Hanoi to revise up land prices in 2010

Hanoi City government has submitted to the city’s People’s Council a land price frame in 2010, seeking to sharply increase prices of land at prime sites against current levels.

The capital city proposed a 20% to 21% increase for almost all inner land sites while land prices in Ha Dong District should be revised up by 10% to 40%. Land prices in Hoang Mai District should be up by 20% and locations with convenient traffic were suggested for a 40% increase, a higher-than-allowed rate.

If the price frame is passed, land at Hang Ngang and Hang Dao streets will be VND81 million per square meter. The lowest rate in the inner city will be VND1.8 million per square meter.

For outlying districts, land prices will range between VND750,000 and VND8.04 million per square meter. Districts with high economic growth rate and fast urbanization such as Tu Liem and Gia Lam will have land prices at between VND1.2 million and VND21.6 million per square meter.

Explaining the price hikes, the local government said land use right transfer fees have surged strongly this year.

The State has also invested in technical infrastructure for favorable socioeconomic conditions in the locations, so the land prices should be raised to ensure budget income via land taxes.

The Saigon Times Daily

Tags: Ha Noi real estate market, Vietnam real estate