Business
Land in Hanoi Old Quarter over VND1 billion per square metre
  • | dtinews.vn | December 02, 2014 09:04 AM

Many plots of land in Hanoi Old Quarter have been offered on the market at prices of up to VND1.1 billion (USD52,380) per square metre compared to price ceiling of VND162 (USD7,710) million proposed by authorities.

 

Many plots of land in Hanoi Old Quarter have been offered on the market at prices of up to VND1.1 billion (USD52,380) per square metre 

The Hanoi People’s Committee is now seeking the municipal People’s Council’s approval for the land price frame for May 2015 through 2019. Under the proposed price frame, the highest price of land in Hoan Kiem District would be VND162 million (USD7,710) per square metre.

Still, Chung, the owner of a 50-square metre plot, is asking a total of VND55 billion per square metre for his property, equal to VND1.1 billion per square metre. He said that he based the price on the opinions of real restate agents and other property transactions in the Old Quarter.

Tuan is also asking VND100 billion for a 100 per square metre property on Hang Bai Street. Although some have expressed interest, there have been no solid offers yet.

Although these seem to be extreme cases, even the more common price of VND650-700 million per square metre is still well above the proposed price frame.

Under the newly-proposed price frame, the maximum price for agricultural land would remain at VND252,000 per square metre for the next five years.

Meanwhile, the land prices for communes bordering the city would be between VND2 million and VND29 million per square metres.

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