This afternoon (July 29), the Department of Natural Resources and Environment (DONRE) of Ho Chi Minh City held a press conference on adjusting the land price list according to Clause 1, Article 257 of the 2024 Land Law.
According to the new land price draft applied by Ho Chi Minh City from August 1 to December 31 this year, the highest urban land price is VND810 million/m2, on central streets such as Dong Khoi, Nguyen Hue, Le Loi (District 1). Compared to the current land price list, the land price is expected to increase 5 times.
The new land price on Dong Khoi Street is expected to be 810 million VND/m2 (Photo: Quang Anh).
Meanwhile, according to a survey by Dan Tri reporters on several online real estate trading platforms, Dong Khoi real estate is being traded at around 1 billion VND/m2 depending on the location. Many plots of land are even being advertised at around 1.2 billion VND/m2, much higher than the draft.
Mr. Nguyen Toan Thang - Director of the Department of Natural Resources and Environment of Ho Chi Minh City - said many people said the price of 810 million VND/m2 is ten times higher than the old price. However, data from this department shows that 2 years ago, some transactions on Dong Khoi Street were recorded at up to 910 million VND/m2.
Therefore, the price of VND810 million/m2 is only 90% of the actual transaction price 2 years ago. The Department has taken the most suitable price in the city, based on real transaction data, Mr. Thang said.
According to the draft of the new land price list of Ho Chi Minh City, many other roads also increased in price compared to the current land price list. Some roads increased in price 5 times compared to the current price list, such as Lam Son Square (VND 579.5 million/m2), Ton Duc Thang Street (from Me Linh Square to Nguyen Tat Thanh Bridge, VND 528 million/m2), Cong Xa Paris, Me Linh Square (VND 484 million/m2).
Land price list is expected to change compared to before on some streets in District 1, HCMC.
In Thu Duc City, many roads have also had their prices adjusted up many times. Tran Nao Street increased from 13-22 million VND/m2 to 149 million VND/m2. Roads in Thao Dien Ward, which previously cost only about 7.8 million VND/m2, are expected to increase to 88-120 million VND/m2.
Many other roads in Districts 7, 4, and 12 are expected to have their prices adjusted to increase 10-15 times compared to the current land price list. In Hoc Mon, Nha Be, Binh Chanh, Can Gio, and Cu Chi districts, land prices are expected to increase sharply, in some places increasing 20-30 times compared to the current land price list.
If the draft is approved, the new land price list is expected to apply in the last 5 months of this year, from August 1 to December 31. The Department of Natural Resources and Environment of Ho Chi Minh City and other units will summarize and assess the economic and social impacts to continue adjusting the land price list to apply from January 1, 2025 to December 31, 2025.
For the construction of the first land price list applied from January 1, 2026 according to the provisions of the 2024 Land Law, the Department of Natural Resources and Environment of Ho Chi Minh City will hire a consulting unit to implement it.
Mr. Nguyen Toan Thang - Director of the Department of Natural Resources and Environment - stated that the 2024 Land Law stipulates that the land price list from August 1, 2024 will no longer have a land use coefficient and there must be a land price list for resettlement. The city is forced to adjust so that there is no longer a land use coefficient and cannot wait until January 1, 2026 to make a price list.
Therefore, the Department of Natural Resources and Environment must develop a new land price list to comply with legal regulations. There is no other way to postpone the implementation date to early 2026 as some opinions have proposed.
Mr. Thang also affirmed that the land price adjustment does not increase the market price. Because, this price list updates the land price data that has been actually transacted on the market, has been updated in reality and has been adjusted to suit the reality.
Source: https://dantri.com.vn/bat-dong-san/gia-dat-duong-dong-khoi-810-trieu-dongm2-van-thap-hon-2-nam-truoc-day-20240729164414886.htm
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