Hanoi has just announced a new land price list, applicable from December 20, 2024 to the end of 2025, with a significant increase compared to the old price list. In particular, the highest residential land price is 695.3 million VND/m², applied to plots of land adjacent to the road on some central streets in Hoan Kiem district such as Hai Ba Trung, Le Thanh Tong, Quan Su, ...
Compared to the old price list, the new land price list of Hanoi has increased from 2 to 6 times, depending on the area and street. In Hoan Kiem district, many streets recorded a sharp increase. In Tran Hung Dao (Tran Thanh Tong - Le Duan section), it increased from 114 million VND/mm to 695.3 million VND/m2, 6 times higher than the old land price list.
The price of Nha Tho Street increased from 125.4 million VND/m2 to 695.3 million VND/m2, 5.5 times higher; Hai Ba Trung Street (Le Thanh Tong - Quan Su section), the highest land price reached 695.3 million VND/m2, 3.7 times higher than the old land price list.
Other districts such as Ba Dinh, Hai Ba Trung and Tay Ho also witnessed a significant increase in the new land price list. In Ba Dinh district, Phan Dinh Phung street has the highest land price of 450.8 million VND/m2, an increase of 3.4 times compared to before. In Hai Ba Trung district, Pho Hue street (Nguyen Du - Nguyen Cong Tru section) and Nguyen Du (Quang Trung - Tran Binh Trong section) have prices of 368 million VND/m2, an increase of nearly 3.5 times. In Tay Ho district, Van Cao street has the highest price of more than 256 million VND/m2, an increase of nearly 3.3 times compared to the old price list.
Previously, the highest urban land price in Hanoi's inner city was 188 million VND/m2, applied to streets such as Hang Ngang, Hang Dao, and Le Thai To. According to the new land price list, the highest price on these streets reached 695.3 million VND/m2, nearly 3.7 times higher than before the adjustment.
For suburban areas, the new land price list has also been adjusted, but the increase is not uniform. In Ba Vi district, central locations such as Tay Dang town have prices ranging from over VND8.5 million/m2 to over VND10 million/m2. In mountainous communes, land in residential areas costs over VND1.2 million/m2; in plain communes, it is also over VND2 million/m2.
Hanoi's adjustment of land prices with significant increases, especially in central areas, reflects the city's efforts in managing and effectively using land resources.
Also showing the growth of the real estate market, the new land price list has more closely reflected the actual value in the market, to ensure fairness in transactions and financial obligations related to land.
According to Mr. Nguyen The Diep, Vice President of Hanoi Real Estate Club, the announcement of the new land price list will create many positive changes in land management. Previously, land valuation was often not close to the real value, leading to many difficulties in negotiating compensation and fulfilling financial obligations. When the new land price list is available, these problems will be resolved.
"In general, the issuance of the new land price list by the Hanoi People's Committee not only improves the effectiveness of state management of land but also contributes to creating a transparent and fair environment for people and businesses when carrying out transactions and obligations related to land. This brings many important benefits, contributing to improving the effectiveness of land management, economic development, and ensuring social justice," said Mr. Diep.
