Prices of Land in Issan

[dkg224]

I was wondering what is the general going price for just a piece of land in the Issan region? 
I know it varies but would just like to get an idea. There is a plot of land near my wife’s family’s home in Buriram I was looking at, however it’s only .3 Raí and the guy wants 400,000. And in typical Thai business practices he told her family if nobody buys it this year he will up the price to 500,000 baht ????

Anyway my point is that seems wildly expensive, it’s more expensive than land back in my home in California. It’s the equivalent of $110,000 per acre which is crazy for land outside the city. 

[EVENKEEL]

Check out ddproperty for some comparisons. If it's in the city it's very possible.

[sezze]

Certainly possible , depending on location . You can be long distance from anything , then its too much . When its close to city  mayor road , it might be cheap and price certainly might rise to the lvl you said and higher .

 

[Maha Sarakham]

Just depends on the location, as with any real estate anywhere in the world.  Proximity to city center or major attractions will net a higher price.

 

Also for what it's worth, Buriram has seen a lot of Thai publicity lately making it a hotter commodity than many other places in Isaan.  

[Bohemianfish]

I guess you could get a real estate appraiser or two to do a comp and see what the value is against other similar properties. 

[473geo]

Going by local prices in the Surin area would say about right, lots of small land plots springing up with a house, pond, etc around this area. Wife bought a roadside plot just over one rai quite a few years ago now, electric running by, 230k just 100 meters from our home so we were probably prepared to pay a little over the odds as it is land our children can build homes on if required 

[ehs818]

His asking price, plus his comment about raising the price if it doesn't sell this year up to 500,000 tells you all you need to know about this guy. Ask him just who he thinks will buy it next year for more money, since there will be no great return of tourists coming. Off him 200,000 and settle on 300,000. If not accepted, just move on. Forget that greedy fool.

[Andyfez]

3 Rai....

Actually that sounds cheap to me, even by Issan standards.

 

Location location.

It would certainly be a lot more if it was near a road, and in a residential area you could be paying more than that for just half a rai

[Pedrogaz]

Were you introduced to this land/owner by your family? If so, it sounds like a scam by your family, sorry to say. 

[jackdd]

3 minutes ago, Andyfez said:

3 Rai....

Actually that sounds cheap to me, even by Issan standards.

 

Location location.

It would certainly be a lot more if it was near a road, and in a residential area you could be paying more than that for just half a rai

He wrote .3 rai, so probably 0.3 rai

[jojothai]

11 minutes ago, jackdd said:

He wrote .3 rai, so probably 0.3 rai

The price in USD he stated indicates that is correct. So about 1.3 million baht a rai.
That sounds very expensive if its in a rural area. 

[sanuk711]

On 12/3/2021 at 9:05 PM, dkg224 said:

however it’s only .3 Raí and the guy wants 400,000.

That's quite confusing, I am taking it as 0.3 of a Rai----which Thais do not usually express---under a Rai is usually stated in Talang Wha---400 to a Rai....so he is selling 120 Talang wha. 480Sq Meters.

Is there road access?.......Is there.....oh so many things to consider, you wont get an answer on that.

 

Its right near your wife's home---well---what do they all say ??

[BritManToo]

On 12/3/2021 at 9:05 PM, dkg224 said:

There is a plot of land near my wife’s family’s home in Buriram I was looking at, however it’s only .3 Raí and the guy wants 400,000.

Special price for white guy.

Don't let the locals know you're backing the purchase.

 

I would say the price is x10 what a local would be asked.

My misses would be happy with 1.5Mbht for her 5 rai in Pechabun (300kbht/rai).

[VocalNeal]

Just a word to the wise, There are three kinds/levels of land ownership documentation and therefore differing prices.

[Muhendis]

As so many have already said. It depends where it is and what services are available.

Farming land near me (in the sticks) sells for about 200,000/Rai. More if there is a main road adjacent.

There is one Rai for sale in a good position in my local village for 1 Million. It's been unsold for three years or more.

[Mutt Daeng]

5 minutes ago, VocalNeal said:

Just a word to the wise, There are three kinds/levels of land ownership documentation and therefore differing prices.

Yes, I'm surprised that this hasn't been mentioned already in this thread.

[473geo]

Here's the thing with land in Isaan, it is basically a credit card for the farmer, this guy if need be could probably borrow 50k against this land. So even if it is doing nothing it still carries use as financial back up.

So if somebody wants the land and he has no urgent need to sell he will inflate the price a little. Would we all not do the same in that position.

Op has to consider how much similar land is available if the location fits and would it be any less expensive.

