Bangkok land prices have increased significantly after the first review in eight years by the Treasury Department, reports the Bangkok Post. Prices in Yaowarat, Silom, and Phloenchit roads have all experienced substantial increases, according to a senior official of the bureau.
The Treasury Department’s Property Valuation Bureau is updating valuation prices for nearly 30 million plots across Thailand for new land-tax calculations. These updated prices will serve as references from the start of 2012 until the end of 2015.
Notable price increases include a 35% rise in Yaowarat to THB700,000 (US$23,000) per square wah, a 16% increase in Silom to THB700,000, and an impressive 75% increase in Phloenchit to THB700,000. A bureau official acknowledged that market rates in Phloenchit could be as high as one million baht (US$33,000) per square wah due to the scarcity of prime plots.
The land price survey has covered around 60% of the 29.3 million plots nationwide, including 1.9 million in Bangkok. Valuation prices for plots in Greater Bangkok are expected to rise by more than 50% from the old reference levels, driven by the extension of mass-transit lines into more outlying areas.