Eighty-nine land plots in Van Quan Village, Do Dong Commune, Thanh Oai District, with an area of 87-161 sq m have been put into auction with starting prices of VND11-17 million per sq m. These starting prices were 2-3.2 times higher than those in the November 2024 auction. The required deposits ranged from VND190 million to VND360 million per plot.

Unlike the 2024 auctions, which mandated at least six bidding rounds, this session adopted a single-round, sealed-bid format.

The 89 land plots were successfully sold. The highest winning bid was VND80 million per sq m, over seven times the starting price. The lowest winning bid was VND51.3 million per sq m, with most other plots falling between VND52 million and VND78 million per sq m.

Compared to a mid-November 2024 auction in the same Van Quan Village, the highest winning bid in this session dropped by more than 12 percent. It also reflects a 22 percent percent decline from the record-breaking VND100 million per sq m  seen in August 2024.

And if compared to an early March auction in Ngo Ba area, Thanh Than Village, Thanh Cao Commune—also in Thanh Oai District—where the highest bid exceeded VND90 million per sq m , this latest figure continues the cooling trend.

This downward shift is seen not only in Thanh Oai. Auctioned land in Phuc Tho has also shown signs of a decrease, falling from its 2024 peak.

In late February, Phuc Tho auctioned 12 plots in Dong Phuom area in Tich Loc Commune and seven plots in Doc Tranh area in Trach My Loc Commune). These plots, ranging from 68 to 196 sq m, had starting prices of VND19.8-VND25 million per sq m.

The auction attracted over 100 participants and successfully sold all 19 plots. The highest winning bid, in the Doc Tranh area, was VND46.8 million per sq m.

Compared to two auctions in Phuc Tho in August and September 2024, the peak winning bid this time dropped by 22-37 percent. Notably, on September 16, an auction of 13 plots in Doc Tranh hit a record high of VND75 million per square meter.

Since August 2024, auctions in Hanoi’s suburban districts have drawn hundreds of participants, with some sessions seeing over 1,000 registration applications. 

Auctioned land on Hanoi’s outskirts became a “hotspot,” with winning bids repeatedly hitting new highs, often exceeding VND100 million per sq m. However, the fervor has waned, showing clear signs of cooling after regulatory interventions.

Still, post-auction activity reveals persistent issues. On various real estate groups, listings abound with plots being resold at markups of hundreds of millions to even VND1 billion per lot shortly after auctions conclude. 

Hong Khanh