The latest land auction in Hoai Duc, Hanoi, has stirred up the northern real estate market, following the heated auction in Thanh Oai. The starting price for the 19 land lots was over VND 7 million per square meter, and after several rounds of bidding, the winning bids reached VND 91-133 million per square meter, almost 20 times the starting price.
With the vibrant landscape of Hanoi’s land market, we took a tour of Ho Chi Minh City’s land market to survey the transaction situation. At the notary offices, the number of land-related dossiers has decreased compared to the post-Tet period.
Hanoi has been witnessing heated land auctions in recent days. Photo: DT
Land in the outskirts of Ho Chi Minh City remains quiet. Photo: Tieu Bao
At notary offices on Do Xuan Hop, Tu Xuong, Le Van Viet, and Le Loi streets in Thu Duc City, Ho Chi Minh City, the number of customers has decreased compared to March 2024. This is due to the combination of the ghost month (the seventh lunar month) and the transition period to the new Law. Land-related dossiers in Ho Chi Minh City, starting August 1, are awaiting circulars and guidance according to the new Law, causing a slowdown in notary activities.
Some land notary offices are empty. Photo: Tieu Bao
According to a notary public in Thu Duc City, after the Law took effect on August 1, land-related dossiers must wait for new guidance to fulfill financial obligations. Therefore, the number of dossiers has decreased since the beginning of August. Brokers and investors are also waiting for the new Law, causing a lull in transfer activities.
Some notary offices still have customers, but the number is lower compared to the first quarter of 2024. Photo: Tieu Bao
In recent days, many dossiers for changing land use purpose submitted by Ho Chi Minh City residents since August 1 (when the 2024 Land Law took effect) have been suspended. The tax departments of districts, counties, and Thu Duc City are still receiving dossiers but cannot calculate the land use fee because they are awaiting guidance on the new tax calculation method. This has caused concerns among the people.
Recently, the Ho Chi Minh City People’s Committee requested the Prime Minister’s guidance on financial obligations related to land for dossiers submitted after the 2024 Land Law took effect, until the adjusted land price table is issued according to the Law. The Ho Chi Minh City People’s Committee is also coordinating with the City Council to collect feedback from the people about the adjusted land price table.
According to the Ho Chi Minh City People’s Committee, financial obligations related to land used to be calculated based on the current land price table (built on the land price frame multiplied by the land price adjustment coefficient – K coefficient). However, as the 2024 Land Law no longer stipulates the K coefficient, if the city calculates the tax according to the old price table without multiplying by the K coefficient, it will not reflect the actual land prices in the locality. On the other hand, if the calculation is based on the old price table multiplied by the K coefficient, there is currently no guiding regulation.
To avoid congestion in handling related dossiers, the Ho Chi Minh City People’s Committee has proposed that the Ministry of Natural Resources and Environment and the Ministry of Finance provide guidance to resolve this issue so that the city has a basis for implementation. From there, Ho Chi Minh City can also unify the calculation of financial obligations related to land arising in the period from August 1 to the time when the adjusted land price table is issued.
In reality, in some “hotspot” land areas of Ho Chi Minh City, such as District 9 and Hoc Mon, there have been no new developments in buying and selling activities after the new Laws took effect. The land plots offered by brokers are mainly discounted sources compared to the peak prices in 2021. The main buyers of land plots are now end-users, while investors’ activities are not yet clear. Overall, demand has not recovered evenly across all areas.
The lots for sale with demand, and the price level is still lower than the beginning of 2022 by about 10-20% (depending on the lot). Photo: Tieu Bao
After the new Laws took effect, many people expected changes in the southern land market, but the market may need more time to adapt to the new Laws. Not to mention, for land prices to return to their “golden age” of 4-5 years ago, investors may have to wait a long time.
From 1/1/2025, certain types of undocumented land will be granted land titles
The new Land Law will consider issuing land titles for land without documentation prior to July 1, 2014, as confirmed by the local commune People’s Committee where the land is located and deemed non-disputed.
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