Greater Bangkok prices becoming dearer
- Published: 2/10/2010 at 12:00 AM
- Newspaper section: Business
Average land prices in Greater Bangkok have risen by 4.4% from last year, according to the latest survey by the Agency for Real Estate Affairs (AREA).
Sopon: Buyers buoyed by economy
The most expensive plots, going for 1.2 million baht per square wah or 480 million baht a rai, are located near three BTS stations _ Siam, Chidlom and Phloen Chit.
Their high asking price reflects their proximity to the SkyTrain and the presence of many shopping centres and represents a 20% increase from this time last year.
Land around Silom and Ratchadamri roads is the runner-up, priced at 1 million baht a square wah (up from 850,000 baht last year) or 400 million baht a rai. This area has potential for office buildings but is less crowed than the Ratchaprasong retail strip.
Ranked third is land around Wireless Road at 950,000 baht per square wah or 380 million baht a rai.
Showing the highest increase in the past year at 25% to 29% is Phahon Yothin Road near the Saphan Khwai intersection. The price in this area has risen to 450,000 baht per square wah this year, up by 28.6% from last year.
The cheapest land plots in Greater Bangkok are around Rangsit Khlong 13 at 2,500 baht per square wah or 1 million baht a rai.
Sopon Pornchokchai, the president of AREA, said rising land prices in and around Bangkok this year were due to the overall economic recovery in both Thailand and the region.
In 2008 and 2009, land prices increased an average of only 3.2% and 2.6%, respectively, due to domestic political uncertainty and the global economic downturn.
Meanwhile, land in Bangkok's outer areas, especially in the northern and northeastern parts, still carries low prices due to a lack of facilities such as expressways and mass transit.
AREA forecasts that land prices will continue to rise next year.