Land prices in the eastern area of Hanoi have sharply increased following the news of four planned bridges.
After the VND38trn (USD1.72bn) investment plan to build four bridges to cross the Red River and Duong River was announced, land prices in Hanoi's east have increased. The bridges are expected to better connect Hanoi and ease congestion during rush hours. Tu Lien and Tran Hung Dao bridges are estimated to be completed in 2019 and Duong 2 and Giang Bien bridges are set to be completed in 2021.
According to the locals in Long Bien District, a square metre of land in their areas cost around VND12m (USD528) to VND20m last year. But the land prices have been on the rise because many infrastructure projects are being planned or completed. Many people came and asked to buy plots of land every day in Giang Bien and Quan Tinh wards in the past three months.
In some areas, a square metre of land in Dong Anh District is sold up to VND40m (USD1,760). The most expensive plots of land are in Dong Hoi Commune and Dong Ngan Ward because Tu Lien Bridge has been planned there. Lands in urban areas with good infrastructure, proper water and electricity are generally sold for VND40m to VND50m per square.
Three other bridges including Duong 2, Giang Bien and Tran Hung Dao bridges are all located in Long Bien and Gia Lam District. Large plots of land on wide streets in Duc Giang, Thuong Thanh and Viet Hung are also mostly sold out. Land lots under 40 square metres are sold at over VND30m (USD1,300) a square metre.
The representative from Commercial Real Estate Services warned against land speculation because investors may face loss if the lands are not included in the planning. Buyers are also advised to be cautious of fake price hikes.
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