The current situation of residential land price volatility in Phuc Yen city, Vinh Phuc province
Abstract
The fluctuations in residential land prices in the market are a matter of concern not only for local authorities but also for the public. Accurately determining residential land prices enables land users to make rational use of this important resource, while also providing the State with a basis for formulating policies regarding land rental fees, land transfer taxes, and compensation for land users when the State reclaims residential land. Assessing the current situation of residential land price fluctuations is a basis for developing and adjusting land price tables for provinces and centrally governed cities. This study aims to evaluate the current residential land price fluctuations in Phuc Yen city, Vinh Phuc province on 16 streets with 61 land positions, representing 03 research areas. The study results show that the highest market transaction prices were observed on Tran Hung Dao street at 90.2 million VND/m² and Lac Long Quan street at 77.0 million VND/m². The regulated land prices have not kept pace with market prices, resulting in a significant gap between the regulated prices and market prices (ranging from 3.04 to 7.09 times). The adjustment coefficient of the province and the difference between the market prices and the prices in the land price tables at the research locations show considerable discrepancies. While the highest adjustment coefficient specified by the provincial People's Committee at certain locations ranges from 1.2 to 1.28 times, the highest ratio of market price to land price table values ranges from 3.04 to 7.09. The State's regulated land prices are significantly lower than market prices, which could lead to various negative impacts on economic development and social stability. To improve the effectiveness of land price management, synchronized solutions are needed, including the completion of legal frameworks related to land pricing, enhanced land management, and organizational and personnel measures.
