I'm looking around at land prices in Chiang Mai (outside the city in the NE parts) and there are plots up for sale everywhere but the prices are surprisingly high, at least 1 million per Rai. Not talking about in the city off big roads, just random plots around where I live.

 

Do people who know the land market know if these prices are normal or is there something happening right now?

 

For comparison here is 1.6 Rai in Columbia SC for $11,00 USD.  A fraction of what you would pay in Chiang Mai. Not sure if these are comparable but still, the US land is much cheaper so it makes me wonder what's going on here. Is it really possible you can buy land in the US cheaper than in Chiang Mai?

 

 

What you see are asking prices. Do you have information on actual prices ?

You can NOT compare prices in Thailand with prices in the US. 

1 million baht per rai doesn't sound that expensive. I don't know the area you live in to make a comparison as you haven't stated..........Alot would depend on where it is situated in relation to a town and whether there is water and electricity adjacent and whether the land needs levelling etc. Many variables to consider, the list goes on really..................I think the days of buying cheap land in Thailand are long gone, but then 'cheap' is all relative of course........................

37 minutes ago, Swiss1960 said:

You can NOT compare prices in Thailand with prices in the US. 

You can if you so choose....

3 minutes ago, freedomnow said:

You can if you so choose....

You are right... one can do... as the OP did... if you don't care whether the comparison makes any sense

Columbia, SC is not the second or third largest city in the country, though. That said, land prices here in Thailand even in the boonies are certainly substantially higher than back home. Bubble, no, IMHO.

Location location,

 

The same area of land elsewhere in Thailand will be totally different may be 100k or less.

Its all about where and what the locals are getting, expecially in a Farang/Tourist dense area like Chiang Msi or Pattaya etc.

 

 

 

 

 

In Rayong province 3-4M per rai, across the street from beach figure 20M/rai.

 

I agree prices on land are stupid crazy.

It seems to me that land prices in even the most rural of areas are beyond the reach of most Thais. My wife recently tried to buy 4 rai of land in rural Phayao where the owner (a farmer) had previously wanted 1 million baht per rai. Her friend had offered 600K a few months back, and it was accepted however the deal fell through because her friend couldn't come up with the total amount in cash. My wife made the same offer, all cash to be paid immediately, but was rejected with the owner now insisting on 1 million per rai.

 

The land in that area that I see changing hands is mostly for commercial use, and probably heavily financed. I don't think the locals could afford these prices to use as a home or rice paddy.

 

In contrast, in Phuket 15 years ago 1 rai of seaview land in Patong could be had for 4 million/rai. Now, you would be lucky to find a 1/2 rai plot inland behind a petrol station for that same 4 million baht. Is it a bubble? Probably not unless something major happens to the economy causing prices to tumble. 

As others have said, Its "asking prices", not what properties sell/have sold for.

Thailand suffers from a lack of sales data, its simply not available, properties can change hands and its only the buyer/seller know the amount, and its not published.

This leads to people just plucking figures out of thin air, that have never, and will never be achieved. A sellers sees the stupid price, then puts the same stupid price on their property..

 

 

 

I agree prices on land are stupid crazy. If 1 million baht is near $30,000 then double that for an acre.  I think 60K dollars for a bit less than an acre is pretty high. Wonder if the price will come down if there is a change in the government; next election of course?

Depending if there is electric/water easily connected that sounds cheap to me, where I live which is not anywhere near major tourist destinations or big cities but admittedly is close to town you are talking 3/4 million baht per rai

It's all down to supply and demand.

 

The demand is close to town, that's where the least supply is.

 

As a rule of thumb, spend 40% on Land and 60% on Building.  Buy cheap land out in the sticks and don't expect to ever sell what you build on it.

 

The further from town you live, the less likely you are to make a go of living in Thailand and never, under any circumstances, ever build in your wife's village.

It has always been in a bubble, and will always be.

I have no idea who, what or where Columbia SC is but $11,000 dollars sounds very cheap. In regional NSW an ordinary block, with services, is going to cost you $200,000+. Regional Thailand is still cheap by comparison.

Khao Kho is a Thai tourist area and land prices are 2 or 3 times that down in the valley. We paid 2M per rai (water & electricity), or about AUD 80,000. Still cheap compared to Australia.

Yes, I agree with the poster above who said that you must compare land an equal distance outside of DC or Chicago, or LA or SF - Thailand is a small country and there is less land available... 

 

That said, I too was stunned at the comparisons, but the market is such that it keeps going up and most sellers are content to wait... every once in a while people get a bargain, but not that often. 

All outside the main metro or small town.

22 yrs ago ... ฿50k ... 16 kms outside Udon Thani (1 rai)

 

12 yrs ago ... ฿120k ... 16 kms outside Udon Thani, sold last year ฿650k a rai

Bought 6 rai, 2 rai for house, 4 to sell, 1 left, listed at ฿700k

Land office assessed @ ฿120k a rai this year

 

6 yrs ago ... ฿320k ... 5 kms from surf Prachuap Khiri Khan (Muang ฿80k / 100 tw)

Neighbor now listed for 2 million rai (฿500k / 100 tw)

 

"Buy land, they're not making it anymore." - Mark Twain 

I think there are relatively few landholders and they have *enough* money to tide their families over. Therefore, they can sit on the land in perpetuity. Especially true in BKK.

