Apartments are no longer hot, 'check' the latest land price list in Hanoi, abolish 5 documents related to red book issuance

The capital's real estate market cools down, Hanoi issues new land price list, abolishes 5 documents related to red book issuance... are the latest real estate news.

According to real estate experts, to cool down housing prices, it is necessary to solve the problem of the gap between supply and demand in the market. In fact, the apartment market in Hanoi is gradually relieving the "thirst" for housing supply shortage. (Photo: Linh An)

Hanoi real estate prices fluctuate shockingly

After a long period of continuous price increases, Hanoi real estate is showing signs of slowing down. In some areas, projects have been advertised for sale with hundreds of millions of dong reduced in just a few days.

A survey on some real estate listing sites shows that apartment prices in November and December in Hanoi are starting to show a downward trend.

For example, an apartment in a building in Nam Tu Liem district was advertised for sale at around 63 million VND/m2 in October, but by November it had dropped to around 61 million VND/m2.

Or an apartment in Long Bien district, the current selling price ranges from 50-60 million VND/m2 while in October the average price was 55-65 million VND/m2.

According to the leader of a real estate trading floor in Ha Dong (Hanoi), over the past two months, real estate prices in Hanoi have been adjusted, with the downward trend becoming more and more common.

Regarding the decrease in liquidity of Hanoi apartments, Mr. Pham Duc Toan, General Director of EZ Property, said that recently, apartment prices have only been hot locally in Hanoi due to the difference between supply and demand. Up to now, Hanoi apartment prices have exceeded the peak, causing many people to temporarily suspend their home buying plans, so liquidity has been very low recently.

Economic expert Associate Professor Dr. Dinh Trong Thinh acknowledged that 2024 is the year that the Hanoi apartment segment will witness a rapid increase in prices. Apartment prices are increasing in both the primary and secondary markets, even old projects are no exception. During the feverish period, prices will increase by the day, by the week. However, Mr. Thinh believes that in the coming time, the increase in apartment prices will slow down, the market will tend to be more stable, and there will no longer be a "feverish" situation.

Sharing the same view, Mr. Toan predicted that apartment prices will hardly increase further. But according to him, it will be very difficult for apartment prices to decrease immediately.

According to real estate experts, to cool down housing prices, it is necessary to solve the problem of the gap between supply and demand in the market. In fact, the apartment market in Hanoi is gradually relieving the "thirst" for housing supply shortage.

In particular, the low-cost housing market in Hanoi is showing positive signs as many social housing projects have been started and licensed after a long period of time without any new social housing projects being implemented in the capital.

Recently, a social housing project with more than 460 apartments in Uy No commune, Dong Anh district was started and is expected to be completed in October 2026.

Earlier this month, another social housing project in the Ha Dinh new urban area (Thanh Tri) was launched. According to the plan, this social housing area will have 440 apartments in a 25-storey building. The project is expected to be completed in 30 months.

Previously, at the end of November, CT1 apartment building with nearly 600 apartments in the social housing area in Thuong Thanh ward, Long Bien district was granted a construction permit.

Hanoi has new land price list

The Hanoi People's Committee has just issued Decision No. 71 on amending and supplementing a number of contents in Decision No. 30 of 2019 (Decision No. 30, Hanoi land price list applied from 2020 to December 31, 2024). With the new decision, the current land price list will be adjusted and effective until December 31, 2025.

The important highlight in Decision No. 71 is that Hanoi supplements and amends regulations related to the principles of determining land location, land price according to land plot depth and price decreasing according to distance.

Under the new regulations, land location is determined based on profitability, infrastructure conditions and access distance to roads and streets listed in the land price list.

Specifically: Location 1 applies to land plots adjacent to roads and streets listed in the land price list.

Position 2, applies to land adjacent to alleys with a cross-section of 3.5m or more.

Location 3 is land adjacent to the alley with a cross-section from 2m to less than 3.5m.

Location 4 is land adjacent to an alley with a cross-section of less than 2m.

For plots of land far from roads and streets, the price list stipulates discounts according to distance. From 200-300m, discount 5%; from 300-400m, discount 10%; from 400-500m, discount 15%; from 500m and above, discount 20%.

It can be seen that this adjustment aims to ensure the price is suitable to the actual land use conditions and economic value, avoiding the situation of high valuation for land plots far from the central area.

The decision also provides land price classifications according to the depth of the plot. Accordingly, from the sidewalk and alley boundary up to 100m, 100% of the prescribed land price is applied; from 100-200m, a 10% reduction; from 200-300m, a 20% reduction; from 300m and above, a 30% reduction.

Compared to the old land price list, the adjusted land price list is 2-6 times higher. In which, the highest land price in the city belongs to Hoan Kiem district with 695.3 million VND/m2. This price corresponds to residential land, location 1, including Le Thai To street, Hang Ngang street, Hang Dao street, 3.7 times higher than the old land price list (187.9 million VND/m2).

Tran Hung Dao Street (from Tran Thanh Tong - Le Duan) previously had the highest land price of 114 million VND/m2, now it has increased to 695.3 million VND/m2, 6 times higher.

