The Hanoi People's Committee has just issued a decision to amend and supplement a number of contents related to the land price list in the capital, effective immediately and applicable until the end of 2025.
Compared to the old land price list, the adjusted land price list is 2 - 6 times higher. Accordingly, the adjustment level increases from 190 - 270%; in which 10 streets in Hoan Kiem district including: Hang Dao, Hang Khay, Hang Ngang, Le Thai To, Ba Trieu, Dinh Tien Hoang, Hai Ba Trung, Ly Thuong Kiet, Tran Hung Dao, Nha Tho have an average adjustment level of 270% at positions 1 + 2 and 245% at positions 3 + 4.
The streets of 4 inner-city districts including: Ba Dinh, Hoan Kiem, Dong Da and Hai Ba Trung have an average increase of 245% at positions 1+2 and 225% at positions 3+4.
The streets of 3 districts including: Cau Giay, Thanh Xuan, Tay Ho have an average increase of 225% at positions 1+2 and 210% at positions 3+4.
Ms. Nguyen Hoai An - Director of CBRE Hanoi branch commented that compared to the old land price list, the new land price list is closer to the market price.
Ms. Nguyen Hoai An said that because the increase in the new land price list is quite sudden compared to the old price list, there will be certain impacts on costs related to land use fees and site clearance costs. Although the impacts may vary between different types and properties of real estate, in general, there will be impacts in the direction of increasing costs for entities using, exploiting and trading real estate.
"The increased land price list is likely to limit two-price transactions in the market, increasing the efficiency of site clearance for projects that are still behind schedule due to site clearance issues," said Ms. An.
Mr. Nguyen Quoc Anh - Deputy General Director of Batdongsan.com said that the adjustment of the land price list by the Hanoi People's Committee is important, limiting the shortcomings in determining the starting price in the land auction in Hanoi. Accordingly, the new land price list will increase the starting price, the deposit amount will be higher, thereby helping to reduce the widespread situation of deposit abandonment as in the past.
According to the Hanoi Department of Natural Resources and Environment, the basis for building the adjusted land price list is based on the results of the investigation and survey of land prices on the market in the past two years (from August 2022 to August 2024) in 30 districts and 579 communes, wards and towns with more than 20,740 survey forms collected.
The new price list meets practical needs, reduces the difference, and gradually brings land prices in the capital closer to the market. This helps establish a synchronous policy in land management and harmonizes the interests of the State, users and those who need to use land to implement projects. As a result, budget revenue increases through the implementation of financial obligations on land of people and businesses.
