Greater Bangkok Prices This Year

A survey conducted by the Agency for Real Estate Affairs has revealed a rise of 4.4% for average land prices in Greater Bangkok from last year. The most expensive land plots are located near the Siam, Chidlom, and Phloen Chit BTS stations, costing THB1.2m per square wah (THB480m/rai equivalent to USD 40.4m/acre).

The high asking prices are due to close proximity to the SkyTrain as well as the availability of many shopping centers nearby, representing a 20% increase from this time last year.

Land around Silom and Ratchadamri roads are almost as costly, priced at THB 1m per square wah (THB 400m/rai, USD 33.5m/acre), an increase from 850,000 baht last year.

Ranked third most expensive is the land around Wireless Road at 950, 000 baht per square wah (THB 380m/rai, USD 31.8m/acre).

Additionaly, Phahon Yothin Road near the Saphan Khwai intersection in northern central Bangkok, experienced the highest increase in the past year at 25% to 29%; the price has risen to 450,000 baht per square wah this year, an increase of 28.6% from last year.

Cheapest land plots in Greater Bangkok are situated around Rangsit Khlong 13, priced at 2,500 baht per square wah (THB 1m/rai, USD83,850/acre).

Sopon Pornchokchai, the president of AREA, said rising land prices in and around Bangkok this year were a result of the overall economic recovery in both Thailand and the region.

In 2008 and 2009, land prices have risen only by 3.2% and 2.6%, due to domestic political uncertainty and the global economic downturn.

Land in Bangkok’s outer areas remains low priced due to a lack of facilities such as expressways and mass transit.

AREA forecasts a greater increase of land prices next year.

Source: http://www.property-report.com/site/greater-bangkok-prices-this-year-9407