Draft of new land price list: Land price is lower than market price
At the Land Registration Office of Thu Duc City, Ho Chi Minh City, according to Dan Tri reporters, these days, people are going to do procedures quite crowdedly. On the morning of October 17, the office was almost full. Mr. D.T.Phong brought the authorization papers to make a land use right certificate to the office at 10am, expressing concern that it would not be his turn even after the morning working hours because he was afraid of being crowded and coming too late.
When asked about the draft new land price list in Ho Chi Minh City, Mr. Phong said he was interested. He said that the new land price list is close to the market, affecting many people who "hold" agricultural land and have the need to convert it to residential land. However, he said that the regulations have been legalized and must be followed.
Mr. NTTịnh, holding the real estate transfer documents, said that transactions have been cleared since the city issued a document to remove the tax calculation method. Currently, Mr. Tinh submits the documents normally and is scheduled to be processed in about 10 working days. Regarding the new land price list, he said he is still monitoring it because there is no official information yet.
According to the draft of the new land price list submitted by the Department of Natural Resources and Environment (TN&MT) to the Ho Chi Minh City People's Committee on October 16, the highest recorded land price is 687 million VND/m2, in the area of Dong Khoi, Le Loi, Nguyen Hue streets (District 1). This price is 4 times higher than the current price list, but has decreased compared to the previous draft of the land price list (810 million VND).
Some other routes in District 1 and District 3 are also noted to have lower prices compared to the old draft. In suburban areas, the new land price list also decreased significantly.
For example, the highest proposed price for Highway 22 is VND32 million/m2, a significant decrease from the previously proposed VND71 million/m2. The new price is also 20 times higher than the current price list, instead of more than 50 times higher.
According to the leader of the Department of Natural Resources and Environment of Ho Chi Minh City, the new draft land price has been adjusted compared to the old version to consider balancing land prices in neighboring areas. In addition, the adjusted land price list will be equal to about 50% of the market price.
A survey by Dan Tri reporters also shows that the land price in the new draft is much lower than the transaction price on the market. On Dong Khoi and Nguyen Hue streets (District 1), the actual transaction price is recorded at 1.2 billion VND/m2, but in the draft price list it is 687 million VND/m2.
Or the price of houses on Nam Ky Khoi Nghia Street, District 3, according to the draft, is over 300 million VND/m2, but in reality, the common price is over 400 million VND/m2. Tran Nao Street (Thu Duc City) also has actual transactions of over 200 million VND/m2, while in the draft land price list, it is 149 million VND/m2.
Quite a lot of people go to do land procedures at the Land Registration Office of Thu Duc City (Photo: Khong Chiem).
Experts predict that residential land and land with red books will increase in price sharply.
Mr. Vo Hong Thang - Deputy General Director of DKRA Vietnam Company - said that he had accessed the latest draft of the adjusted land price list of Ho Chi Minh City. He assessed that the subjects most immediately affected are those in the suburbs, who own agricultural land and want to convert it into residential land, or separate plots such as Cu Chi, Hoc Mon, Binh Chanh, and Can Gio. Because the new land price has increased dozens of times compared to the current price list. They are the subjects "like buying new".
Mr. Thang also noted that after the market started to have a new land price list, the price level of residential land and land with red books also recorded a sudden increase. In the coming time, this segment will become scarce, especially land with red books and residential land in urban areas with existing residents, where the consumption rate has increased by more than 30%.
Assessing the impact of the land price list on projects, he said that in the short term, projects that already have land and only charge land use fees will not be affected much. However, in the long term, investors who buy new land funds must clear and compensate, causing land prices to increase, which is included in the selling price and increases the price of products on the market.
However, from an overall perspective, Mr. Thang assessed that the new land price list will bring many advantages, helping land prices approach market prices, speeding up compensation and site clearance, thereby shortening project implementation time and saving financial costs. However, whether the balance between the saved financial costs and the increased land prices is still unknown, depending on the legal settlement process of the project.
If Ho Chi Minh City issues a land price list quickly and resolves legal issues quickly, the increase in real estate prices will be controlled. Therefore, experts believe that all actions must be taken simultaneously to achieve the highest efficiency and the regulatory role of the State management agency is very important.
Mr. Nguyen Quoc Bao - Chairman of the Ho Chi Minh City Real Estate Club (HREC) - also agreed that the issuance of the new land price list is good, land prices are close to market prices, helping the market to be more transparent, clearer, and better for the State Budget. The new land price list will also contribute to reshaping the market, entering a new cycle.
Mr. Bao is certain that the project's selling price will be higher in the future due to the increase in land costs. Businesses will make less profit, but if they want to make a better profit, they need to improve the quality to sell at a better price.
Real estate expert Tran Khanh Quang assessed that the new draft land price list has reduced land prices by about 20% compared to the previous draft, but is still 5-10 times higher than the current price list. However, adjusting the new price list is necessary, in accordance with the new regulations of the Land Law.
He observed that with the new draft, the price is approaching 50-70% of the market price. If the draft is issued, the market will have big fluctuations, especially in the suburban areas of Ho Chi Minh City such as Cu Chi, Hoc Mon, District 12, Binh Tan, Binh Chanh... Because in this area, the agricultural land fund is still large, people have the need to convert to residential land for housing.
From there, experts predict that there will be 2 cases. First, the current residential land fund will quickly increase in price by 20-30% in the next 6 months. Second, investors continue to convert to residential land for business, land prices will increase by 30-50% in the next 6-12 months.
The only thing Mr. Quang is concerned about is that in the draft of the new land price list, residential land is calculated according to each road. But the price of agricultural land is based on the area, which is more equal, the price is still low and does not reflect the market. Therefore, he proposed that agricultural land should be calculated specifically according to each road like residential land.
Source: https://dantri.com.vn/bat-dong-san/bang-gia-dat-moi-tai-tphcm-gia-dat-nen-dat-co-so-chac-chan-tang-manh-20241018091313053.htm
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