Thai land prices appreciate average of 8.3%

Land prices around Thailand have risen by an average of 8.3%, whilst land in the Eastern Economic Corridor have appreciated by more than 10% – the new land appraisals will be implemented for tax collection purposes next year, according to Wilawan Veerakun, deputy director general of the Treasury Department.

The price of parcels of land in Khampaeng Phet province has gone up 200% though no rise has been recorded for the past six years, a statistical anomaly, she said.

The land price appraisal by the Treasury Department is used for tax collection purposes, but they acknowledge that the market price is usually much higher than the department’s evaluation.

29% of land parcels saw a price rise, 70% remained unchanged from the previous appraisal while 1% showed a decrease due to a new method of appraisal that uses digital technology to explore the details of each land parcel feature, she explained.

The most expensive land prices are located in prime areas of Bangkok, eg. where Chidlom Road meets Rama I Road, around Paragon Department Store, and on Ratchadamri road, with each square wah (4 square metres) costing 1 million baht, up from 900,000 baht.

Land prices in the EEC rose more than 10% due to the government’s initiative to boost a new round of investment in Chonburi, Chachoengsao and Rayong.

SOURCE: The Nation