The city Department of Natural Resources and Environment is listening to public and experts’ opinions before it issues a decision to adjust the decision 02/2020/QĐ-UBND of the municipal People’s Committee on the land prices.
Accordingly, the new land prices will be applied from August 1 to December 31, 2024, and the department will review and assess the decision’s impact on the city’s economy and society for continued adjustment. Later, the adjustment will be applicable in the city from January 1 to December 31, 2025.
However, a professional consultation company hired by the Department will develop the new land prices which will take effect from January 1, 2026.
The highest projected price for urban land in central areas such as Dong Khoi, Nguyen Hue, and Le Loi in District 1 will reach VND810 million per square meter. This price is five times higher than the current rate, which is VND648 million per square meter.
Additionally, nearby roads like Ton Duc Thang from Me Linh Square to Nguyen Tat Thanh Bridge are expected to be priced at VND528 million per square meter, an increase of VND422.4 million per square meter compared to the current rates. The new land price table will be in effect from August 1, 2024, until the end of December 31, 2024, with further adjustments planned for subsequent periods.
Specifically, the current land price in Thu Duc City ranges from VND5 million to VND7 million per square meter, with some areas exceeding VND20 million per square meter. For example, on Tran Nao Street, the projected price is VND149 million per square meter, while the current price ranges from VND13 million to VND22 million per square meter. In Thao Dien IN Thao Dien Ward, the previous price was around VND7.8 million per square meter, but the projected price has now increased to VND88 million-VND120 million per square meter.
Similarly, many roads in districts 4, 7, and 12 are expected to be adjusted to prices 10-15 times higher than the current land price. In districts such as Nha Be, Binh Chanh, Can Gio, and Cu Chi, the projected land prices are up to 10-20 times higher than those specified in Decision No. 02 of the Ho Chi Minh City People’s Committee.
According to the Department of Natural Resources and Environment, the adjustment of land prices in accordance with the 2024 Land Law is based on market principles. When applied, it will impact various groups. For instance, households and individuals recognized as land users will apply the land price to all areas without distinguishing between those within or beyond the limit.
Nevertheless, for land areas beyond the limit, the price is not affected and is determined based on market principles. For land areas within the limit, the timing of land use will be considered to determine the applicable fee based on the land price.
