Brian Jeffrey
Growing Interest in Land Purchases for Pickleball Courts
A recent report from the Vietnam Association of Realtors (VARS) highlighted a surge in the purchase of land plots as interest in pickleball rises in the country.
According to VARS, property transactions have picked up, particularly for land plots valued under VND2 billion that have complete legal documentation.
There is a growing demand for properties, both for living and investment, especially in regions close to major urban centers like Hanoi and HCM City. The secondary market has seen numerous affordable options available.
Investors are keen on acquiring larger land parcels in Hanoi and HCM City to establish pickleball courts. Analysts predict that this trend will help optimize the use of previously neglected land.
In the land market, there is increased activity surrounding auctions in Hanoi. VARS reports that the starting prices for land are calculated using a designated coefficient ‘K’ applied to standard land price lists. However, many areas are still relying on outdated price lists, leading to lower starting prices and opportunities for speculative profits.
The government has recognized these challenges and intervened appropriately. Many land auctions have been delayed to ensure they comply with the updated Land Law. Consequently, the prices at which transactions are finalized are becoming more aligned with market rates, typically just 10 percent above them.
Furthermore, VARS noted that there has been little to no significant increase in prices in Hanoi’s suburban areas, with prices remaining stable and liquidity being moderate.
Some regions are witnessing a slight price rise of 3-5 percent for land plots under VND2 billion with complete legal status, particularly in well-developed infrastructure areas.
Residential properties priced below VND4 billion are in high demand. Despite rising prices for commercial apartments, the costs for houses on residential lots remain elevated, although overall purchasing power has diminished. In certain localities, prices have seen modest increases of 5-10 percent.
Most sought-after properties in Hanoi and HCM City are homes valued at less than VND4 billion. Additionally, housing located along streets in neighboring areas, priced below VND3 billion, is also attracting buyers.
