Hanoi increases the minimum area of ​​land subdivision and separation to 50m2 - Hanoi land price increases further

At the end of the year, many people tend to look for new houses. Besides apartments, houses, particularly those in alleys, are highly sought after because they can increase the usable area. A key reason for this demand is the new regulation effective from October 7, which mandates that the minimum land area for plots in wards and towns in Hanoi must be 50 square meters or more, compared to the previous requirement of 30 square meters. Consequently, small houses in alleys with reasonable total prices have become more scarce and less accessible for many people's finances.

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According to Decision 61/2024/QD-UBND dated September 27, 2024, of the City People's Committee Ha Noi, from July 10, Hanoi will implement new regulations regarding the conditions and minimum area for land division.

Accordingly, residential land located in wards and towns to be divided into plots must have an area of ​​not less than 50m2, a length of over 4m and a width adjacent to a traffic road of 4m or more. For communes in the plains, the minimum area for division into plots is 80m2, for communes in the midlands, 100m2, and for communes in the mountains, a minimum of 150m2.

Currently, more than 90% of the supply of land for sale is products that individuals divide and separate plots, then set up projects to sell. Therefore, tightening according to new regulations can reduce the situation of rampant subdivision, but the supply to the market will also "shrink", causing the selling price to increase.

Real estate brokers have noted that, typically, property prices increase by 3-5% annually. However, over the past six months, house prices in alleys have risen significantly compared to previous years, exceeding increases of 10% or even 20%. Notably, this sharp rise in prices has affected not only alley houses in inner-city districts such as Dong Da, Hai Ba Trung, and Thanh Xuan but also those in suburban districts like Long Bien and Ha Dong.

Currently, house prices in small alleys where motorbikes can pass each other range from 150-180 million VND per square meter. In alleys wide enough for cars to pass, house prices fluctuate above 300 million VND per square meter. - (VTC News/ synthetic)

Quynh Tran