Popular Post NorthernRyland Posted April 14, 2022 Popular Post Share Posted April 14, 2022 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? 3 Link to comment Share on other sites More sharing options...
Halfaboy Posted April 14, 2022 Share Posted April 14, 2022 What you see are asking prices. Do you have information on actual prices ? 1 Link to comment Share on other sites More sharing options...
Popular Post Swiss1960 Posted April 14, 2022 Popular Post Share Posted April 14, 2022 You can NOT compare prices in Thailand with prices in the US. 12 1 Link to comment Share on other sites More sharing options...
Popular Post bojo Posted April 14, 2022 Popular Post Share Posted April 14, 2022 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........................ 10 Link to comment Share on other sites More sharing options...
Popular Post freedomnow Posted April 14, 2022 Popular Post Share Posted April 14, 2022 37 minutes ago, Swiss1960 said: You can NOT compare prices in Thailand with prices in the US. You can if you so choose.... 5 1 8 Link to comment Share on other sites More sharing options...
Popular Post Swiss1960 Posted April 14, 2022 Popular Post Share Posted April 14, 2022 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 4 Link to comment Share on other sites More sharing options...
malathione Posted April 14, 2022 Share Posted April 14, 2022 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. 1 Link to comment Share on other sites More sharing options...
CharlieH Posted April 14, 2022 Share Posted April 14, 2022 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. 1 Link to comment Share on other sites More sharing options...
EVENKEEL Posted April 14, 2022 Share Posted April 14, 2022 In Rayong province 3-4M per rai, across the street from beach figure 20M/rai. I agree prices on land are stupid crazy. 2 Link to comment Share on other sites More sharing options...
Popular Post DrDave Posted April 14, 2022 Popular Post Share Posted April 14, 2022 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. 3 Link to comment Share on other sites More sharing options...
Popular Post Peterw42 Posted April 14, 2022 Popular Post Share Posted April 14, 2022 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.. 4 2 Link to comment Share on other sites More sharing options...
IAMHERE Posted April 15, 2022 Share Posted April 15, 2022 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? 2 Link to comment Share on other sites More sharing options...
Expat68 Posted April 15, 2022 Share Posted April 15, 2022 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 Link to comment Share on other sites More sharing options...
JBChiangRai Posted April 15, 2022 Share Posted April 15, 2022 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. 1 1 1 Link to comment Share on other sites More sharing options...
Gottfrid Posted April 15, 2022 Share Posted April 15, 2022 It has always been in a bubble, and will always be. 2 Link to comment Share on other sites More sharing options...
GreasyFingers Posted April 15, 2022 Share Posted April 15, 2022 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. 2 Link to comment Share on other sites More sharing options...
1FinickyOne Posted April 15, 2022 Share Posted April 15, 2022 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. Link to comment Share on other sites More sharing options...
Popular Post KhunLA Posted April 15, 2022 Popular Post Share Posted April 15, 2022 (edited) 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 Edited April 15, 2022 by KhunLA 3 Link to comment Share on other sites More sharing options...
TheScience Posted April 15, 2022 Share Posted April 15, 2022 (edited) 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. Edited April 15, 2022 by TheScience 1 1 Link to comment Share on other sites More sharing options...
rwill Posted April 15, 2022 Share Posted April 15, 2022 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. 1 1 Link to comment Share on other sites More sharing options...
brianthainess Posted April 15, 2022 Share Posted April 15, 2022 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. 1 Link to comment Share on other sites More sharing options...
Cake Monster Posted April 15, 2022 Share Posted April 15, 2022 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 1 1 Link to comment Share on other sites More sharing options...
Alotoftravel Posted April 15, 2022 Share Posted April 15, 2022 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 .. 1 Link to comment Share on other sites More sharing options...
Iamfalang Posted April 15, 2022 Share Posted April 15, 2022 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. 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post KhunLA Posted April 15, 2022 Popular Post Share Posted April 15, 2022 (edited) 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. Edited April 15, 2022 by KhunLA 5 Link to comment Share on other sites More sharing options...
KhunLA Posted April 15, 2022 Share Posted April 15, 2022 (edited) 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) Edited April 15, 2022 by KhunLA 1 Link to comment Share on other sites More sharing options...
4MyEgo Posted April 15, 2022 Share Posted April 15, 2022 (edited) 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. Edited April 15, 2022 by 4MyEgo 1 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted April 15, 2022 Popular Post Share Posted April 15, 2022 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 5 Link to comment Share on other sites More sharing options...
RafPinto Posted April 15, 2022 Share Posted April 15, 2022 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. 1 Link to comment Share on other sites More sharing options...
JayBird Posted April 15, 2022 Share Posted April 15, 2022 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. 1 Link to comment Share on other sites More sharing options...
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