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Land in Vientiane soars to over 24 million kip per sqm
Land in Vientiane is most expensive in the Sihom area, according to a leading real estate agency, Lao Land, with one square metre now selling for 13-24 million kip (US$1,500-3,000).
Lao Land Managing Director Ms Thounkeo Sibounheuang said land in the Sihom area is the most expensive in Vientiane because it is a commercial hub. Land here is not only expensive, but scarce.
“The price of land in Sihom starts at 13 million kip and goes up to 24 million kip per square metre. But even at this price, many people want to buy land here,” Ms Thounkeo said.
Land in Saphanthong, Vatnak, Thaphalanxay and Thongkang is the second most expensive in Vientiane because people choose these areas to build houses for rent. Foreigners like to live in these areas because they want to be near Vientiane International School. Rental prices in these four areas are the highest in Vientiane.
“Building houses for rent in these areas is a very good investment at present and will bring in a good profit. It's not difficult to find people who want to rent a house here,” Ms Thounkeo said. “Building a house for rent in these locations will earn you a swift return on your investment.”
Land prices here, with most plots located on side streets, begin at 2 million kip per square metre. While land is still available to build rental properties, it is expensive.
Ms Thounkeo also said that land near the Indochina Bank and in the Phonsinuan area is fast becoming as expensive as in Sihom, as more businesspeople invest in these locations.
Land near the Indochina Bank is now on the market from five million kip per square metre and in Phonsinuan for about four million kip. “Investment in Phonsinuan is now booming. Many wholesale computer and electrical shops have opened here,” she said.
According to Lao Land, the cheapest land in the capital can be found 40km outside the city centre, where development has yet to make its mark. Land here sells for just 50,000 kip per square metre.
“The purchase and sale of land in Vientiane is increasing, and we expect land prices to rise even higher,” Ms Thounkeo said.
vientiane times
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