Rural land in Nghe An: some areas are 'warm,' others 'cold'.
Since the beginning of August 2024, the rural land market in some areas of Nghe An province has shown signs of warming up again. However, most transactions are in areas with good planning, close to district and commune centers.
According to a survey, from the beginning of August 2024 to the present, some plots of land in rural areas of Yen Thanh district with prime locations have been transacted. Ms. Nguyen Thi Minh from Yen Thanh town, Yen Thanh district, said: "In early March 2024, I bought a plot of land along National Highway 48E through Son Thanh commune for over 2.1 billion VND, and in early October 2024 I sold it for 2.2 billion VND."
According to Ms. Minh, this plot of land was sold because it is located in a prime location, near the center of Son Thanh commune and close to Bong market in Bao Thanh commune, making it suitable for commercial development, so many people have inquired about buying it.
Along National Highways 7B and 48E, land prices have increased slightly. Plots previously traded at 2.3 billion VND have risen to 2.4 billion VND since the beginning of 2024; however, the number of transactions remains low. In addition, land in the Yen Thanh urban development project in Yen Thanh town, after a period of stagnation, has seen some transactions, with prices slightly increasing from 19 million VND/m².2up to 20 million VND/m²2.
Upon investigation, it was found that in Yen Thanh district, many people send back a large amount of remittances from overseas workers, and with low bank interest rates, many choose to buy land there.
According to a report from the People's Committee of Yen Thanh District, as of now, Yen Thanh District has collected over 260 billion VND from land sales. From now until the end of the year, the district will continue to hold land auctions in the communes of Tang Thanh, Hoa Thanh, Nam Thanh, and Hong Thanh.
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In Dien Chau district, there are three fairly large urban areas. Currently, prices have also increased slightly, such as in Dien Ngoc urban area, Dien Chau, at 19 million VND/m².2The price has now increased to over 20 million VND/m².2However, transactions involving land plots in this area have not been frequent.
According to the survey, in Dien Chau district, land prices are only being transacted for a few plots along National Highways 1, 7A, and 7B, concentrated in the communes of Dien Hong, Dien Phuc, Dien Ky, and Dien Xuan… Some locations far from the district center, such as Dien Nguyen, Dien Lam, and Dien Doai communes, are being sold at a loss.
Mr. Nguyen Van Thong, Director of the Land Registration Office Branch in Dien Chau District, said: "The real estate market in Dien Chau has changed, but transactions are currently slow. During the 'land boom' in the past, there were about 120-150 transfer contract documents per day, but now there are only 10-15 transfer documents per day."
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Mr. Chu Duy Phong, Head of the Finance Department of Dien Chau District, added: From the beginning of 2024 until now, budget revenue from land use right auctions has reached over 400 billion VND, but land auctions still see instances of "land brokers" bidding quite high prices for some land plots and then abandoning their deposits, creating an artificial price level to manipulate the market.
In the Do Luong district, only a few plots of land in well-planned areas are being traded, mainly concentrated in the town center. In many communes far from the Do Luong district center, land transactions are even more difficult.
A real estate broker in Do Luong district shared: "More than two months ago, I won the auction for two plots of land in Yen Son commune. The starting price was 2.3 billion VND per plot, and the winning bid was 2.9 billion VND. I've been trying to sell them since, but no one has bought them yet."
According to a report from the Land Registration Office of Do Luong District, the real estate market in Do Luong District used to be quite vibrant, with the office receiving over 100 transfer applications daily, requiring staff to work even on Saturdays and Sundays. However, currently, only 15-20 applications are received each day; many plots of land purchased by investors 2-3 years ago at high prices are "stuck" and unable to be sold.
A representative from the Nghe An Department of Construction added: From the beginning of August 2024 until now, the real estate market in Nghe An has shown signs of warming up again, but not uniformly. Land prices in urban development projects in Nghe An are currently stable and have not increased.
