Hint: It’s certainly not in the Omkoi district of Chiang Mai
Thailand’s treasury department has revealed the results of its land price appraisal for 2016-2019, finding that property on the Silom Road in central Bangkok boasts the highest prices in the country, reports the Bangkok Post.
Since their last report in 2011 for the period 2012-2015, land prices in Bangkok have risen by an average 15.8 percent while the provinces have enjoyed a 27.9 percent increase, according to Chakkrit Parapuntakul, director general of the treasury.
Property prices peaked in Silom at THB1 million (USD28,000) per square wah (the equivalent of 4 square metres) while property on sections of the Rajadamri, Rama I and Ploenchit Roads followed up at THB900,000 (USD25,000) per square wah.
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While central Bangkok is enjoying high land prices, it is the city’s wider region that is expected to experience significant market growth next year, reports the Nation.
Various developers believe that a 5 to 10 percent growth rate is achievable in 2016, thanks to the government’s investment in infrastructure projects throughout Greater Bangkok and the desire from home buyers to live near mass-transit stations.
“When the government starts to invest in infrastructure projects, that will open up new land for property firms to develop residential projects,” explained Thongma Vijitpongpun, CEO of Thailand Property Award-winning Pruksa Real Estate. “This will challenge property firms to invest in the new locations following the new mass-transit route from Bangkok to the suburbs and [nearby provinces].”
Tritecha Thanmatithum, Supalai deputy managing director, agrees, citing the additional measures taken by the government to stimulate the market, including the slashing of transfer and mortgage fees.
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While the rest of Thailand’s property markets will undoubtedly benefit from the regional infrastructure improvements, land prices in the provinces are not quite that of central Bangkok.
Land in Hat Yai was deemed the most expensive outside of Bangkok at THB400,000 (USD11,000) per square wah, followed by downtown Chiang Mai at THB250,000 (USD7,000) and Pattaya Beach Road at THB220,000 (USD6,000).
The appraisal report also revealed something for those looking for a bargain, according to the Bangkok Post – the treasury found the least valuable land in the Omkoi district at Chiang Mai where plots were appraised at just THB10 (USD0.30) per square wah.
Image is by WPPilot and used under a Creative Commons licence
Source : property-report.com
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