Hanoi's adjusted land price list, effective from December 20, 2024 to December 31, 2025, serves as the basis for calculating compensation and determining land prices for resettlement, calculating land taxes and personal taxable incomes in land transfer cases. The price list is also used to adjust the fees and charges related to land use and transfer in administrative procedures.

Under the urban development plan, five suburban districts, including Dong Anh, Gia Lam, Hoai Duc, Thanh Tri and Dan Phuong, will be upgraded into urban districts released by the Hanoi People’s Committee in August 2024, Dong Anh and Gia Lam will become urban districts by early 2025, and the three others by the end of this year.

In the five districts, the new land prices after adjustments are 200 percent higher than the old prices and the sharpest price increases occur in Thanh Tri district.

The land plots on Nghiem Xuan Yem Road (the road section that goes through Tan Trieu commune and the section from Dau Bridge to Thanh Liet commune), Nguyen Xien Road (the section that goes through Tan Trieu commune) and Pham Tu (from Dai Kim ward to the intersection of Cau Buu street at Phuc La - Cau Buu intersection), for example, have prices of VND117 million per sq m.

As such, the new price on Nghiem Xuan Yem Road has increased by 520 percent, while the new price on Nguyen Xien Road by 260 percent.

Other roads in Thanh Tri have land prices ranging from VND50 million to VND73 million per sq m. They are the major routes in town, such as Ngoc Hoi, Phan Trong  Tue and the one to ThanhTri Police office.

Meanwhile, local routes in Tan Trieu and Ta Thanh Oai communes have the prices of VND11-64 million per sq m.

The second sharpest land price increase is seen in Gia Lam district. The highest price after adjustments, VND68.14 million per sq m, has been fixed for Ha HuyT ap Road in Yen Vien Town, up 195 percent.

The lower price, VND65.13 million per sq m (+  310 percent), has been fixed for Nguyen Duc Thuan Road in Trau Quy Town. Meanwhile, the VND64 million per sq m price has been fixed for the area adjacent to Highways No5 and 1B.

Hoai Duc is the district with third sharpest price increase. Van Xuan Road (the section that goes through Kim Chung commune) is the most expensive in the district, VND53.14 million per sq m. Meanwhile, the section that goes through Tram Troi Town has the price of VND52 million per sq m. The land in the area adjacent to Thang Long Boulevard is a little cheaper, at VND51 million per sq m.

In Dong Anh district, the highest land price after adjustment is VND46 million per sq m, applied to Highway No 3 and Cao Lo Road (the section that goes through Dong Anh Town), followed by the routes at the intersection of May 1 auto factory, Highway No3- Dong Thanh, Highway No3-DongAnh, Lam Tien (VND40 million)

In Dan Phuong, the land on some major roads is priced at VND30-46 million per sq  m.

The land price adjustments were made by the Hanoi Department of Natural Resources and the Environment after surveying the market prices shown in real land transfer transactions in the last two years with 20,740 ballots delivered in 30 districts and 579 communes, wards and towns. The department also collected information about the prices for every type of land.

The residential land prices in districts vary from VND1.2 million to VND70 million per sq m. In some specific transactions, the price is up to VND100 million for the land plots facing roads at one or two sides. Meanwhile, the road-front land plot on NgoXuan Quang street in Trau Quy town in Gia Lam is priced at VND120 million.

According to Chu Duy, a local broker in Hoai Duc district, the real market prices have increased significantly recently. The land used for trading and services in Di Trach is now offered at VND250 million, and the prices of other land plots have also been staying high.

In Dong Anh district, the land in Dong Tru, Uy No, Dong Hoi and Vinh Ngoc is offered at VND100-150 million per sq m, up 10-15 percent over the end of 2023.

In Gia Lam, a survey conducted in early December 2024 found that land was traded at VND100 million per sq m.

Analysts have warned that real market land prices may continue to increase in the time to come following the adjustments of the official land prices. The prediction may ignite a new wave of speculation in anticipation of the suburban district upgrading into urban districts.

Hong Khanh