Chairman of the Hanoi People’s Committee Tran Sy Thanh has signed Decision No. 55 on issuing regulations on some contents within the authority of the city People’s Committee on determining specific land prices in Hanoi, which takes effect from September 16.
Article 5 of the Decision stipulates the factors influencing land prices, the maximum deviation of each factor, and the adjustment method for each deviation level of the factors influencing land prices (implementing Clause 3, Article 8 of the Government’s Decree No. 71 of 2024).
Specifically, for non-agricultural land, there are eight factors influencing land prices.Â
The Hanoi People’s Committee has specified the criteria for forming factors influencing land prices to analyze and determine a certain level of similarity, adjustment of each factor influencing land prices between the valued asset and the comparable asset.
The factor of the location and site of the land lot or land plot is determined based on the distance in order of priority to the administrative center, commercial, educational, and training center, parks, amusement parks, markets, and medical facilities (according to the location and status of the project, land area, and land lot), with an adjustment deviation of no more than 5%. And land prices according to the city’s land price frame (according to the location of the project, land area, and land lot) with an adjustment deviation of no more than 15%.
In terms of transportation, three criteria are considered: road type (asphalt, concrete, soil, and other road structures), road width (including sidewalks), and the number of roads adjacent to the project, land area, and land lot. The adjustment deviation is 5%, 10%, and 5%, respectively.
In the case of estimating the transfer price of separate land and housing, the organization for land price determination shall conduct a survey, collect and evaluate additional criteria on the internal road cross-section (if any) adjacent to the land lot according to the approved planning, with an adjustment deviation of no more than 5%.
Notably, in terms of water and electricity supply, the Hanoi People’s Committee stipulates based on two criteria: stable or unstable water and electricity supply areas, with an adjustment deviation of no more than 5%, and flooding conditions when there is heavy rain, with an adjustment deviation of no more than 5%.
 The urban area in the west of Hanoi was deeply submerged after a long rain on July 23rd. Photo: Hong Khanh |
There are also factors such as the area, size, and shape of the land lot or land plot; factors related to construction planning; environmental and security conditions; land use duration; and other factors influencing land prices that are suitable to the local reality, cultural traditions, and customs (including scenic spots; temples, pagodas, and shrines; traditional craft villages).
For agricultural land, there are five factors influencing land prices, with an adjustment deviation of no more than 20% for each factor.
These factors include crop and livestock productivity; the location and characteristics of the land lot or land plot and the shortest distance to production and product consumption; transportation conditions serving production and product consumption in terms of road width, road grade, and road surface structure; and land use duration, excluding agricultural land allocated by the State to households and individuals according to the land allocation limit, and agricultural land within the allocation limit when transferred.
In addition, there are other factors influencing land prices that are suitable to the local reality, cultural traditions, and customs. These factors are determined based on the actual situation and proposed specifically in the explanatory report on the construction of the land price scheme by the land price consulting organization.
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Heavy rain causes deep flooding, but real estate prices soar In reality, many new urban areas in Hanoi have been facing deep flooding during heavy rains. Particularly, the western part of Hanoi, especially along Thang Long Boulevard and Le Trong Tan Street (Ha Dong District), often experiences severe flooding. However, real estate prices in this area have been continuously increasing. In recent times, the western region of Hanoi has become a hot spot in the Hanoi real estate market, with numerous projects developed by major corporations. According to market surveys, apartment prices in this area reach up to 80 million VND per square meter. Some apartment buildings by Masterise have even reached almost 100 million VND per square meter. Over the past three years, secondary villa and townhouse prices have also tripled, increasing from 40-50 million VND per square meter in 2021 to 150-180 million VND per square meter now. Nonetheless, flooding remains a haunting issue for residents in many new urban areas in the western part of Hanoi. Planning experts attribute the flooding in the new urban areas in the west of Hanoi to the extremely heavy rainfall. Additionally, the foundation of these urban areas is typically higher, and most of the new urban areas in Hanoi are planned according to a new foundation, divided into four urban drainage regions. Regarding the intersection of Le Trong Tan Street and Thang Long Boulevard, which has the lowest elevation in the area and has experienced flooding multiple times, the city has proposed constructing an underground tunnel and additional reservoirs for drainage. Furthermore, it is necessary to consider the linkage of drainage infrastructure in these urban areas with the main drainage axis outside. |
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