When setting land prices, localities must carefully consider the stability of the legal system and impact on purchasers, and then local businesses to ensure the maintenance of socioeconomic development, according to insiders.
To bring land prices close to real value in the market, legal regulations need to allow the establishment of an independent land valuation body to assist with the building of the land price table and adjustments when deemed necessary, an expert has said.
Land prices in Bangkok capital city of Thailand has skyrocketed 75% in recent years due to infrastructure development along with urbanisation driven by mass transit expansion.
The National Assembly (NA) Standing Committee will raise questions on issues under the management of the Ministry of Industry and Trade and the Ministry of Natural Resources and Environment during the question-and-answer part of their ongoing ninth session.
The Ministry of Construction (MoC) and the Ministry of Natural Resources and Environment (MONRE) have requested provinces and cities review State management on land prices amid 'land fever' in some localities.
While there are few, if any, signs of the real estate bubble bursting in 2020, the Ministry of Construction said that land prices could increase in some areas.
The real estate market in Long Thanh district in southern Dong Nai province, site of the proposed new airport, has entered an upward spiral following the National Assembly Standing Committee's passage of a resolution to dissolve and alter the administrative boundaries of six communes on May 29.
Domestic and foreign experts shared their experiences in land economy during a conference jointly held by the Ministry of Natural Resources and Environment (MoNRE) and the World Bank in Hanoi on July 13.
