VietNamNet Bridge – While the real estate prices in all areas in Hanoi have been decreasing as the market has become gloomy after the price fever fit in the first quarter of 2010, the land prices in My Dinh area still keep rising.

Real estate investors are flocking to My Dinh area, which is considered a “rising area” in Hanoi, thus pushing the land prices in the area up.
 
Especially, people are hunting for the land plots in Dinh Thon hamlet in My Dinh commune of Tu Liem District. The land plots here are located near Pham Hung Road, which has become a big avenue of the city with the well known National Convention Centre and Keangnam building, the tallest building in Vietnam. 
 
Real estate brokers said the land prices in the hamlet have been increasing steadily since 2009. The land plots here, with the width of five metres of the front at least, prove to be the good choice for those, who want to set up offices here. Therefore, the brokers said the land plots are very attractive, despite the current high price of 200 million dong per square metre, or 50 million dong per square metre higher than the price in 2009. Though the land prices here are very high, it is not easy to buy land here, because there are few sellers.
 
Similarly, the prices of the land plots located on Le Duc Tho Road, have also risen to 200 million dong per square metre.
 
The prices of the land plots located inside hamlets are not as high as the prices of the land plots located right on the roads, but the prices have also been skyrocketing. In Nhan My Commune, the landlords located on the alleys large enough for receiving cars are selling at 130 million dong per square metre, while the land plots on smaller alleys would be sold at 80 million dong.
 
The prices of the semi-detached houses and villas next to My Dinh residential quarter, which are not suitable for offices but promise high profitability, are also sky high. The landlords here are offering land at a sale price of 120-140 million dong per square metre.
 
It seems that the land prices in My Dinh area do not come in line with the real estate prices in Hanoi. While Hanoi’s real estate market has witnessed a lot of ups and downs in the last year, the land prices in the area have been increasing steadily.
 
Analysts believe that the good infrastructure in the area which connects the western area of the city with the districts in the inner city is the main reason which makes the area more attractive in the eyes of Hanoians and investors. A lot of new buildings have arisen in the area, thus having created a modern and dynamic new urban area.

However, real estate brokers believe that the most important factor that turns My Dinh into an expensive area of the city is the Government Office’s legal document No. 348 which informs the Prime Minister’s decision that My Dinh will become the administrative centre in the future, where the head offices of ministries and branches will be located.
 
Tuan Vu