The Treasury Department is now finished with land appraisals that saw it survey and value 32 million parcels across Thailand, reports national media. This was done in order to support the implementation of the new land and buildings tax in 2019. It also allowed people to see where the most expensive and cheapest land in the country is.
According to the Treasury Department’s new appraisal prices, which will take effect at the start of next year, the most expensive land in Thailand is on Silom Road where the price is THB1 million per square wa The least expensive land is found in the Khok Charoen district of Lop Buri, where each square wa is valued at THB20, or less than 2 cans of Coke.
The 2nd cheapest land in the county is in the Kalayaniwattana district of Chiang Mai where a square wa is valued at THB25. In Bangkok, the least expensive land plot is a landlocked parcel in Bang Khunthian district, which is valued at THB500 per square wa.
The top 5 spots with the highest land appraisal prices outside of Bangkok were Prachathipat Road in Hat Yai, Tha Pae in Chiang Mai, beachfront property in Pattaya, land on Si Chan Road in Khon Kaen province, and land on Phosri Road in Udon Thani province.
These appraisals will be used for next few years. After that, the number of land parcels may be increased since the deeds can be further divided, but just what impact this could have on prices isn’t known yet.
“In the future, the number of land parcels may not be 32 million, but could increase to 33 or 34 million. In this round, the Treasury Department announced the new appraisal land prices as the current ones have been in effect for 4 years. As the new land valuation is based on land parcels, officials and financial institutions now have the correct information, better reflecting market prices, from the Treasury Department,” says Patchara Anuntasilpa, Director General of the Treasury Department, to the Bangkok Post.