The Government has just issued Decree No. 71/2024/ND-CP regulating land prices, effective from the effective date of the Land Law. According to the decree, land valuation methods include: comparison method, income method, surplus method, land price adjustment coefficient.

Accordingly, the comparison method is implemented by adjusting the prices of land plots with the same land use purpose, certain similarities in factors affecting the price of land transferred on the market...

The income method is done by taking the average annual net income per land area and dividing it by the 12-month term deposit interest rate.

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The Government issued regulations on new methods of land valuation. Photo: Thach Thao

The surplus method is implemented by taking the total estimated development revenue minus the total estimated development cost of the land plot, land area on the basis of the most effective land use.

The land price adjustment coefficient method is implemented by multiplying the land price in the price list by the land price adjustment coefficient. The land price adjustment coefficient is determined by comparing the land price in the price list with the market price.

The Decree also specifies factors affecting land prices. In particular, factors affecting land prices for non-agricultural land include: Location, location of the land plot, land area; traffic conditions including width, road surface structure, adjacent to one or more roads.

Factors affecting land prices for agricultural land, including crop and livestock productivity. Location, characteristics of land plots and land areas: closest distance to production and product consumption locations. Land use term, except for agricultural land allocated by the State to households and individuals according to agricultural land allocation quotas.

In case the provincial People's Committee has not yet made specific regulations or the regulations lack factors affecting land prices..., the organization implementing land valuation shall make specific proposals in the explanatory report on the development of land price plans for the Land Valuation Council to consider and decide.

The Decree also stipulates that within 5 days from the date of receiving the request, agencies, organizations and units are responsible for providing information to serve the land valuation work.

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