New official land prices in HCMC unveiled, top out at $27,000 per sq.m

In the official price list issued by the city people’s committee on Tuesday, the top rate applies on Dong Khoi, Le Loi and Nguyen Hue streets in District 1 while land in the Thieng Lieng residential area in Can Gio District is the cheapest.

The rates, introduced by amendments to the Land Law, to replace the previous price framework, will be effective from Oct. 31 and through 2025.

Interestingly, the rates, though four to 38 times the old ones, are lower in most places than indicated in a draft list published in July.

District 4 will see the biggest drops of 19-35% from the draft, and the rates there are 1.2-4 times the previous prices.

In Thu Duc City and five suburban districts, the rates will go up to 1.5-11 times the old prices.

They had been increased steeply in the draft list, but will be reduced by 19-30% from them.

These prices are for residential lands and will be used to calculate land compensation, land-related taxes and fees and fees for administrative procedures.

People who transact lands at below the new prices could have them reviewed by authorities. Even if everything is above board, sellers will have to pay taxes and fees based on the official rate.

The city also announced new prices for agricultural plots and lands in tech parks.

A square meter of agricultural land will be priced at VND400,000-810,000 based on the location and whether it is used to grow rice or perennial crops.

Land prices in tech parks used for manufacturing will rise seven-fold from previous rates to VND12.18 million per square meter, and eight times to VND15.12 million on D1 and D2 streets in the high-tech park in Thu Duc City.

Lands in tech parks for commerce and services will 9.1-fold to over VND21 million.

Commercial lands and those used for production, education and healthcare will be priced at 80% and 60% of residential land rates.