04:57 (GMT +7) - Tuesday 23/04/2019

Property

Land prices in outlying suburbs rising

Released at: 19:53, 12/04/2019

Land prices in outlying suburbs rising

Photo: Ngoc Lan

Report from batdongsan.com.vn shows rising prices in areas away from center of Hanoi and HCMC.

by Ngoc Lan

Investors in Hanoi’s real estate market primarily sought land plots of 30 to 60 sq m in the first three months of 2019, according to a quarterly report from batdongsan.com.vn released on April 10.

Land prices in some districts outside of Hanoi’s center increased slightly as a result. Prices in Dong Anh district have risen steadily over the last five years and have grown about 61 per cent in the last two years. The local real estate market is certainly changing in Dong Anh and other districts such as Hoai Duc, Thanh Tri, and Gia Lam.

Land prices in Dong Anh, South and North Tu Liem districts, and Hoai Duc and Long Bien districts have increased significantly since the Lunar New Year in early February.

According to batdongsan.com.vn, the average land price in Long Bien in the first quarter was about VND39 million ($1,680) per sq m, up 4 per cent year-on-year, while it rose 7 per cent in Ha Dong, to about VND34 million ($1,460) per sq m. The land price in Dong Anh is currently about VND16 million ($690) per sq m, increasing 6 per cent year-on-year.

In Ho Chi Minh City, meanwhile, land prices in Districts 9, Binh Chanh and Thu Duc have risen slightly since the Tet holiday. District 9 is a prime location and part of urban area 4.0 planning, with many universities, industrial parks, and new urban areas.

Land in Cu Chi district is also a focal point, with batdongsan.com.vn’s figures showing that prices have doubled in the last five years. Homebuyers are most interested in property with prices of VND4-6 million ($175-$260) per sq m and areas of 50-100 sq m. Localities of most interest are the districts of Tan Phu Trung, Tan Thach Dong, and Binh My.

According to Mr. Nguyen Quoc Anh, Deputy General Director of batdongsan.com.vn, its online data covers 80 per cent of all housing market information. “This helps State agencies in ensuring management and transparency in the real estate market and helps organizations and investors to verify, consult, and make the right decisions,” he said.

Batdongsan.com.vn’s report was collected from more than 20 to 30 million messages per day. It uses artificial intelligence (AI) and machine learning in the process of collecting and analyzing big data, combining data validation methods and market surveys.

The website currently has more than 4 million users with 70 million views per month, giving it the largest amount of online data on Vietnam’s real estate sector.

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