Kim Son (Ninh Binh): Auctioned land prices were pushed up to 28 million VND/m², brokers set up offices everywhere

(CLO) On December 7, outside the yard of the Kim Son Commune Party Committee headquarters (formerly Hung Tien Commune People's Committee), Tuan Linh Property Auction Joint Stock Company located at No. 29, Lane 40, Le Thai To Street, Tan Thinh Ward, Hoa Lu Ward, Ninh Binh Province held an auction of 154 land lots owned by the Kim Son Commune People's Committee (Ninh Binh Province).

154 plots of land were put up for auction in An Hoa 13 hamlet, Kim Son commune, with areas ranging from 120 m² to 387.8 m²/plot; starting prices from 5-12 million VND/m². The auction was conducted in the form of direct voting at the auction, with a maximum of 3 rounds of bidding according to the ascending price method, applied to each separate plot of land.

Information board of rural residential area planning in An Hoa 13 hamlet, in which 154 auctioned land lots are marked.

According to regulations, those wishing to participate in the auction must submit their applications during office hours, from 8:00 a.m. on November 10, 2025 to 5:00 p.m. on December 3, 2025 at the headquarters of the Kim Son Commune People's Committee and the headquarters of Tuan Linh Property Auction Joint Stock Company.

Although the official auction took place on the morning of December 7, in the days before, hundreds of real estate brokers had gathered in An Hoa 13 hamlet to view the land and submit their applications. The atmosphere here became lively, the number of people flocking in increased day by day.

Brokerage offices are built by units using containers right on the land where infrastructure is being constructed.

According to the reporter of the Journalist and Public Opinion Newspaper, in the area where the infrastructure of the Rural Residential Area project in Hamlet 13 An Hoa (phase 1) is being invested in, many brokerage units have appeared, setting up containers, hanging business signs, placing tables and chairs and setting up consulting points for a long time.

Many brokerage units build containers, hang business signs, arrange tables and chairs and set up consulting points...

...days before the official auction begins.

The containers are located close together, in some places only a few steps away from the construction area. Some groups arbitrarily erected roofs and arranged transaction points to attract customers, with absolutely no management or arrangement from the official unit.

Worryingly, many brokers also lead customers deep into unfinished construction areas, posing potential safety risks due to scattered materials and incomplete internal road and drainage systems as designed.

Brokers also lead customers deep into unfinished construction areas, posing potential safety risks.

The formation of a series of "temporary brokerage offices" right on public land awaiting auction not only causes disorder and potential danger, but also disrupts information, creates unfair advantages for some brokerage groups, and affects the transparency of public land auction activities.

From above, outside the Kim Son Commune Party Committee headquarters, a tent was set up and chairs were placed to serve the auction with cars parked in the yard and on the roads.

At 8:00 a.m. on December 7, a tent was set up outside the Kim Son Commune Party Committee headquarters, and chairs were arranged to serve the auction. Hundreds of cars from many provinces and cities poured in, filling the stadium and surrounding roads, stretching for kilometers. Inside the hall, rows of chairs were filled with people from many localities participating in the auction.

The rows of seats were full, people from many localities waiting to participate in the auction which took place at 8 o'clock.

According to the reporter's investigation, very few local people participated in the auction, most of them were from neighboring localities and other provinces and cities.

Following the auction, the reporter noted that although the starting price was only 5-12 million VND/m², the lowest winning price was double the starting price, and the average price was also more than twice the starting price. The strong price increase was concentrated on lots with main street frontage. Lots with a starting price of 5 million VND/m² were paid from 11 to about 18 million VND/m²; some lots with a starting price of 12 million VND/m² were pushed up to nearly 28 million VND/m².

For example: Lot CL5-19 (120 m²) won at 17 million VND/m², 3.4 times higher than the starting price (5 million VND/m²).

Land auction participants complete procedures to get customer cards.

Lot CL3-01, area 152 m², corner location, main road frontage, won with price of nearly 28 million VND/m² (about 4.25 billion VND), while the starting price is only 12 million VND/m².

The remaining lots range from 14-15 million VND/m², equivalent to 1.7-1.8 billion VND/lot - a price considered unusual for a purely agricultural area.

After 3 rounds of bidding, by 3pm the same day, the auction ended, all 154 lots had owners. When the winning bid was announced, the whole hall was in an uproar, many local residents were surprised.

A resident of Phat Diem commune shared: “Because the family has a need to buy land for their son to start his own family, they have carefully researched the plots of land in residential areas in Kim Son commune with relatively good infrastructure, recently auctioned at prices of about 5-12 million VND/m².

After winning the auction, the land brokers offered the sale on the spot.

However, in the land auction, the lowest price was double the starting price, with high bids, from 12, 13, 14, 15, 17 and then 28 million VND/m². Each plot of land was from 120 - 150 m² wide, equivalent to about 1.3 to 1.8 billion VND/plot of land. Some villa plots of 290 - 400 m², after winning the auction, were offered by land brokers for an additional 200 million VND, causing the real estate market in the auction area to be "chaotic".

Similarly, a resident of Kim Son commune near the auction site said that land brokers gathered in large numbers and offered many different prices, causing the land prices to be “inflated”. As a result, local residents had little chance to buy residential land, while many auctioned lots were later abandoned.

Land brokers are inviting and consulting customers.

It is worth mentioning that right after the auction ended, brokers immediately advertised the winning lots for sale at a difference of 30-50 million VND/lot. Many groups even bought and sold in circles to create a sense of bustling transactions in order to continue to push up the price.

In reality, although the auctions are always bustling, many auctioned plots of land from previous years are still vacant, overgrown with grass, and few people build houses. However, land prices in these areas are still constantly being pushed up, with some lots increasing 1.5-2 times after just a few rounds of bidding.

Dr. Tran Xuan Luong - Deputy Director of the Vietnam Real Estate Market Research and Evaluation Institute warned people and investors to be alert to "virtual land fever" created by speculators.

Mr. Luong said that the lessons of "holding bombs" from previous land fevers are still valuable, especially in rural areas where real demand is low and transactions are limited.

“The hot market is like a hot coal being passed around. The last person holding the bubble will be the one who suffers the most when it bursts,” Mr. Luong emphasized.

Source: https://congluan.vn/kim-son-ninh-binh-gia-dat-dau-gia-bi-day-len-den-28-trieu-dong-m-moi-gioi-dung-van-phong-tran-lan-10321846.html