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Thailand’s land prices skyrocket amid urban growth

Land prices in Bangkok capital city of Thailand has skyrocketed 75% in recent years due to infrastructure development along with urbanisation driven by mass transit expansion.
Thailand’s land prices skyrocket amid urban growth ảnh 1Thailand’s land prices skyrocket amid urban growth (Photo: bangkokpost)

Bangkok (VNA) – Land prices in Bangkok capital city of Thailand has skyrocketed 75% in recent years due to infrastructure development along with urbanisation driven by mass transit expansion.

Saenphin Sukhee, chief executive of residential developerFrasers Property Home (FPH), said land prices in Bangkok continued to growdespite the COVID-19 pandemic with an average increase of 70-75% during 2020-2022.

Saenphin said actual prices of land have risenbeyond appraisal land prices. Financial institutions cannot catch up with therise. As a result, FPH got project loans lower than they should.

The Real Estate Information Center (REIC) hasrecently reported the price index of vacant land in Greater Bangkok in thefourth quarter in 2022 at 381.4 points, an increase 12.5% compared to the sameperiod in 2021 and rose 3.4% from the third quarter of 2022.

REIC acting director-general Vichai Viratkapansaid rices of vacant land kept increasing but the risesremained lower than the five-year pre-pandemic average of 14.8% year-on-year and4.1% quarter-on-quarter during 2015-2019.

He said thelower growth was derived from the global economic slowdown due to the pandemicand the Russia-Ukraine conflict and the normal collection of the land and buildingtax in 2021-2022.

Meanwhile, land in outer Bangkok locations saw arising change in prices as land prices remained low, viable to develop low-risehouses at affordable prices for mass market demand./.

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