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Investors wary of rising land prices   2010-10-02 - VNS

The increasing cost of land sold at auction in Ha Noi has caused growing concern among investors.


Prices for land have risen from VND40 million (US$2,100) per sq.m to VND100 million ($5,200) in some areas.


In Long Bien District, the price has surged from VND30 million ($1,500) per sq.m to about VND50 million ($2,600) in recent times.


On Ngo Thi Nham Street in Ha Dong District, the price has increased to nearly $50 million ($2,600) per sq.m from $20 million ($1,000) last year.


In My Dinh residential area, prices now range from VND70 million ($3,600) to VND100 million ($5,200) per sq.m.


Further out in areas such as Me Linh Commune in Dong Anh District, prices have remained stable, ranging from less than VND10 million ($520) to VND16 million ($840) per sq.m.


Experts attribute the high price to easier procedures and more transparency.


"Small lots, which belong to the State, are often sold at auction. The auctions are organised by local or city authorities so information about the land is clear and reliable," said General Director of the Hoa Phat Real-estate Joint Stock Company, Pham Trung Ha.


Ha added that after winning an auction, investors are issued with land ownership certificates. However, they have to pay for the land immediately.


Ha forecast that the auction market would further develop due to its simplicity and comparatively low cost compared to other markets.


According to Ha Noi People’s Committee, the city will auction 33 projects and land lots in 2010 at an estimated cost of VND2.6 trillion ($136 million). About VND2.3 trillion ($121 million) will be from land managed by the city and the rest from land managed by districts and communes.


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