Gov’t sets highest land price at $7,600 per square meter

According to a new land price frame under Decree 44 dated May 15, 2014, the highest price of VND162 million ($7,614) per square meter will be applied as from December 29, 2014, the effective date of the decree.

Meanwhile, the lowest price of urban residential land is VND40,000 ($1.88) per square meter; which is applied to urban land of Grade V in the north central region.

As for commercial and service land in urban areas, the southeastern region, and the Red River delta, the prices range from VND120,000 ($5.64) and VND129.6 million ($6,091) per square meter, depending on different types of urban areas.

Regarding rural residential land, the highest price of VND29 million ($1,363) per square meter is applied for communes in the Red River delta, while the lowest, VND15,000 ($0.7) per square meter, will be applied for mountainous communes in the Central Highlands region.

In the Mekong River delta region, the highest and lowest prices of residential land in rural areas are VND15 million ($705) and VND40,000 ($1.88) per square meter respectively.

In the southeastern region, the costliest and cheapest prices of the same kind of land are VND18 million ($846) and VND60,000 ($2.82) per square meter.

In the Red River delta, the respective prices are VND29 million ($1,363) and VND 100,000 ($ 4.7) per square meter.

The lowest and highest land prices in communes in plain areas in the midland and communes in northern mountainous areas are VND50,000 ($2,34) and VND8.5 million ($398.8) per square meter.

The decree also stipulates the prices of agricultural and non-agricultural land.

The new land price frame serves as a legal basis for local authorities in centrally-run provinces and cities to set out their own land price lists, the decree said.