Land prices rise 8.3 per cent nationwide: Treasury Department

By The Nation

 

File photo/The Nation

 

Land prices in the Eastern Economic Corridor (EEC) have increased by more than 10 per cent, according to a senior official at the Treasury Department, who adds that its new land appraisals will be implemented for tax collection purposes next year.

 

 On average, land prices nationwide have risen by 8.3 per cent, Wilawan Veerakun, deputy director general of the Treasury Department said, explaining that the department recently completed the new land appraisals. 

 

Land prices in the EEC rose more than 10 per cent due to the government’s initiative to boost a new round of investment in Chonburi, Chachoengsao and Rayong. Meanwhile, price of land in Khampaeng Phet province has gone up 200 per cent though no rise has been recorded for the six years, she said.

 

The land price appraisal by the Treasury Department is used for tax collection purposes, but market price is usually much higher than the department’s evaluation. 

 

Twenty-nine per cent of land parcels saw a price rise, 70 per cent remained unchanged from the previous appraisal while one per cent showed a decrease due to a new method of appraisal that uses digital technology to explore the details of each land parcel feature, she explained.

 

Tax collection is currently based on land valuations published in January last year, which saw a 32 million parcels of land evaluated. The new appraisal price will be used in 2020-2021 and covers 33.4 million land parcels. 

 

The most expensive land prices are located in prime areas of Bangkok namely where Chidlom Road meets Rama I Road, around Paragon Department Store, and on Ratchadamri road, with each square wah (4 square metres) costing Bt1 million up from Bt 900,000.

 

The department will send the valuations of land parcels, buildings and condominiums to local governments in November, she added.

 

Sale of real estate in Thailand is subject to five tax items: 2 per cent transfer fee, 1 per cent lease registration (where mortgages are involved), 3.3 per cent specific business tax, 0.5 per cent stamp duty and withholding tax, for which rates vary depending on prices and period of ownership.

 

Source: https://www.nationthailand.com/business/30374655

 

-- © Copyright The Nation Thailand 2019-08-13

Follow Thaivisa on LINE for breaking Thailand news and visa info

20 minutes ago, webfact said:

Land prices in the Eastern Economic Corridor (EEC) have increased by more than 10 per cent

Greedy insider speculators who know the best spots to buy trying to cash in on the PM'S EEC pipe dream.

They are hopeful the PM might achieve something for the first time in the five years he has been running the show.

wonder if they are starting to over value land in order to get a higher loan against a higher asset

19 minutes ago, RichardColeman said:

wonder if they are starting to over value land in order to get a higher loan against a higher asset

Higher land value= higher taxes more money for submarines

and still little farang cannot own 1 rai of land to put a house in his name and not that stranger called "wife" 

6 hours ago, Cadbury said:

Greedy insider speculators who know the best spots to buy trying to cash in on the PM'S EEC pipe dream.

And do so while the Prayut government continues to delay implementation of the new 2018 land & Building Property Tax law that was to go into effect in 2019. This law essentially takes advantage of undeveloped land speculation prices.  http://www.khaosodenglish.com/news/business/2018/11/16/new-property-tax-rates-passed-by-thai-assembly/

Now delayed until 2020 - or beyond now that Prayut is still PM?

5 hours ago, justin case said:

and still little farang cannot own 1 rai of land to put a house in his name and not that stranger called "wife" 

Lease a Rai for 30 years. Stop being so bitter about your situation. The pain will pass. Get your life back on track mate.

5 hours ago, justin case said:

and still little farang cannot own 1 rai of land to put a house in his name and not that stranger called "wife" 

But Wife can buy and sell a lot of land, and make the little farang into a Miyonairre.  ????

I'm pissing my pants now, how can land prices even be still as high as they are? Based on what exactly?
I mean, I understand that city centers are expensive but even 20-30KM outside of CM they dare to ask 400K baht for 200SQM.

Edited August 13, 20196 yr by tabarin

1 hour ago, tabarin said:

I mean, I understand that city centers are expensive but even 20-30KM outside of CM they dare to ask 400K baht for 200SQM.

If everybody is asking 400K, then that is the market price. I was planning to buy 7/8 million worth of land in EEC but put it in bank now. 

31 minutes ago, onera1961 said:

If everybody is asking 400K, then that is the market price. I was planning to buy 7/8 million worth of land in EEC but put it in bank now. 

Dream on with that reasoning. Even they will all ask 1M it still depends on people buying it, which nobody will. 
The only purchases being made are those by developers and with loaned bank money, stupid people purchases.

The developers make over 50% margins on the low quality build houses, scam sold to lower mid class Thai families,
so they do not have to care about paying quite a bit for the land needed.

The other group is letting the bank pay, so they do not actually own anything at all.
Well, maybe after 30 years, when having paid triple for it, guess that explains why they don't care of over valuation at the moment of purchase too.
Some exceptions left and right, some new suckers freshly arrived with a wife, sure.

This aside of the fact that there is tons and tons of land available, unused. Good luck to them selling all that for such numbers.

Edited August 13, 20196 yr by tabarin

Typical govt twist on the truth

 

Prices have not risen in fact there is a glut of land & homes & businesses for sale as Thailand slumps into an economic depression

 

What the title should read is ...Government reassess land to increase property taxation 8.3% on already troubled owners
 

Quote

 

On average, land prices nationwide have risen by 8.3 per cent, Wilawan Veerakun, deputy director general of the Treasury Department said, explaining that the department recently completed the new land appraisals

 

 

Edited August 13, 20196 yr by mania