HCMC – Land prices in many districts in HCMC in the latest draft of a decision on land pricing are significantly lower than before, with land on the main streets of Dong Khoi, Le Loi and Nguyen Hue now priced at VND687 million per square meter, instead of VND810 million in the previous draft.
The latest draft, which was prepared by the Department of Natural Resources and Environment and sent to the People’s Committee of HCMC today, October 16, amends and supplements Decision 02/2020 on the land price list in HCMC.
If land price adjustment coefficient K is not taken into account, the newly proposed land prices would be 4-38 times higher than the prices stipulated in Decision 02/2020. However, many locations see land prices more than two times below those suggested in the July draft.
For instance, the streets in District 1 with the highest land prices in the city, such as Dong Khoi, Le Loi and Nguyen Hue, have been adjusted down to VND687 million per square meter from VND810 million in the previous draft. This price is 4.2 times higher than in the current land price list but 16% lower than in the previous proposal.
The land prices for nearby streets, such as Dong Du, are VND409 million per square meter, Hai Ba Trung Street ranges from VND350 million to VND450 million depending on section, and the Ton Duc Thang Street section from Me Linh Square to Nguyen Tat Thanh Bridge is priced at VND447 million. These prices are 3-4.5 times higher than the land prices in Decision 02 but are VND100-200 million lower than in the former draft.
Other bustling commercial streets, such as Vo Van Tan, Nguyen Dinh Chieu, Cao Thang and Pasteur, are also proposed to have new prices of VND262-272 million per square meter, down by 8-15% compared to the previous draft, but 5-6 times higher than the current prices.
Thu Duc City (which consists of former districts 2, 9, and Thu Duc) also see significant land price changes according to the new draft. The current average land price in this area is VND5-8 million per square meter. In the July draft, land prices on Tran Nao, Luong Dinh Cua and nearby streets reached VND149 million per square meter, an 11-fold increase. In the latest draft, the prices are now down to VND120 million per square meter, up by nine times against the current levels.
The biggest changes in this newest draft are in the five suburban districts, where proposed land prices are down significantly. For example, land prices on some streets are now VND18.5 million per square meter, down from the previously proposed VND41 million. The highest price proposed for the parallel road of National Highway 22 is VND32 million per square meter, down from the July level of VND71 million, with the new price increasing 20 times instead of 51 times as before.
If approved by the HCMC People’s Committee, this adjusted land price list will be used until the end of 2025. At the end of this year, the city authorities will review it. Starting from 2026, the city will apply an annual land price list according to the newly revised Land Law.
