perspective, he stated that with the current asking price, investors who "put down money" to buy would certainly face risks because the market has not truly recovered. "The Dong Anh area market has the story of being upgraded to a district and many large projects being implemented, but this has already been reflected in the prices beforehand. Currently, if investors buy, they may have to wait a very long time to see a profit," Mr. Dinh said.

Therefore, if investors decide to invest, they should understand that this is a long-term investment and should not use financial leverage. Because the current price level is high, further price increases will require more time.

Comment (0)