Thanh Oai District, Hanoi, is auctioning off 25 land plots, with prices starting from 5.3 million VND/m2.

The auction of 25 land plots in the Man Cá, Man Cổng, and Mạ Man Trong areas (Văn Quán village, Đỗ Động commune) will take place at the Thanh Oai district gymnasium.

The 25 land plots, numbered from 93 to 117, range in size from approximately 84 m2 to over 143 m2. The starting price for these plots is 5.3 million VND/m2, corresponding to a deposit of 88-151 million VND per plot. This price is 38% lower than the starting price of the auction on August 10th, which was 8.6 million VND/m2.

The auction will have to go through a minimum of 6 mandatory rounds, with a bidding increment of 5 million VND per square meter. Therefore, participants must spend a minimum of 30.3 million VND/square meter to win the auction.

According to our research, land plots in Do Dong commune (where the auction is scheduled to take place) are currently being offered for sale at around 25-52 million VND/m2. This price has increased by more than 63% in one year. During the first and second quarters, land plots in this area were being offered for sale at around 15-40 million VND/m2.

The Thanh Oai land auction in August became a hot topic in the Hanoi suburban land auction market. (Illustrative image).

Recently, Thanh Oai has been one of the districts on the outskirts of Hanoi experiencing a surge in land auction activity. In early August, the district held an auction for 68 land plots, attracting approximately 1,500 participants with over 4,000 applications. Winning bids ranged from 63 to 80 million VND per square meter, with some plots reaching as high as 100 million VND per square meter. This price is 5-6 times higher than the starting bid.

However, about 80% of the successful bidders here forfeited their deposits. Specifically, all the land plots with winning bids ranging from 80 million VND to over 100 million VND per square meter were not paid for.

Most recently, on November 11th, an auction of 32 land plots in Hoai Duc district, Hanoi, took place, with the highest winning bid reaching 109.3 million VND/m2, equivalent to over 16.1 billion VND per plot. The lowest bid was 79.3 million VND/m2, 10.8 times higher than the starting price.

On November 4th, the auction of 20 land plots in Hoai Duc concluded after 12 rounds of bidding. Accordingly, the two corner plots fetched the highest winning bids at 103 million VND/m2, equivalent to 15 billion VND/plot, more than 14 times the starting price.

According to Lac Viet Auction Company, the lowest winning bid for a plot of land in this auction was over 85.3 million VND/m2, which is still more than 11.6 times higher than the starting price. Investors said that the results of this auction were mostly lower than the one on August 19th, but compared to the general market, the prices were still much higher.

Previously, on August 19th, an auction of 19 residential land plots in the LK04 area, Long Khuc village, Tien Yen commune, also took place in Hoai Duc district. The auction started at 8:00 AM, continued through the night, and only concluded at 4:30 AM on August 20th – after 18 hours – when all the land plots were successfully auctioned. The highest bid was 133.3 million VND/m2, more than 18 times the starting price. This plot, designated LK03-12, is a corner plot with two open sides and an area of over 113m2.

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