The 2024 Land Law stipulates that the land price tables issued by the provincial People's Committees, in accordance with Land Law No. 45/2013/QH13, will continue to be applied until December 31, 2025. However, using the outdated land price tables (at significantly low levels) as the starting prices for auctions has provided opportunities for individuals to exploit policies for personal gain, disrupting the market (low starting prices lead to lower deposit values for participating in auctions. These individuals have taken advantage of this by inflating the auction prices to artificially high levels, creating a "bubble" in the market, but are willing to forfeit their deposits when winning the auction).
To address these issues, on August 23, 2024, the Ministry of Natural Resources and Environment issued Official Letter No. 5774/BTNMT-QHPTTNĐ, requesting that the People's Committees of provinces and centrally-administered cities review and adjust the land price tables in cases where the land prices in specific areas or locations do not reflect actual market conditions. These adjusted land price tables will be applied until December 31, 2025. The procedure for adjusting land price tables will be carried out in accordance with Article 17 of Decree No. 71/2024/NĐ-CP.
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