The flooding situation during heavy rains has been included among eight criteria for the pricing of non-agricultural land in Hà Nội, according to a recent decision of Chairman of the municipal People’s Committee, Trần Sỹ Thanh.

Accordingly, areas which are frequently flooded are expected to have lower land prices than others.

This decision aims to ensure transparency and fairness in land pricing, as well as encouraging investors to pay attention to improving the drainage system.

Other criteria included location, transport infrastructure, areas and the shape of the land plots, construction planning, environment and security, land use term and other factors which affect land prices such as cultural traditions, local customs and the distance to tourist spots.

Recently, many new urban areas in Hà Nội were flooded every time there was heavy rain, such as Geleximco Lê Trọng Tấn, Nam Thăng Long – Ciputra and Văn Quán. However, housing prices in these areas kept rising significantly.

For example, asking prices of townhouses along Lê Trọng Tấn Street in Geleximco are up to VNĐ330-350 million per sq.m, nearly three times higher than 2021. Asking prices of villas in Nam An Khánh or Thiên Đường Bảo Sơn also increased from VNĐ45 million per sq.m in 2021, to VNĐ140-160 million per sq.m.

Prices of new apartment buildings in this area are around VNDD80-100 million per sq.m.

In Ciputra in Tây Hồ District, asking prices for villas range around VNĐ300-400 million per sq.m and apartments cost around VNĐ70-100 million per sq.m. — VNS