Abstract
We reviewed the past and current land policies in Hanoi, Vietnam, and analyzed the local property prices in order to identify the main factors affecting the local land market. The institutional systems associated with the land market in Vietnam have been changing dramatically for several decades; this has created various problems, including instable property prices. The current property price evaluation in Hanoi reflects the actual demand in the market and attempts to meet the requirements of the Land Law. However, it still suffers from the lack of data and knowledge pertaining to the land market. Property prices were analyzed by using hedonic price analysis in order to understand the property price structure. Property price functions were estimated for five zones in Hanoi. The results show that various factors such as location with respect to the nearest street, number of floors, and road ratio affect the property prices significantly.
