HCMC – The People’s Committee of HCMC has introduced a new land price list under Decision 79, which will take effect from October 31, 2024 to December 31, 2025. This new regulation replaces Decision 02/2020, updating the framework for land valuation in the city.
The highest residential land price is set at VND687 million per square meter along Nguyen Hue, Dong Khoi, and Le Loi streets, a 21% increase of VND120 million per square meter compared to the previous rate, local news reported.
Under Decision 02/2020, the land price for these streets was initially VND162 million per square meter, which was multiplied by coefficient K of 3.5 to reach VND567 million per square meter.
Despite the increase, this rate is lower than the earlier proposed price of VND810 million per square meter.
In the outlying district of Hoc Mon, the new land price along the National Highway 22 parallel road near the Tan Hiep water plant is VND30.3 million per square meter, a 13-fold increase from the old rate.
The Department of Natural Resources and Environment has stated that the updated prices better reflect current market value. The previous pricing under Decision 02/2020 was around 30% of actual market prices, while the new rates are expected to align closer to 50%.
Aside from residential land adjustments, the decree also reduces the prices for commercial and service land, as well as land designated for business production, defense, security, and public use.
Agricultural land prices have been raised by multiplying the existing rates, as per Decision 02/2020, by coefficient K ranging from 2.5 to 2.7. This results in a relatively modest increase compared to previous levels.
The Steering Committee has emphasized that these adjustments to agricultural land prices are essential for the sustainable development of HCMC’s agricultural sector, ensuring the city’s food security.
The agricultural land has been divided into three regions: Region 1 encompasses the districts of 1, 3, 4, 5, 6, 10, 11, Binh Thanh, and Phu Nhuan. Region 2 includes Thu Duc City and the districts of 7, 8, 12, Tan Binh, Tan Phu, Binh Tan, and Go Vap. Region 3 comprises the outlying districts of Binh Chanh, Hoc Mon, Cu Chi, Nha Be, and Can Gio.
