Hang Dao Street worth about ten times more than it is rated under the Ha Noi land price list.— VnMedia

HA NOI (Biz Hub) — Ha Noi's People's Committee has announced plans to begin a city-wide land price survey on July 1.

The operation will see Ha Noi's department of Natural Resources and Environment collect information on land prices across the city's 577 wards, communes and townships.

Based on successful land transactions dating back to August, the survey is expected to conclude between September 15-30. Relevant authorities will then build a draft price for the next year by November.

According to Ha Noi City's deputy chairman Vu Hong Khanh, authorities will use the land prices to calculate land-relative taxes in the city.

Going on current prices, the most expensive areas, with each sq.m of land costing VND81 million(US$3,857), are Hang Ngang, Hang Dao and Ly Thai To streets in the central Hoan Kiem district. Despite this, the price of land there can often be many times higher. Landowners can sell their land for as much as VND500-700 million($23,809-33,333) per sq.m. The lowest land prices - ND3.5 million($167) per sq.m - can be found in some rural areas of the city.

The next price list will be issued on January 1, 2014.—VNS