 

The individual sellers are just chancers happy to put a sign out and wait years.

 

Marginal land from Krabi to Nothaburi ridiculous prices.

 

Condos are stagnant. Much the same story.

 

Banks won't let land go *under market* they'll have to take the loss on the books.

We recently bought 2.5 Rai in Ratchaburi for 1,200,000.  It already had electric and water run to it.  Did have to spend over 100,000 putting dirt on it though.

3 hours ago, IAMHERE said:

I agree prices on land are stupid crazy. If 1 million baht is near $30,000 then double that for an acre.  I think 60K dollars for a bit less than an acre is pretty high. Wonder if the price will come down if there is a change in the government; next election of course?

Land in Thailand is not measured in acres it is measured in Ria 1 ria=1600sq meters.

5 hours ago, CharlieH said:

Location location,

 

The same area of land elsewhere in Thailand will be totally different may be 100k or less.

Its all about where and what the locals are getting, expecially in a Farang/Tourist dense area like Chiang Msi or Pattaya etc.

 

 

 

 

 

As a rough gauge for you on Land Prices, the plots for sale in my location, which is about 15 KM from Pattaya are now asking about 3 Million ( Off track, no water, need leveling Etc ) to about 5 + Million on the side of the Main Trunk Road.

Just last week my Wifes friend sold a 1 Ngan Plot (400 Sq M ), not on the main Trunk Road , for 1.8 Million

The landowners gets high prices (bubble ) while the rest of the kingdom goes through tough times . There is such a disparity between the have and have nots. 
 

the status quo keeps trucking like nothing changes in the economy . Sad times for the rest but good times who own land that appreciates with no market adjustment cause they can hold on forever ..

current laws, future laws, world going crazy....

 

always buy back home.  never buy abroad.  only rent.  only.   100%, no matter what.

 

then when the fan gets hit....oh no, it's something hitting the fan......anyhow, you can get out!!!!

 

why are diamond prices still high?

 

i am the illuminati......but i cannot share such information.   so 99.999% will never understand how things work.  land in CM is one of those things.

Yep, the sky is falling.  Until it does, I ignore all the BS, and live as nothing will happen.  As 20+ years here, all he naysayers, and not 1 has come true.  

 

I'm not scared to live happy.  People should spend more time smiling, instead of worrying about nothing.

59 minutes ago, brianthainess said:

Land in Thailand is not measured in acres it is measured in Ria 1 ria=1600sq meters.

Yes, 1 acre is about 2.5 rai.

Building lots are usually not less than 100 tw (1/4 rai / 400m²)

8 hours ago, bojo said:

.I think the days of buying cheap land in Thailand are long gone, but then 'cheap' is all relative of course........................

Compared to the Sydney market, Thailand is extremely VERY VERY VERY cheap.

 

This vacant land parcel sold down the road from my old place last October which is about 16km's out of the Sydney CBD, not an affluent area by far.

 

https://www.realestate.com.au/sold/property-house-nsw-bexley-137429018

 

In Thai baht using 25 baht to the AUS $ that comes to 45 million odd baht, then you have to add another 25 million baht to build a house on it, so 45 million baht vs whatever your paying for a Rai, (1,600 square metres) would be dirt cheap, remember, the land that sold in the link is only 607 square metres, couldn't even build a duplex on it.

 

Whatever you pay for land here in Thailand it's "dirt" cheap compared to my home country.

 

 

 

 

 

Land to Thai's is like Gold or bitcoin , its an investment ,

some families keep plots for their children so they can

build a house when they marry.

 

Land like everything else ,it's worth what people are

prepared to pay for it, if owners don't have to sell 

they won't , so put a high price on it ,and they might get

a bite , they aren't making anymore of it ,so prices will

continue to rise , taxes on empty land are not high , plant

a few bananas on it and pay nothing.

 

regards Worgeordie

1 hour ago, brianthainess said:

Land in Thailand is not measured in acres it is measured in Ria 1 ria=1600sq meters.

Not in ria but in Rai.

I don't know about bubble or not.  But land prices, specifically red garuda deeds, are very expensive when you compare to rural 1st world nations.

 

I've even done comparisons to Panama, Nicaragua, etc.  And prices there are cheaper, and you get better views.

 

Go to rural Scandinavia, Canada, or 50km from town USA, and prices there are extremely cheaper.

 

I feel it should be the other way around, as Thailand is a military lead 3rd world country with high pollution.

 

That being said, scarcity and limited options for Thai people drive up prices that help explain the prices versus global market rates.  As that is often not a choice for Thai people, only foreigners.

 

tl;dr:  If you only care about land at a good price, anywhere in the world, don't look here.