[IvorBiggun2]

6 minutes ago, 473geo said:

, this guy if need be could probably borrow 50k against this land

If it's Sor Por Kor title then there's NO chance of him borrowing against the land. The OP mentions nothing as to the land title. Cost of land is basically based on title.

[473geo]

11 minutes ago, IvorBiggun2 said:

If it's Sor Por Kor title then there's NO chance of him borrowing against the land. The OP mentions nothing as to the land title. Cost of land is basically based on title.

Yep my assumption was chanote or the OP and family would not be showing interest at 400k

[IvorBiggun2]

6 minutes ago, 473geo said:

Yep my assumption was chanote or the OP and family would not be showing interest at 400k

16+ years ago I paid 400,000 Baht for about a Rai and a quarter of Chanote titled land. Exchange rate then was about 75 Baht to the pound. So take that into consideration when doing the sums.

About 100,000 Baht currently for Sor Por Kor land around where I live in Buriram Province.

[nycjoe]

Farm land is still pretty inexpensive but the price goes up when you factor in access to electric, water, roads and how close you are to town. As of now only Thais can own land. Generally if they know that a faring is involved the price doubles as they are aware of the disparity in revenue. You may be able to go to the land office and find out what land has been sold that is comparable to what is offered. If you find a friendly person there that is helpful. 400000 baht is  about $12000 and there are about 2.5 rai per acre. 

There are also 4 types of chanote, I would familiarize my self with the ramifications that are inherent in each and the color of the emblem. Many of the titles are rights to work the land. I believe only one is outright ownership. 

The titles we have are restricted to the families of the original people that worked the land and can only be sold to relatives, but things may have changed. Have an attorney check the chanote before money exchanges hands or a cousin may come and claim title or a bank may have a lien on it.

[IvorBiggun2]

4 minutes ago, nycjoe said:

Farm land is still pretty inexpensive

Personally I think it is well overpriced. How much or how long would it take to see a return on ones investment. I'd say 25 years if growing cassava.

[Muhendis]

26 minutes ago, IvorBiggun2 said:

Personally I think it is well overpriced. How much or how long would it take to see a return on ones investment. I'd say 25 years if growing cassava.

And the rest. Cassava prices barely cover the cost of ploughing on 24 rai of land.

Land is used for pin money by crop growers but it is good for security on a bank loan.

[IvorBiggun2]

4 minutes ago, Muhendis said:

And the rest. Cassava prices barely cover the cost of ploughing on 24 rai of land.

Land is used for pin money by crop growers but it is good for security on a bank loan.

You CANNOT get a secured loan on Sor Por Kor land. And I doubt anyone would farm Chanote titled land.

[LoeiI]

3 minutes ago, IvorBiggun2 said:

You CANNOT get a secured loan on Sor Por Kor land. And I doubt anyone would farm Chanote titled land.

Sorry if I'm being a bit thick but is sor por kor land legally owned and could you build a house on it ?

[IvorBiggun2]

Just now, LoeiI said:

Sorry if I'm being a bit thick but is sor por kor land legally owned and could you build a house on it ?

In reality you aren't supposed to build on Sor Por Kor land but Thais do. And there are conditions as to what can be built and the material used. You don't own Sor Por Kor land directly it belongs legally to the crown I believe.

[Muhendis]

3 minutes ago, IvorBiggun2 said:

You CANNOT get a secured loan on Sor Por Kor land. And I doubt anyone would farm Chanote titled land.

I think you are quite right but I don't think I mentioned Sor Por Kor. Most of the farmers around me either own their land outright or pay rent to farm it occasionally. Those that own it outright use it as security.

[IvorBiggun2]

1 minute ago, Muhendis said:

Those that own it outright use it as security.

You cannot obtain a secured loan on Sor Por Kor land. Google it. 

[Muhendis]

6 minutes ago, LoeiI said:

Sorry if I'm being a bit thick but is sor por kor land legally owned and could you build a house on it ?

 

https://thailand.opendevelopmentmekong.net/tag/sor-por-kor-land/

The Agricultural Land Reform Office (Alro) has revamped its regulations to allow Sor Por Kor landholders to develop their plots into apartment buildings, gas stations and food-processing plants, among others.The Sor Por Kor programme was enacted in 1975 with the aim of distributing degraded forest ...

[IvorBiggun2]

7 minutes ago, Muhendis said:

I don't think I mentioned Sor Por Kor.

Indirectly you did it that crop growers use their land for pin money.

 

22 minutes ago, Muhendis said:

Land is used for pin money by crop growers but it is good for security on a bank loan.

Security on a bank loan you will not get.