Thailand’s most expensive land, at THB1.65 million per squ wah, is still held by Siam Square in the centre of the Thai capital, according to research from the Agency for Real Estate Affairs (AREA).
Sopon Pornchokchai, President of AREA, told reporters that land near to BTS Siam station in Siam Square costs THB660 million per rai, equivalent to THB1.65 million baht per squ wah, due to excellent mass transit connections and its close proximity to popular department stores.
Siam Square prices have been top of the list for eight years. In 2012 prices for equivalent plots of land were priced at THB1.5 million per squ wah, however land in the area is owned by Chulalongkorn University and is very rarely traded.
According to AREA, rising prices of land in Bangkok is in part due to a relaxation of city planning regulations, particularly on the western side of the capital where old agricultural zones have been reclassified as residential zones.
Throughout the kingdom AREA reported that average land prices increased by 4.6 percent on average in 2013.
AREA surveys have showed that land prices in Greater Bangkok have risen constantly for the past 13 years.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Recent stories you may have missed:
MUST READ: Agency predicts property sales will drop by 40%
Industy offers mixed view on the impact of ‘Bangkok’s shutdown’
Amari to launch on Phuket’s Patong Beach
Bangkok rentals rise for the first time in 20 years
Bangkok property market demand is driven by Thai buyers
Do you have a property story to tell us? Email andrew@propertyguru.com.sg with the details.