HCMC fixes 2008 land prices
UB.Laws/HCMC - The vice mayor of the southern metropolis, Nguyen Huu Tin, has ratified the 2008 land prices, which would be used to calculate land use taxes, land transaction fees as well as compensation for residents in areas that must be cleared for development projects, among other purposes.
The central District 1 will see its land prices increase by 50 percent.
The three most commercial streets of Le Loi, Dong Khoi and Nguyen Hue remain the city’s most expensive, at VND67.5 million ($4,213).
For other 18 urban and semi-urban districts, the land prices will increase by 20 to 30 percent.
The prices in the suburban districts of Binh Chanh, Hoc Mon, Nha Be, Cu Chi and CanGio will rise by 10 percent.
Hanoi recently also increased its official prices with the maximum price per square meter of land reaching VND67.5 million ($4,213).Official plan prices, which are decided by local administrations annually, are more often than not lower than market prices.
In a recent land auction, a prime 1.3 hectare land lot in Ho Chi Minh City downtown attracted bids as high as VND10.5 trillion (US$654.4 million).
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• Amended Land Law in the pipeline (08/03/2012)
• Land rent halved for manufacturers (03/02/2012)
• Land, house taxes may be used for infrastructure (12/01/2012)
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• Investors call for land law revision (28/10/2011)
• The Land Law in Vietnam (22/09/2011)