Nha Tho Street increased from 125.4 million VND/m2 to 695.3 million VND/m2, 5.5 times higher. Land on Hai Ba Trung Street (from Le Thanh Tong to Quan Su) also has the highest price of 695.3 million VND/m2.

The highest land price in Ba Dinh district is 450.8 million VND/m2 on Phan Dinh Phung street...

The price list of agricultural land in residential areas is also supplemented with flexible regulations.

Specifically, the price of agricultural land in residential areas may be higher than the price of agricultural land outside residential areas, but not exceeding 50% of the corresponding price of agricultural land in other areas.

For residential land and commercial land in rural areas, the land price list is detailed by commune and area. Notably, plots of land located outside the 200m range from the streets listed in the price list will be subject to a reduced price corresponding to the distance regulations.

Decision No. 71 takes effect from December 20, 2024.

In case the competent state agency has received the land user's dossier before the effective date of this decision, the land price in the land price list to determine financial obligations, taxes and budget revenues from land shall be implemented according to the regulations at the time of dossier submission.

Ho Chi Minh City: Collected more than 17,000 billion VND from land

The above information was announced by the Ho Chi Minh City People's Committee in the report summarizing 5 years of implementing the Land Management Project and directions for effective land use in the area.

According to the report of the Ho Chi Minh City People's Committee, in 2021, the total revenue from land in the City reached 22,094.4 billion VND. Including land use fees, land rent, real estate transfers, certificate issuance fees and file appraisal fees. In 2022, revenue increased sharply to 30,125.8 billion VND thanks to the real estate market recovering after the pandemic. However, in 2023, revenue from land decreased to 15,011.1 billion VND due to the market slowdown.

Notably, in the first 10 months of 2024, Ho Chi Minh City collected 17,009 billion VND. “This shows signs of recovery and growth of the market,” the report of the Ho Chi Minh City People’s Committee stated.

Ho Chi Minh City People's Committee assessed that in the past time, land management and use in the city still faced many difficulties such as the implementation work did not have a legal basis for implementation, and it was necessary to research and propose policies. At the same time, the Land Law 2024 took effect but needed time to apply it in practice, consult on regulations and guidelines for implementation. In addition, implementation procedures related to land were still slow, and general planning and adjusted urban planning were not approved in time...

In the coming time, the People's Committee of Ho Chi Minh City will implement the project on Management and Effective Use of Natural Resources, especially Land, to create investment resources for development in the City.

Accordingly, in the period of 2025 - 2030, focus on reviewing and promulgating legal documents under the authority of the City People's Committee to serve as a basis for implementation in accordance with the provisions of the 2024 Land Law and guiding documents.

Ho Chi Minh City continues to urgently direct the completion of the land information system, digitize archival documents, update land information databases, synchronize data...

In addition, direct administrative reform towards enhancing the application of information technology in receiving and handling administrative procedures, increasing transparency to reduce time, reduce official and unofficial costs for businesses, investors, households and individuals.

The city will also innovate the form of publicizing administrative procedures, diagramming the implementation steps so that organizations and citizens can easily access procedures in the fields of land and environment; publicly and fully announce planning information and strengthen planning management...

From January 1, 2025, 5 documents related to the issuance of "red books" will be abolished.

The Ministry of Natural Resources and Environment has just issued Circular No. 20 abolishing all 28 legal documents in the land sector, including 05 documents related to the issuance of "red books".

Specifically as follows:

Abolish Circular 09/2006/TT-BTNMT guiding the transfer of land lease contracts and the issuance of land use right certificates when converting state-owned enterprises into joint stock companies.

Abolish Circular 09/2011/TT-BTNMT regulating bidding for the provision of public services using the State budget on land measurement serving the issuance of certificates of land use rights, house ownership rights and other assets attached to land.

Abolish Circular 30/2013/TT-BTNMT regulating the integration of surveying, establishing or correcting cadastral maps and registering, granting certificates of land use rights, house ownership rights and other assets attached to land, building cadastral records and cadastral databases.

Abolish Circular 07/2015/TT-BTNMT regulating the preparation of land use plans; preparation of land use boundary records; measurement and cadastral mapping; determination of land rental prices; land allocation, land lease and issuance of certificates of land use rights, house ownership rights and other assets attached to land for agricultural and forestry companies.

Abolish Circular 14/2017/TT-BTNMT regulating economic and technical norms for surveying and making cadastral maps, registering land and assets attached to land, establishing cadastral records, granting certificates of land use rights, house ownership rights and other assets attached to land.

Circular 20 also abolishes part of three legal documents in the land sector under the authority of the Minister of Natural Resources and Environment.

Circular 20 officially takes effect from January 1, 2025.

Source: https://baoquocte.vn/bat-dong-san-chung-cu-khong-con-sot-nong-soi-bang-gia-dat-moi-nhat-tai-ha-noi-bai-bo-5-van-ban-lien-quan-viec-cap-so-do-298138.html