PHUKET: The Thailand Real Estate Information Center recently published a report about Thailand’s most expensively valued urban, commercial zones, which as usual, were all in the central part of Thailand’s capital, Bangkok.
Published by the Agency for Real Estate Affairs (AREA), topping the list were plots in the shopping district that is centered around Siam Square.
The report notes that the survey zone for Siam Square also covers adjacent areas, including Mahboonkrong or MBK, Siam Discovery and Siam Paragon shopping malls, as well as the nearby zones next to the Chit Lom and Ploen Chit BTS skytrain stations.
The second most expensive area in Thailand is the central business district around Silom Road, which is followed by the bustling Bangkok China Town’s Yaowarat Road in third.
With land values of Siam Square (and vicinity) plots this year expected to rise as high as 1.7mn baht per sq wa (425,000bt / sqm) by the year’s end, the famous shopping district will be Thailand’s most expensive area for the 8th straight year since surpassing China Town’s Yaowarat Road in 2006 (click here for article concerning Phuket’s land prices).
With plots expected to be valued as high as 1.35mn baht per sq wa (337,500bt / sqm) by the end of the year, Silom will be Thailand’s second most expensive area for the 6th straight year since it matched Yaowarat in 2008, and then surpassed it the following year.
The decades-old cultural and traditional hotspot of Yaowarat road, is steady in third with plots expected to be worth as much as 1,050,000 baht per sq wa, or 262,500 baht / sqm.
The AREA report anticipates land values around the central shopping district with access to the Siam, Chit Lom and Ploen Chit BTS stations, to rise up to 2 million baht per wa by the end of 2015.
Improved mass transit is cited as the main reason for the appreciation, sky-train access plots appreciating on average of 10% per year. This is compared to other areas that are appreciating at only 3-5% per year.