Land prices in Thu Duc city increase sharply
On October 22, information from the Office of the Ho Chi Minh City People's Committee said that Mr. Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, signed a decision to amend and supplement Decision 02/2020 on land price list in Ho Chi Minh City.
This Decision takes effect from October 31, 2024 to December 31, 2025.
The adjusted land price increased from 4 to 38 times compared to the price stipulated in Decision 02/2020. However, many locations decreased more than 2 times compared to the draft in July.
In District 1, the most expensive streets in Ho Chi Minh City, Dong Khoi, Le Loi, and Nguyen Hue, have been adjusted down to VND687 million per square meter instead of VND810 million per square meter in the previous draft. This price is 4.2 times higher than the current land price list, but 16% lower than the old proposed price.
The price on some neighboring routes such as Dong Du is 409 million VND per square meter; Hai Ba Trung route (depending on the section) is priced from 350 - 450 million VND, Ton Duc Thang street (section from Me Linh Square to Nguyen Tat Thanh bridge) is priced at 447 million VND/square meter.
This price is 3 - 4.5 times higher than the land price in Decision 02, but 100 - 200 million VND lower than the old draft.
District 3, the entire Nam Ky Khoi Nghia, Hai Ba Trung, Nguyen Thi Minh Khai, and Cong Truong Quoc Te streets, has the highest new land prices in the district, from 305 to 340 million VND per square meter, down 20-30% compared to the previous proposed price, up about 5 times compared to the current price.
Thu Duc City is the locality with strong changes in the draft of the new land price list this time when the current land price fluctuates below 22 million VND/m2, but according to this adjusted land price list, it has increased to 120 million VND per m2, an increase of 9 times.
Hoc Mon district is the locality with the highest land price adjustment of about 30 times.
For agricultural land, it will be divided into 3 areas and 3 locations. Area 1 includes: District 1, 3, 4, 5, 6, 10, 11, Binh Thanh, Phu Nhuan. Area 2 includes: District 7, 8, 12, Tan Binh, Tan Phu, Binh Tan, Go Vap, Thu Duc City. Area 3 includes: Binh Chanh, Hoc Mon, Cu Chi, Nha Be, Can Gio districts.
The method for calculating agricultural land prices is to take the land price in Decision 02/2020 and multiply it by the land price adjustment coefficient (coefficient K) corresponding to each area and location in Decision 56/2023. Area 1 multiplies coefficient K by 2.7 times. Area 2 multiplies coefficient K by 2.6 times. Area 3 multiplies coefficient K by 2.5 times.
The price of land for annual crops (rice land and land for other annual crops) in area 1 ranges from 432,000 - 765,000 VND/m2 depending on location.
For area 2: from 416,000 - 650,000 VND/m2 depending on location.
For area 3 from 400,000 - 625,000 VND/m2 depending on location.
For perennial land, in area 1, the price ranges from 518,000 - 810,000 VND/m2 depending on location. For area 2, it ranges from 499,000 - 780,000 VND/m2 depending on location. Area 3, the price ranges from 480,000 - 750,000 VND/m2 depending on location.
Commercial and service land is adjusted down
Notably, the price of commercial and service land has been adjusted down. For commercial and service land, the land price must not be lower than the price of land for perennial crops in the same area and location.
Specifically, for non-agricultural production and business land that is not commercial or service land, the regulations are as follows:
In Districts 1, 3, 4, 5, 6, 10, 11, Binh Thanh, and Phu Nhuan, the price is 50% of the price of land for non-agricultural production and business that is not commercial or service land.
In Districts 7, 8, 12, Tan Binh, Tan Phu, Binh Tan, Go Vap, and Thu Duc City, the price is 60% of the price of land for non-agricultural production and business that is not commercial or service land.
In Binh Chanh district, Hoc Mon district, Cu Chi district, Nha Be district, Can Gio district, the price is calculated at 75% compared to the price of land for production, non-agricultural business that is not commercial or service land. The land price must not be lower than the price of land for perennial crops in the same area and location.
