Land prices in Phuket have tripled the past ten years with the land price along Patong beach the highest estimated at 180 million baht per rai of 450,000 baht per square wah, according to the Agency for Real Estate Affairs Company.
Mr Sophon Pornchokechai, CEO of the company, said today that continous survey of land prices in Phuket during the past ten years from 2003 until this year showed that land prices on the island have increased rapidly and steadily.
He said that land prices in Phuket increased by an average of 14 percent which was regarded as very high particularly during the last two years when prices shot up 32 percent annually mainly due to tourism industry.
Land in Ao Prao and Ao Po has fetched the highest increase during the past ten years, altogether 500 percent. Back in 2004, the land here which was sold at two million baht a rai now fetches 10 million baht a rai representing 17 percent increase year-on-year.
Land along Patong beach fetches the highest price at 180 million baht a rai compared to 40 million baht 10 years ago representing an increase of 450 percent, averaging 16 percent increase annually.
On average, land on the western coast is more expensive than the eastern coast because the sea on the western coast is more beautiful and with beaches.
The survey also showed that the tsunami which struck the island about a decade ago had no impacts on land prices at all.
Mr Sophon said that land prices in Phuket would continue to rise steadily but the increase might slow down due to political situation and a drop in tourist arrivals.