By Andrew Batt:
Reports that land prices in the Siam Square, Chidlom and Phloenchit areas of Bangkok have now hit THB2 million per square wah are exaggerated, according to a veteran property industry professional.
Sopon Pornchokchai, President of the Agency for Real Estate Affairs (AREA), said that as of December 2012, land prices in the area have only hit THB1.5 million per square wah – or THB600 million per rai.
Based on AREA’s analysis, Sopon said it is unlikely that prices have already reached THB2 million per square wah, although they are still the highest in Thailand.
Sopon stressed that the public must remain well-informed of the latest, correct figures to avoid confusion – especially among potential investors.
Based on AREA’s research, land prices in the Siam Square and Ploenchit areas have risen close to 300 percent since 1994, driven largely by the development of Bangkok’s mass transit networks.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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