On the outskirts of Tam Dao town, even an empty lot costs nearly 50 million VND/m2, while in the center, the price skyrockets to nearly 300 million VND/m2, yet nobody seems willing to sell. This is as expensive as street land in the center of Hanoi.
Expensive Yet Unavailable
Renowned not only for its temperate climate and breathtaking scenery, but also for its allure to tourists, Tam Dao holds significant appeal for investors due to its exorbitant real estate prices, surpassing even those in urban Hanoi (for example: Ciputra villa and Starlake villa urban towns). Many find that mere financial means are inadequate to secure property within the heart of Tam Dao town.
According to a survey conducted by Thu Do Land reporters in early April 2024, prior to the surge in real estate prices in Western Hanoi, the prices in Tam Dao remained exceptionally steep. While there was a slight uptick in prices at the center, the shortage of available properties persisted, with no sellers in sight. Meanwhile, areas situated farther from the center experienced even greater increases, driven by the necessity for town expansion.
Ms. Minh Hue, a prominent real estate broker in Tam Dao, disclosed that presently, there’s a dearth of sellers in the town’s central area; instead, landowners opt to lease their properties for commercial endeavors. Even plots on inner streets command exorbitant prices. The least expensive land currently available hovers between 140 and 160 million VND/m2. Notably, the most active transactions occur on the town’s periphery, where prices remain relatively reasonable, ranging from about 45 to 50 million VND/m2, albeit exclusively for land sans structures.
“Currently, there’s an opportunity to acquire a 250m2 plot on Tran Quoc Tuan street, just on the fringes of the town center,” shared Ms. Hoa. “This parcel comes with an aging structure, ripe for immediate rental exploitation. The asking price is 48 million VND/m2, with room for negotiation. The owner, facing financial constraints, is motivated to sell, though available properties are scarce.”
Mr. Nguyen Van Tien, a long-term resident of Tam Dao, voiced that land prices here are prohibitive, with central properties rarely hitting the market, usually reserved for commercial leasing. Sales typically occur due to financial urgency on the part of the owners.
“Take, for instance, a karaoke bar nestled in the heart of the town,” Mr. Tien elaborated. “Sold at a staggering 55 billion VND, inclusive of the land and structure, this transaction occurred at an inopportune time towards the close of 2022. Such astronomical prices are unheard of now.”
Mr. Tien further cited an instance involving a 9-story hotel, boasting unparalleled vistas of Tam Dao. Acquired over seven years ago for over 30 billion VND, the land parcel now hosts the aforementioned hotel, valued at over 250 billion VND, yet remains unsold, with pricing only speculative.
“More recently, a nearly 300-square-meter plot behind the opulent 5-star Hotel de l’Amour Tam Dao exchanged hands for 48 billion VND,” Mr. Tien continued. “With a land fee equating to 160 million VND/m2, construction is underway for a 9-story hotel, awaiting completion.”