Land values to stay mostly unchanged in HCM City

Land valuations in most parts of Ho Chi Minh City will remain unchanged next year as the city administration wants to create stable conditions to attract investment, officials say.

Under a new proposal the HCMC People’s Committee recently submitted a proposal to the city legislature, only 17 of 2,890 streets in the city will have their land valuations adjusted for the new year.

Dong Khoi, Nguyen Hue and Le Loi streets in the city center remain at the top with the highest land valuation of VND81 million per square meter. Meanwhile, land in outlying Can Gio District will be valued at VND1.2 million per square meter, the lowest rate in the city.

Land valuations set by the city government every year are mainly used for tax purposes. If passed by the city legislature, the new land valuation system will take effect on January 1, 2010.

Land valuations in some districts this year have more than doubled from 2007. The increased values have led to higher land use taxes in Phu My Hung residential area in District 7, leading to an ongoing dispute between the property developer and residents over who should pay the taxes.

Tags: Ho Chi Minh city real estate market, Vietnam real estate

Posted by VBN on Dec 6 2009. Filed under HEADLINES, Real Estate. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry